Security Federal Corp Reports Net Income of $1.8 Million for First Quarter 2024 Despite Decrease Compared to Previous Year

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