Security Federal Q1 net income falls to $1.5M from $3.2M YoY; EPS $0.48 vs $0.98

SECURITY FEDERAL CORP

Net income $1.5M ($0.48 EPS) vs $3.2M ($0.98 EPS) in Q1 2021; drop due to COVID reserve release in prior year.
Net interest income $7.9M, down 1.4% from $8.0M; PPP deferred fees fell to $262K from $994K.
No provision for loan losses in Q1 2022 vs negative provision of $870K in Q1 2021.
Total assets $1.3B, deposits up $156M YoY to $1.1B; non-performing assets stable at 0.58% of loans.
New Columbia, SC branch opened March 2022; Augusta, GA branch under construction for later this year.

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