Security Federal Corporation Announces Fourth Quarter and Annual Earnings and Financial Results for 2024
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 (SFDL) ha riportato un reddito netto di 3,0 milioni di dollari (0,94 dollari per azione) nel quarto trimestre del 2024, in calo rispetto ai 3,6 milioni di dollari (1,12 dollari per azione) del quarto trimestre del 2023. Il reddito netto per l'intero anno 2024 è stato di 8,9 milioni di dollari (2,77 dollari per azione), rispetto ai 10,2 milioni di dollari (3,14 dollari per azione) del 2023.
I punti salienti del quarto trimestre includono un incremento del 7,8% del reddito da interessi netti, che ha raggiunto 11,3 milioni di dollari, con un aumento del 10,1% del reddito totale da interessi a 20,2 milioni di dollari. Il reddito non da interessi è cresciuto del 2,8% fino a 2,8 milioni di dollari, mentre le spese non da interessi sono aumentate del 5,2% a 9,5 milioni di dollari.
Le attività totali della banca hanno raggiunto 1,6 miliardi di dollari, con un incremento del 4,0% nel 2024. I prestiti totali sono aumentati del 10,4% a 687,1 milioni di dollari, mentre i depositi sono cresciuti del 10,8% a 1,3 miliardi di dollari. La riserva per perdite su crediti è rimasta stabile all'1,98% dei prestiti lordi, con i beni non performanti allo 0,47% delle attività totali.
Security Federal (SFDL) reportó un ingreso neto de $3.0 millones ($0.94 por acción) en el cuarto trimestre de 2024, una disminución respecto a $3.6 millones ($1.12 por acción) en el cuarto trimestre de 2023. El ingreso neto para todo el año 2024 fue de $8.9 millones ($2.77 por acción), en comparación con $10.2 millones ($3.14 por acción) en 2023.
Los aspectos destacados del cuarto trimestre incluyen un aumento del 7.8% en los ingresos por intereses netos, alcanzando $11.3 millones, con un aumento del 10.1% en los ingresos totales por intereses a $20.2 millones. Los ingresos no por intereses crecieron un 2.8%, alcanzando $2.8 millones, mientras que los gastos no por intereses aumentaron un 5.2% a $9.5 millones.
Los activos totales del banco alcanzaron $1.6 mil millones, con un aumento del 4.0% en 2024. Los préstamos totales aumentaron un 10.4% a $687.1 millones, mientras que los depósitos crecieron un 10.8% a $1.3 mil millones. La provisión para pérdidas crediticias se mantuvo estable en el 1.98% de los préstamos brutos, con activos no productivos en el 0.47% de los activos totales.
Security Federal (SFDL)는 2024년 4분기 순이익이 300만 달러(주당 0.94달러)로 보고되었으며, 2023년 4분기 360만 달러(주당 1.12달러)에서 감소했습니다. 2024년 전체 연간 순이익은 890만 달러(주당 2.77달러)로, 2023년 1020만 달러(주당 3.14달러)와 비교됩니다.
4분기 주요 내용으로는 순이자 수익이 11.3백만 달러로 7.8% 증가했으며, 총 이자 수익은 20.2백만 달러로 10.1% 증가했습니다. 비이자 수익은 2.8% 증가하여 280만 달러에 이르렀고, 비이자 비용은 5.2% 증가하여 950만 달러에 도달했습니다.
은행의 총 자산은 16억 달러에 달하며, 2024년에는 4.0% 증가했습니다. 총 대출은 687.1백만 달러로 10.4% 증가했으며, 예금은 13억 달러로 10.8% 증가했습니다. 신용 손실을 위한 적립금은 총 대출의 1.98%로 안정적으로 유지되었으며, 부실 자산은 총 자산의 0.47%에 해당했습니다.
Security Federal (SFDL) a rapporté un revenu net de 3,0 millions de dollars (0,94 dollar par action) au quatrième trimestre 2024, en baisse par rapport à 3,6 millions de dollars (1,12 dollar par action) au quatrième trimestre 2023. Le revenu net sur l'année entière 2024 s'est élevé à 8,9 millions de dollars (2,77 dollars par action), contre 10,2 millions de dollars (3,14 dollars par action) en 2023.
Les faits marquants du quatrième trimestre comprennent une augmentation de 7,8% des revenus d'intérêts nets à 11,3 millions de dollars, avec des revenus d'intérêts totaux en hausse de 10,1% à 20,2 millions de dollars. Les revenus non liés aux intérêts ont augmenté de 2,8% à 2,8 millions de dollars, tandis que les dépenses non liées aux intérêts ont augmenté de 5,2% à 9,5 millions de dollars.
Les actifs totaux de la banque ont atteint 1,6 milliard de dollars, en hausse de 4,0% en 2024. Les prêts totaux ont augmenté de 10,4% à 687,1 millions de dollars, tandis que les dépôts ont progressé de 10,8% à 1,3 milliard de dollars. Les provisions pour créances douteuses sont restées stables à 1,98% des prêts bruts, tandis que les actifs non productifs représentaient 0,47% des actifs totaux.
