---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-013566"
form_type: "8-K"
ticker: "SFDL"
cik: "0000818677"
company_name: "SECURITY FEDERAL CORP"
filed_at: "2024-04-29T23:59:59+00:00"
generated_at: "2026-06-03T06:02:00.698414+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0001437749-24-013566
- form_type: 8-K
- ticker: SFDL
- cik: 0000818677
- company_name: SECURITY FEDERAL CORP
- filed_at: 2024-04-29T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/818677/000143774924013566/0001437749-24-013566-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/818677/000143774924013566/sfdl20240429_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-013566
- JSON: https://secwatch.observer/filing/0001437749-24-013566.json
- Plain text: https://secwatch.observer/filing/0001437749-24-013566.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/818677/000143774924013566/0001437749-24-013566-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.