Security Federal Q4 net income down 17% to $0.94/share; full-year EPS falls to $2.77

SECURITY FEDERAL CORP

Q4 2024 net income available to common shareholders was $3.0M ($0.94 EPS) vs $3.6M ($1.12 EPS) in Q4 2023.
Full-year 2024 net income available to common shareholders was $8.9M ($2.77 EPS) vs $10.2M ($3.14 EPS) in 2023.
Provision for credit losses surged to $1.4M in 2024 from $246K in 2023, pressuring earnings.
Net interest income rose 7.8% in Q4 to $11.3M; total assets grew 4% to $1.6B year-over-year.
Non-performing assets increased to $7.6M (0.47% of assets) from $6.8M (0.44%) a year earlier.

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