secwatch.observer — SEC 8-K summary
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Issuer:     SECURITY FEDERAL CORP (SFDL)
CIK:        0000818677
Form:       8-K
Filed at:   2024-07-29T23:59:59+00:00
Accession:  0001437749-24-023691
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Security Federal Q2 net income rises to $2.1M, or $0.66 per share
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- Q2 net income available to common shareholders $2.1M ($0.66 per share), up from $1.8M ($0.55) a year ago.
- Net interest income grew 11.6% YoY to $10.2M, driven by higher market rates and earning asset growth.
- Total assets reached $1.5B, up 4.8% YoY; net loans grew $32.7M in H1 to $655.2M.
- Non-performing assets were $7.1M (0.46% of assets); allowance for credit losses at 1.95% of gross loans.
- Year-to-date net income fell to $3.9M ($1.20 per share) from $4.5M ($1.37) due to higher provision and expenses.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/818677/000143774924023691/0001437749-24-023691-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/818677/000143774924023691/sfdl20240724c_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-023691

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