Security Federal Bank’s Parent Company Reports Lower Earnings for First Quarter of 2024

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.

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 Bank operates 19 full-service branch locations offering a range of financial services including trust and investments