secwatch.observer — SEC 8-K summary
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Issuer:     SECURITY FEDERAL CORP (SFDL)
CIK:        0000818677
Form:       8-K
Filed at:   2024-10-30T23:59:59+00:00
Accession:  0001437749-24-032557
Event type: earnings
Sentiment:  neutral
Materiality: 0.55
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Security Federal Q3 net income slips to $0.62/share from $0.65; provision for credit losses rises
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- Net income available to common shareholders fell to $2.0M ($0.62/share) from $2.1M ($0.65) in Q3 2023.
- Net interest income rose 10.2% to $10.4M, but provision for credit losses increased to $580k from zero.
- Year-to-date net income available to common down 10.6% to $5.9M ($1.83/share) vs $6.6M ($2.02).
- Total assets grew 6.7% YoY to $1.58B; deposits up 5.2% to $1.26B.
- Borrowings decreased $49.1M to $121M due to repayment of Federal Reserve Term Funding Program.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/818677/000143774924032557/0001437749-24-032557-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/818677/000143774924032557/sfdl20241028_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-032557

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