Security Federal Corp reports record annual net income of $12.8M for FY2021

SECURITY FEDERAL CORP

2021-FY EPS reported $3.93

FY2021 net income $12.8M ($3.93/diluted share), up 81% from $7.1M ($2.19/share) in FY2020.
Q4 net income $2.0M ($0.62/share) vs $3.1M ($0.94/share) in Q4 2020; quarterly drop due to higher non-interest expense.
Net interest income for year rose 9% to $33.3M; $2.4M negative provision for loan losses released as credit quality improved.
Total assets reached $1.3B; deposits grew 21.6% to $1.1B; book value per share $35.51 from $34.40.
Non-performing assets fell to 0.56% of gross loans from 0.75%; allowance to loans 2.19%.

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