Security Federal Q2 net income falls 18% to $1.8M; YTD earnings up $4.5M

SECURITY FEDERAL CORP

Q2 net income $1.8M ($0.55 EPS) vs $2.2M ($0.67 EPS) a year ago; YTD net income $4.5M ($1.37 EPS) vs $3.7M ($1.14 EPS).
Net interest income rose 6.8% to $9.1M; non-interest income fell 14.7% to $2.3M; non-interest expense up 5.7% to $8.9M.
Non-performing assets increased to $6.7M from $2.6M at June 30, 2022; provision for credit losses $221K vs $0.
Adopted CECL on Jan 1, 2023, reducing retained earnings by $1.6M; allowance for credit losses to gross loans 2.04%.
Total assets $1.47B (+$70M YoY); net loans $589.7M (+$86.7M YoY); deposits $1.18B (+$29.8M YoY).

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SECURITY FEDERAL CORP reported the three and six months ended June 30, 2023 results: net income $1.8 million, or $0.55 per share, for the quarter ended June 30, 2023, EPS $0.55 per share.

Period: the three and six months ended June 30, 2023
Net income: $1.8 million, or $0.55 per share, for the quarter ended June 30, 2023
EPS: $0.55 per share
Result: reported results

Exact text from the filing

The Company reported net income of $1.8 million, or $0.55 per share, for the quarter ended June 30, 2023 compared to $2.2 million, or $0.67 per share, for the second quarter of 2022. Year to date net income was $4.5 million, or $1.37 per common share, for the six months ended June 30, 2023 compared to $3.7 million, or $1.14 per common share, during the six months ended June 30, 2022.

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Source: SEC EDGAR

accession 0001437749-23-021134

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