Security Federal Q1 net income rises to $2.6M ($0.81/share) from $1.8M

SECURITY FEDERAL CORP

Net income available to common shareholders $2.6M ($0.81 per share), up from $1.8M ($0.54) in Q1 2024.
Net interest income increased 12.5% to $11.2M; no provision for credit losses recorded vs $335k in prior year.
Non-interest income rose 5.3% to $2.4M; non-interest expense increased 2.1% to $9.8M.
Total assets $1.58B, deposits $1.35B (+1.6% QoQ); borrowings reduced 57.6% to $39.4M.
Non-performing assets to total assets 0.46%; allowance for credit losses at 1.99% of gross loans.

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