Security Federal Q4 net income up 62% to $3.3M; full-year down 20% to $10.2M

SECURITY FEDERAL CORP

Q4 EPS $1.01 vs $0.62 prior year; net interest income +25.9% to $11.0M.
FY 2022 net income $10.2M ($3.14 EPS) vs $12.8M ($3.93 EPS) in 2021.
Non-performing assets rose to 1.15% of loans ($6.4M) vs 0.56% ($2.8M) a year ago.
Common equity book value fell to $23.76 from $35.51, driven by AOCI loss on securities.
Issued $82.9M ECIP preferred stock in May 2022; total assets $1.38B.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SECURITY FEDERAL CORP reported the quarter and year ended December 31, 2022 results: net income Net income was $10.2 million, or $3.14 per common share, for 2022 compared to $12.8 million, or $3.93 per common share,, EPS $3.14 per common share.

Period: the quarter and year ended December 31, 2022
Net income: Net income was $10.2 million, or $3.14 per common share, for 2022 compared to $12.8 million, or $3.93 per common share,
EPS: $3.14 per common share
Result: reported results

Exact text from the filing

the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ] Item 2.02 Results of Operations and Financial Condition On February 6, 2023, Security Federal Corporation issued its earnings release for the quarter and year ended December 31, 2022.

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SECURITY FEDERAL CORP filing history →

Source: SEC EDGAR

accession 0000939057-23-000027

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