Security Fed Corp - SFDL STOCK NEWS

Security Federal (SFDL) reported Q4 2024 net income of $3.0 million ($0.94 per share), down from $3.6 million ($1.12 per share) in Q4 2023. Full-year 2024 net income was $8.9 million ($2.77 per share), compared to $10.2 million ($3.14 per share) in 2023.

Q4 highlights include a 7.8% increase in net interest income to $11.3 million, with total interest income rising 10.1% to $20.2 million. Non-interest income grew 2.8% to $2.8 million, while non-interest expense increased 5.2% to $9.5 million.

The bank's total assets reached $1.6 billion, up 4.0% in 2024. Total loans increased 10.4% to $687.1 million, while deposits grew 10.8% to $1.3 billion. The allowance for credit losses remained stable at 1.98% of gross loans, with non-performing assets at 0.47% of total assets.

Security Federal has declared a quarterly dividend of $0.14 per share, payable on December 15, 2024, to shareholders of record as of November 30, 2024. This marks the company's 136th consecutive quarterly dividend since its conversion from mutual to stock ownership in October 1987. The dividend declaration reflects the bank's continued profitability. Security Federal Bank operates 19 full-service branches across South Carolina and Georgia, offering financial services including trust, investments, and insurance through its subsidiary, Security Federal Insurance.

Security Federal reported Q3 2024 net income of $2.0 million ($0.62 per share), compared to $2.1 million ($0.65 per share) in Q3 2023. Net interest income increased 10.2% to $10.4 million, while total interest income rose 16.1% to $19.5 million. Year-to-date net income was $5.9 million ($1.83 per share), down from $6.6 million ($2.02 per share) in 2023. The decrease was primarily due to increased provision for credit losses, higher non-interest expenses, and preferred stock dividend payments. Total assets reached $1.6 billion, showing a 6.7% year-over-year increase.

Security Federal (OTCBB: SFDL), the holding company for Security Federal Bank, has announced an expansion of its stock repurchase program. The Board of Directors has approved an additional 100,000 shares for repurchase, bringing the total to 135,276 shares when combined with the remaining 35,276 shares from the initial program.

Repurchases will be made at management's discretion, considering factors such as stock price, market conditions, and the company's financial performance. The program may be suspended, terminated, or modified at any time. Security Federal operates 19 full-service branches across South Carolina and Georgia, with its newest branch opening in downtown Augusta, Georgia, in April 2023.

Security Federal (OTCBB: SFDL) reported net income of $2.1 million, or $0.66 per share, for Q2 2024, up from $1.8 million in Q2 2023. The increase was primarily due to higher net interest income and non-interest income, and lower provision for credit losses. Year-to-date net income was $3.9 million, down from $4.5 million in 2023.

Key financial highlights for Q2 2024:

• Net interest income increased 11.6% to $10.2 million
• Non-interest income rose 9.0% to $2.5 million
• Non-interest expense increased 8.5% to $9.7 million

Total assets reached $1.5 billion, up 4.8% year-over-year. Net loans receivable grew to $655.2 million, while deposits increased to $1.2 billion. The bank's allowance for credit losses to gross loans ratio stood at 1.95%.

Security Federal announced an increase in its quarterly dividend to $0.14 per share, payable on or about June 15, 2024, to shareholders of record as of May 31, 2024. This marks the 134th consecutive quarterly dividend since the bank's conversion from mutual to stock ownership in 1987. The increase is attributed to the bank's continued profitability. Security Federal Bank operates nineteen full-service branches across South Carolina and Georgia, providing a comprehensive range of financial services. The company's common stock is traded on the Over-the-Counter Bulletin Board under the symbol SFDL.

Security Federal reported a net income of $1.8 million for the first quarter of 2024, a decrease from $2.7 million in the same period last year. The decline was attributed to factors like an increase in the cost of funds and expenses. The company saw decreases in net interest income and an increase in both provision for credit losses and non-interest expense. Despite these challenges, the company experienced growth in total interest income and non-interest income. The bank's credit quality remained stable with a slight decrease in non-performing assets and a consistent allowance for credit losses. Total assets increased year-over-year, while cash and cash equivalents decreased due to repayments. Net loans receivable and total deposits saw positive growth, while investment securities experienced a decrease. The company's financial ratios remained strong, and it operates through various branches in South Carolina and Georgia.

Security Federal Corporation declares a quarterly dividend of $0.14 per share, reflecting the company's commitment to rewarding shareholders and financial stability.

Security Federal Corporation (SFDL) reported net income of $3.6 million for Q4 2023, an increase from $3.3 million in Q4 2022. Full-year net income remained at $10.2 million for both 2023 and 2022. Net interest income decreased by 4.8% in Q4 2023, while non-interest income increased by 28.9%. The company recognized a $395,600 reduction in income tax expense due to tax credits associated with the Bank’s newest branch in Augusta, Georgia. Total assets increased by 12.2% to $1.5 billion at the end of 2023.