Security Federal Q1 net income falls 34% to $1.8M; EPS $0.54 vs $0.82

SECURITY FEDERAL CORP

Net income of $1.8M vs $2.7M YoY; diluted EPS $0.54 vs $0.82; net interest income down 2.6%.
Net interest income $10.0M; interest expense surged 119.8% to $8.7M, outpacing interest income growth of 31.7%.
Provision for credit losses $335K vs $0 YoY; non-interest expense up 6.7% to $9.6M.
Total assets $1.5B, up $112M YoY; net loans receivable $646.0M, up $71.6M YoY.
Borrowings decreased $44.7M to $125.4M; deposits increased 8.8% YoY to $1.2B; non-performing assets stable at 0.44%.

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 quarter ended March 31, 2024 results: net income $1.8 million, EPS $0.54 per common share.

Period: quarter ended March 31, 2024
Net income: $1.8 million
EPS: $0.54 per common share
Result: reported results

Exact text from the filing

The Company reported net income of $1.8 million, or $0.54 per common share, for the quarter ended March 31, 2024 compared to $2.7 million, or $0.82, for the first quarter of 2023.

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SECURITY FEDERAL CORP filing history →

Source: SEC EDGAR

accession 0001437749-24-013566

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