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SECURITY FINANCIAL ANNOUNCES INCREASED FIRST QUARTER EARNINGS

 SECURITY FINANCIAL ANNOUNCES INCREASED FIRST QUARTER EARNINGS
 DURHAM, N.C., April 13 /PRNewswire/ -- Security Financial Holding Company (NASDAQ: SECF), the parent of Security Federal Savings Bank, Durham, North Carolina, reported first quarter earnings of $821,866, or $0.47 per share, compared with $678,931, or $0.39 per share, in the first quarter of 1991. This 21 percent increase in earnings represented a return on assets and a return on equity of 0.99 percent and 11.3 percent, respectively.
 Stockholder equity increased to $29.7 million, which represented 8.7 percent of assets. Book value per share was $17.42 as of March 31, 1992, up from $17.14 as of Dec. 31, 1991.
 During the first quarter of 1992, total assets grew by $15.0 million to $340.2 million as of March 31, 1992. While asset growth was strong, the quality of the loan portfolio remained high, as it has been throughout the past year. As of March 31, 1992, total non-performing loans and real estate owned represented only 0.78 percent of total assets.
 Commenting on the results, Larry D. Brock, President and Chief Executive officer, stated, "Our first quarter performance reflected a 21 percent growth in earnings, a strong increase in fee income and a reduction in expense ratios. With core profitability continuing to increase and asset quality high, we are optimistic that 1992 will be another excellent year for the Bank."
 SECURITY FINANCIAL HOLDING COMPANY
 AT OR FOR THE THREE MONTHS ENDED MARCH 31, 1992 AND 1991
 Percent
 1992 1991 Increase
 Net Income $821,866 $678,931 21.1
 Net income per Share $0.47 $0.39 20.5
 Book value per Share $17.42 $15.95 9.2
 Return on Assets 0.99 percent 0.97 percent
 Return on Equity 11.3 percent 9.9 percent
 Security Federal Savings Bank, the wholly-owned subsidiary of Security Financial Holding Company, is the largest savings bank in Durham, North Carolina and provides a full range of financial services through nine locations in the Durham, Butner/Creedmoor and Chapel Hill area.
 -0- 4/13/92
 /CONTACT: Larry D. Brock, President and Chief Executive Officer, or Robert F. Stockwell, Chief Financial Officer, 919-687-7200, both of Security Financial Holding Company, /
 (SECF) CO: Security Financial Holding Company; Security Federal Savings Bank ST: North Carolina IN: FIN SU: ERN


JZ -- CH012 -- 7850 04/13/92 14:24 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
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