Security Federal Corporation reported a decrease in net income due to credit losses and expenses.

From GlobeNewswire.: 2025-01-31 14:15:09

Security Federal Corporation, the holding company for Security Federal Bank, reported net income available to common shareholders of $3.0 million for the quarter ended December 31, 2024, a decrease from $3.6 million in the same period in 2023. Year-to-date net income was $8.9 million for 2024, down from $10.2 million in 2023. The decreases were due to increases in credit losses and expenses. Total assets were $1.6 billion at the end of 2024, with loans increasing by 10.4% and deposits rising by 10.8%. The Bank has 19 branches in South Carolina and Georgia, offering a range of financial services.



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