Security Federal (SFDL) berichtete einen Nettogewinn von 3,0 Millionen Dollar (0,94 Dollar pro Aktie) im vierten Quartal 2024, ein Rückgang von 3,6 Millionen Dollar (1,12 Dollar pro Aktie) im vierten Quartal 2023. Der Nettogewinn für das gesamte Jahr 2024 betrug 8,9 Millionen Dollar (2,77 Dollar pro Aktie), im Vergleich zu 10,2 Millionen Dollar (3,14 Dollar pro Aktie) im Jahr 2023.
Die Höhepunkte des vierten Quartals umfassen einen Anstieg der Nettozinseinnahmen um 7,8% auf 11,3 Millionen Dollar, wobei die Gesamteinnahmen aus Zinsen um 10,1% auf 20,2 Millionen Dollar gestiegen sind. Die Einnahmen aus nichtzinsabhängigen Geschäftstätigkeiten wuchsen um 2,8% auf 2,8 Millionen Dollar, während die nichtzinstragenden Ausgaben um 5,2% auf 9,5 Millionen Dollar stiegen.
Die gesamten Vermögenswerte der Bank erreichten 1,6 Milliarden Dollar, was einem Anstieg von 4,0% im Jahr 2024 entspricht. Die Gesamtdarlehen stiegen um 10,4% auf 687,1 Millionen Dollar, während die Einlagen um 10,8% auf 1,3 Milliarden Dollar zunahmen. Die Rücklage für Kreditausfälle blieb stabil bei 1,98% der Bruttokredite, und die notleidenden Vermögenswerte betrugen 0,47% der Gesamtsumme der Vermögenswerte.
- Net interest income increased 7.8% to $11.3 million in Q4 2024
- Total loans grew 10.4% to $687.1 million in 2024
- Deposits increased 10.8% to $1.3 billion
- Common equity book value per share improved to $31.21 from $27.69
- Q4 2024 net income decreased to $3.0 million from $3.6 million YoY
- Full-year 2024 net income declined to $8.9 million from $10.2 million
- Non-performing assets increased to 0.47% of total assets from 0.44%
- Provision for credit losses increased to $1.4 million from $246,000 in 2023
AIKEN, S.C., Jan. 31, 2025 (GLOBE NEWSWIRE) -- Security Federal Corporation (the “Company”) (OTCBB: SFDL), the holding company for Security Federal Bank (the “Bank”), today announced earnings and financial results for the quarter and year ended December 31, 2024.
The Company reported net income available to common shareholders of
Fourth Quarter Financial Highlights
- Net interest income increased
$818,000 , or7.8% , to$11.3 million as the increase in interest income exceeded the increase in interest expense. - Total interest income increased
$1.9 million , or10.1% , to$20.2 million while total interest expense increased$1.0 million , or13.0% , to$9.0 million during the fourth quarter of 2024 compared to the same quarter in 2023. The increase in interest income and interest expense was the result of higher market interest rates and increased average interest-earning assets and interest-bearing liabilities. - Non-interest income increased
$77,000 , or2.8% , to$2.8 million during the fourth quarter of 2024 compared to the same quarter in the prior year primarily due to an increase in gain on sale of loans. - Non-interest expense increased
$472,000 , or5.2% , to$9.5 million during the quarter ended December 31, 2024, compared to the same quarter in the prior year primarily due to increases in salaries and expenses for employee benefits and cloud services.
| Quarter Ended | |||||
| (Dollars in Thousands, except for Earnings per Share) | 12/31/2024 | 12/31/2023 | |||
| Total interest income | $ | 20,235 | $ | 18,384 | |
| Total interest expense | 8,982 | 7,949 | |||
| Net interest income | 11,253 | 10,435 | |||
| Provision for credit losses | 280 | 25 | |||
| Net interest income after provision for credit losses | 10,973 | 10,410 | |||
| Non-interest income | 2,847 | 2,770 | |||
| Non-interest expense | 9,523 | 9,051 | |||
| Income before income taxes | 4,297 | 4,129 | |||
| Provision for income taxes | 879 | 513 | |||
| Net income | 3,418 | 3,616 | |||
| Preferred stock dividends | 414 | - | |||
| Net income available to common shareholders | $ | 3,004 | $ | 3,616 | |
| Earnings per common share (basic) | $ | 0.94 | $ | 1.12 | |
Full Year Comparative Financial Highlights
- Net interest income increased
$2.6 million , or6.6% , to$41.8 million when compared to the prior year primarily due to increases in interest income on loans and interest income from our overnight time deposit account with the Federal Reserve Bank, which were partially offset by an increase in interest expense on deposits. - Total interest income increased
$12.3 million , or19.0% , to$77.3 million while total interest expense increased$9.8 million , or37.9% , to$35.5 million . - Non-interest income increased
$857,000 , or9.1% , to$10.2 million primarily due to increases in gain on sale of loans, trust income and ATM and check card fee income. - Non-interest expense increased
$2.2 million , or6.2% , to$38.1 million primarily due to increases in salaries and employee benefits expense and cloud services.
