Security Federal Q2 net income up 45% to $2.9M; EPS $0.90 vs $0.62 YoY

SECURITY FEDERAL CORP

Net income $2.9M ($0.90 EPS) for Q2 ended June 30, 2021 vs $2.0M ($0.62 EPS) a year ago.
Net interest income rose 5.4% to $7.7M; provision for loan losses was negative $735,000.
YTD net income $6.1M ($1.88 EPS) vs $3.1M ($0.97 EPS); increase driven by lower interest expense and loan loss provision.
Non-performing assets improved to $3.2M (0.63% of loans) from $4.0M (0.74%) at June 30, 2020.
Book value per share $35.43 at June 30, 2021 vs $34.40 at Dec. 31, 2020; deposits grew 8.3% to $994.4M.

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