Security Federal Q1 net income rises 73% to $2.7M; EPS $0.82 vs $0.48 YoY

SECURITY FEDERAL CORP

Net income $2.674M ($0.82 per share) vs $1.549M ($0.48) in Q1 2022; increase driven by net interest income growth.
Net interest income up 29.6% to $10.2M; interest income +63.4%, interest expense +399.9%.
Non-performing assets flat at $6.4M; allowance for credit losses to gross loans 2.07%.
Adopted CECL on Jan 1, 2023; net decrease to retained earnings of $1.6M from transition adjustment.
Total assets $1.406B, up $106.3M YoY; deposits stable at $1.1B; borrowings up 17.0% to $120.8M.

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 ended March 31, 2023 results: net income net income of $2.7 million, EPS $0.82 per share.

Period: the quarter ended March 31, 2023
Net income: net income of $2.7 million
EPS: $0.82 per share
Result: reported results

Exact text from the filing

The Company reported net income of $2.7 million, or $0.82 per share, for the quarter ended March 31, 2023 compared to $1.5 million, or $0.48 per share, for the first quarter of 2022.

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SECURITY FEDERAL CORP filing history →

Source: SEC EDGAR

accession 0000939057-23-000122

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