Security Federal Corp, the parent company of Security Federal Bank, released its earnings report for the first quarter of 2024 on April 29. The company reported a net income of $1.8 million, or $0.54 per share, for the quarter ending on March 31. Despite this decrease in net income compared to the previous year, Security Federal Bank continued to operate its 19 full-service branch locations and provide a range of financial services including trust and investments.
Some key financial highlights from the first quarter included a decrease in net interest income by $262,000, or 2.6%, to $10.0 million. Total interest income increased to $18.7 million, while total interest expenses rose to $8.7 million. Non-interest income increased by $120,000, or 5.5%, to $2.3 million mainly due to an increase in trust income. Non-interest expenses also went up by $604,000, or 6.7%, to $9.6 million primarily due to higher salaries and employee benefits expenses.
Security Federal Insurance Inc., the wholly-owned subsidiary of Security Federal Corp., provides insurance services to customers as well. Security Federal Corp.’s common stock is traded on the Over-the-Counter Bulletin Board under the symbol SFDL
