Revenue during the quarter dropped 7.24 percent to $6.98 million from $7.53 million in the previous year period. Net interest income for the quarter rose 2.11 percent over the prior year period to $6.15 million. Non-interest income for the quarter fell 17 percent over the last year period to $1.33 million.

Security Federal Corporation has made provision of $0.50 million for loan losses during the quarter, up 400 percent from $0.10 million in the same period last year.

"We are pleased with the results for 2016," said chief executive officer Chris Verenes. "Our strong capital position has allowed us to focus on investing in our long term future. We have made two significant investments in the last 18 months to expand and strengthen our footprint to allow us to serve more customers in South Carolina and Georgia. We opened our fourth branch location in our Midlands market and broke ground on our second branch location in Evans, Georgia. While the significant investment in people and infrastructure may put pressure on our earnings in the near term, it should provide us with the opportunity to continue growing the Bank and its customer base in the long term."

Deposits stood at $654.10 million as on Dec. 31, 2016, up 0.31 percent compared with $652.10 million on Dec. 31, 2015.

Investments stood at $387.64 million as on Dec. 31, 2016, down 4.38 percent or $17.74 million from year-ago. Shareholders equity was at $71.11 million as on Dec. 31, 2016.

Nonperforming assets moved down 27.72 percent or $3.16 million to $8.24 million on Dec. 31, 2016 from $11.40 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.01 percent in the quarter, down from 1.42 percent in the last year period.

Book value per share was $24.14 for the quarter, up 3.12 percent or $0.73 compared to $23.41 for the same period last year.