Security Federal Q3 net income $3.2M ($0.99 EPS) down from $4.6M; book value falls to $22.64

SECURITY FEDERAL CORP

Net income $3.2M ($0.99 EPS) vs $4.6M ($1.43 EPS) in Q3 2021, down 30.5% YoY.
Net interest income rose 14.9% to $10.1M; non-interest income fell 50.9% to $2.2M.
Book value per common share dropped to $22.64 from $35.51 at Dec 31, 2021 due to AOCI loss on securities.
No provision for loan losses in Q3 2022 vs negative $665K provision in Q3 2021; NPAs improved to 0.53%.
Company received $82.9M ECIP preferred stock investment from Treasury in May 2022 (82,949 shares).

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

SECURITY FEDERAL CORP reported the quarter ended September 30, 2022 results: net income $3.2 million, EPS $0.99 per common share.

Period: the quarter ended September 30, 2022
Net income: $3.2 million
EPS: $0.99 per common share
Result: reported results

Exact text from the filing

Net income was $3.2 million, or $0.99 per common share, for the quarter ended September 30, 2022

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

SECURITY FEDERAL CORP reported the nine months ended September 30, 2022 results: net income $6.9 million, EPS $2.13 per common share.

Period: the nine months ended September 30, 2022
Net income: $6.9 million
EPS: $2.13 per common share
Result: reported results

Exact text from the filing

Year to date net income was $6.9 million, or $2.13 per common share, for the nine months ended September 30, 2022

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SECURITY FEDERAL CORP filing history →

Source: SEC EDGAR

accession 0000939057-22-000319

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