Security Federal Q2 net income falls to $2.2M; book value drops on ECIP preferred issuance

SECURITY FEDERAL CORP

Q2 net income $2.2M ($0.67/share) vs. $2.9M ($0.90) in Q2 2021; six-month net income $3.7M ($1.14) vs. $6.1M ($1.88).
Net interest income rose 10.4% to $8.5M; non-interest expense increased 13.2% to $8.4M.
No provision for loan losses in 2022 vs. $735k credit in Q2 2021; non-performing assets improved to $2.6M.
Issued 82,949 preferred shares for $82.9M under ECIP in May 2022; book value per common share fell to $25.81 from $35.51.
Total assets grew $100.9M to $1.4B; deposits up $33.7M to $1.1B.

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