AIKEN, SC, Aug. 19, 2024 (GLOBE NEWSWIRE) — Security Federal Corporation (the “Company”) (OTCBB: SFDL), the holding company of Security Federal Bank (the “Bank”), today announced that its Board of Directors has approved an increase in the number of shares authorized for repurchase under the previously authorized share repurchase program.

Under the repurchase program, the Company may repurchase an additional 100,000 of the issued shares, bringing the total outstanding shares to 135,276, together with the remaining 35,276 shares originally authorized for repurchase.

Repurchases will be made at management’s discretion at prices that management believes are attractive and in the best interest of the Company and its stockholders, depending on stock availability, general market conditions, the trading price of the stock, alternative uses of capital and the financial performance of the Company. Open market purchases will be made in accordance with the restrictions set forth in Rule 10b-18 under the Securities Exchange Act of 1934 and other applicable law.

The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. There is no guarantee of the exact number of shares the Company will repurchase.

Security Federal has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina, as well as Augusta and Evans, Georgia. The bank’s newest branch, located in downtown Augusta, Georgia, just opened in April 2023. It is a full-service branch offering deposit-taking and commercial and personal loans. The bank offers a wide range of financial services, including trust and investment services, and insurance services are offered through the bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

Forward-looking statements:

Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate, among other things, to expectations regarding the business environment in which the Company operates, projections regarding future performance, perceived market opportunities, potential future credit experience and statements regarding the Company‘s mission and vision. These forward-looking statements are based on management’s current expectations and may therefore involve risks and uncertainties. The company‘Actual results, performance or achievements may differ materially from those expressed, expressed or implied by the forward-looking statements due to a variety of factors, including, but not limited to: possible adverse effects on economic conditions in our local market area or other aspects of the business‘s business, operations or financial markets, including, but not limited to, as a result of employment levels, labor shortages and the effects of inflation, a possible recession or slowing economic growth due to rising oil prices and supply chain disruptions; interest rate fluctuations; economic conditions in the Company‘s primary market area; demand for residential, commercial and industrial real estate, consumer and other types of loans; success of new products; competitive conditions between banks and non-bank financial services providers; legislative or regulatory changes that adversely affect the Company‘s business, including changes in regulatory policies and principles and changes related to Basel III requirements; the impact of the effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing regulations, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to respond to changes in laws, rules or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices as may be adopted by regulators of financial institutions or the Financial Accounting Standards Board, including additional guidance and interpretations on accounting matters and details on the implementation of new accounting methods; technology factors affecting operations; pricing of products and services; and other risks detailed in the Company’s report‘s reports filed with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Accordingly, these factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company undertakes no responsibility to update or revise any forward-looking statements.

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CONTACT: For additional information contact Roy Lindburg, President Security Federal Corporation, at (803) 641-3000.