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. This is a decrease from the $2.7 million, or $0.82 per share, reported for the first quarter of 2023. The decline in net income was primarily due to a decrease in net interest income, which was impacted by rising costs of funds and an increase in provision for credit losses and non-interest expenses compared to the previous year.
Security Federal Bank operates 19 full-service branch locations offering a range of financial services including trust and investments. The bank’s wholly-owned subsidiary, Security Federal Insurance Inc., provides insurance services. Despite this decline in net income, Security Federal Corp’s common stock is traded on the Over-the-Counter Bulletin Board under the symbol SFDL indicating that investors are still interested in investing with this company.