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Security Federal Corp, also known as Security Federal Bank, is a trusted financial institution offering a comprehensive range of services to its customers. From online banking and mortgage lending to financial planning and insurance, Security Federal Corp caters to various financial needs. The company's commitment to excellent customer service, combined with its strong credit quality and robust balance sheet highlights, sets it apart in the industry. With a focus on capital management and delivering value to its shareholders, Security Federal Corp continues to be a reliable and innovative player in the financial sector.
Security Federal Corporation (SFDL) reported a net income of $1.5 million ($0.48 per share) for Q1 2022, down from $3.2 million ($0.98 per share) in Q1 2021. The decrease was attributed to loan loss reserve releases in 2021. Net interest income fell 1.4% to $7.9 million, driven by a decline in PPP loan income. Non-interest income was $2.6 million, while non-interest expense rose to $8.6 million. Average interest-earning assets increased by 10.6%, reaching $1.2 billion. Total deposits rose $156.1 million year-over-year to $1.1 billion.
In March 2021, the US Department of Treasury announced a $9 billion investment program to support Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs). Security Federal Corporation, a qualified CDFI Bank, was approved to receive up to $82,949,000 in non-dilutive Tier 1 capital through this program. The investment aims to enhance lending to small and minority businesses in underserved communities. Security Federal operates 18 branches across South Carolina and Georgia, providing a range of financial services and insurance.
Security Federal Corporation (SFDL) announced a special cash dividend of $0.28 per share, to be paid on April 15, 2022, for shareholders on record as of March 31, 2022. The CEO, J. Chris Verenes, stated that this distribution reflects the Company's continued profitability. Future dividends will depend on the Board's evaluation of the Company's financial health, earnings, and capital needs. Security Federal Bank operates 17 branches in South Carolina and Georgia, providing a range of financial and insurance services.
Security Federal Corporation has announced a quarterly dividend increase of $0.01, or 9%, raising it to $0.12 per share. This dividend payment is scheduled for March 15, 2022, for shareholders on record as of February 28, 2022. This marks the 125th consecutive quarterly dividend since its conversion in 1987, attributed to the bank's sustained profitability. The bank operates 17 branches across South Carolina and Georgia, providing a wide range of financial services.
Security Federal Corporation (SFDL) reported a net income of $2.0 million, or $0.62 per share, for Q4 2021, down from $3.1 million, or $0.94 per share, in Q4 2020. However, annual net income climbed 81.2% to $12.8 million ($3.93 per share) in 2021, driven by increased net interest income and grant income. Net interest income rose 9.1% to $33.3 million for the year. The company experienced a reduction in non-performing assets and improved credit quality, with an allowance for loan losses down to 2.19%. Total assets increased to $1.3 billion, with deposits rising 21.6%.
Security Federal Corporation has declared a quarterly dividend of $0.11 per share, scheduled for payment on or about December 15, 2021, to shareholders of record by November 30, 2021. This marks the 124th consecutive quarterly dividend since the Bank's conversion from mutual to stock ownership in October 1987. The dividend reflects the Bank’s ongoing profitability. With seventeen branches across South Carolina and Georgia, the Bank offers a full range of financial and insurance services.
Security Federal Corporation (SFDL) reported a significant increase in net income for Q3 2021, rising 412.9% to $4.6 million or $1.43 per share, compared to $905,000 or $0.28 in Q3 2020. Year-to-date net income also rose 169.6% to $10.7 million, or $3.30 per share. Key drivers included lower interest expenses and a grant of $1.8 million from the CDFI Rapid Response Program, boosting total non-interest income by 51.6% to $4.5 million. Total assets increased by $58.6 million year-to-date to $1.2 billion, while total deposits grew 10.7% to $1.0 billion.
Security Federal Corporation announced a quarterly dividend of $0.11 per share, payable on or about September 15, 2021, to shareholders of record as of August 31, 2021. This marks the 123rd consecutive quarterly dividend since the Bank's conversion to stock form in 1987, reflecting the Bank's ongoing profitability. Security Federal Bank operates 17 branches across South Carolina and Georgia, providing a range of financial services, including trust, investment, and insurance services through its subsidiary, Security Federal Insurance.
Security Federal Corporation (SFDL) reported a 45% increase in net income for Q2 2021, reaching $2.9 million or $0.90 per share, compared to $2.0 million in Q2 2020. Year-to-date net income surged 98.1% to $6.1 million, or $1.88 per share. Key drivers included reduced interest expenses and a negative provision for loan losses. However, non-interest income decreased 4.2%. Total assets grew to $1.2 billion and deposits increased by 8.3%. The bank aims to enhance services with a new branch in Augusta, GA.
Security Federal Corporation has announced a quarterly dividend of $0.11 per share, payable on or about June 15, 2021, to shareholders recorded by May 31, 2021. This marks the one hundred twenty-second consecutive quarterly dividend since the Bank's transition to stock ownership in October 1987. The dividend reflects the Bank's ongoing profitability and robust financial health.
Security Federal Corporation's stock trades on the OTC Bulletin Board under the symbol SFDL.
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