Security Federal Corp, the parent company of Security Federal Bank, released its earnings report for the first quarter of 2024 on April 29. The bank 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. Some key financial highlights from the first quarter include 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 also increased by $120,000, or 5.5%, to $2.3 million mainly due to an increase in trust income