| Year Ended | |||||
| (Dollars in Thousands, except for Earnings per Share) | 12/31/2024 | 12/31/2023 | |||
| Total interest income | $ | 77,306 | $ | 64,977 | |
| Total interest expense | 35,479 | 25,729 | |||
| Net interest income | 41,827 | 39,248 | |||
| Provision for credit losses | 1,370 | 246 | |||
| Net interest income after provision for credit losses | 40,457 | 39,002 | |||
| Non-interest income | 10,247 | 9,390 | |||
| Non-interest expense | 38,140 | 35,914 | |||
| Income before income taxes | 12,564 | 12,478 | |||
| Provision for income taxes | 2,757 | 2,288 | |||
| Net income | 9,807 | 10,190 | |||
| Preferred stock dividends | 926 | - | |||
| Net income available to common shareholders | $ | 8,881 | $ | 10,190 | |
| Earnings per common share (basic) | $ | 2.77 | $ | 3.14 | |
Credit Quality
- The Bank recorded a
$1.5 million provision for credit losses on loans and a$110,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of$1.4 million during 2024 compared to a$601,000 provision for credit losses on loans and a$355,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of$246,000 during 2023. - Non-performing assets were
$7.6 million , or0.47% of total assets, at December 31, 2024, compared to$6.8 million , or0.44% of total assets, at December 31, 2023. - The allowance for credit losses as a percentage of gross loans was
1.98% at both December 31, 2024, and 2023.
| At Period End (dollars in thousands): | 12/31/2024 | 9/30/2024 | 12/31/2023 | ||||||||
| Non-performing assets | $ | 7,636 | $ | 6,770 | $ | 6,825 | |||||
| Non-performing assets to total assets | 0.47 | % | 0.43 | % | 0.44 | % | |||||
| Allowance for credit losses | $ | 13,894 | $ | 13,604 | $ | 12,569 | |||||
| Allowance for credit losses to gross loans | 1.98 | % | 1.95 | % | 1.98 | % | |||||
Balance Sheet Highlights and Capital Management
- Total assets were
$1.6 billion at December 31, 2024, an increase of$62.1 million , or4.0% , during 2024. - Total loans receivable, net was
$687.1 million at December 31, 2024, an increase of$64.6 million , or10.4% , during 2024. - Investment securities decreased
$39.9 million , or5.7% , to$660.8 million at December 31, 2024, as maturities and principal paydowns of investments exceeded purchases during 2024. - Deposits increased
$129.0 million , or10.8% , during the year to$1.3 billion at December 31, 2024. - Borrowings decreased
$77.1 million , or45.3% , during the year to$93.0 million at December 31, 2024, primarily due to the repayment of borrowings with the Federal Reserve Bank Term Funding Program and the redemption of our 10-year subordinated debentures in the amount of$16.5 million on their call date. - Common equity book value per share increased to
$31.21 at December 31, 2024, from$27.69 at December 31, 2023.
| Dollars in thousands (except per share amounts) | 12/31/2024 | 9/30/2024 | 12/31/2023 | ||||||||
| Total assets | $ | 1,611,773 | $ | 1,576,326 | $ | 1,549,671 | |||||
| Cash and cash equivalents | 178,277 | 132,376 | 128,284 | ||||||||
| Total loans receivable, net | 687,149 | 686,708 | 622,529 | ||||||||
| Investment securities | 660,823 | 672,054 | 700,712 | ||||||||
| Deposits | 1,324,033 | 1,257,314 | 1,194,997 | ||||||||
| Borrowings | 92,964 | 120,978 | 170,035 | ||||||||
| Total shareholders' equity | 182,389 | 185,082 | 172,362 | ||||||||
| Common shareholders' equity | 99,440 | 102,133 | 89,413 | ||||||||
| Common equity book value per share | $ | 31.21 | $ | 31.97 | $ | 27.69 | |||||
| Total risk-based capital to risk weighted assets (1) | 19.96 | % | 19.21 | % | 19.49 | % | |||||
| CET1 capital to risk weighted assets (1) | 18.71 | % | 17.96 | % | 18.24 | % | |||||
| Tier 1 leverage capital ratio (1) | 9.88 | % | 10.27 | % | 9.83 | % | |||||
| (1) - Ratio is calculated using Bank only information and not consolidated information | |||||||||||
Security Federal has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.
Forward-looking statements:
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: potential adverse impacts to economic conditions in our local market area or other aspects of the Company’s business, operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; economic conditions in the Company’s primary market area; demand for residential, commercial business and commercial real estate, consumer, and other types of loans; success of new products; competitive conditions between banks and non-bank financial service providers; changes in management’s business strategies, including expectations regarding key growth initiatives and strategic priorities; legislative or regulatory changes that adversely affect the Company’s business, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; technology factors affecting operations, including disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; pricing of products and services; environmental, social and governance goals and targets; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. These factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake any responsibility to update or revise any forward-looking statement.
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