secwatch.observer — SEC 8-K summary
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Issuer:     SECURITY FEDERAL CORP (SFDL)
CIK:        0000818677
Form:       8-K
Filed at:   2024-04-29T23:59:59+00:00
Accession:  0001437749-24-013566
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/818677/000143774924013566/0001437749-24-013566-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/818677/000143774924013566/sfdl20240429_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-013566

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer