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Security Federal Corp (SFDL0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $1.61 billion, an increase from $1.55 billion at the end of 2023. This growth was primarily driven by increases in loans receivable and cash and cash equivalents.
Net loans receivable increased to $687.1 million from $622.5 million, with significant growth in residential and commercial real estate loans. Cash and cash equivalents rose to $178.3 million from $128.3 million.
The company reported total deposits of $1.32 billion, up from $1.19 billion in the previous year. This increase was largely due to higher balances in certificates of deposit and money market accounts.
Net income available to common shareholders was $8.9 million, or $2.77 per basic common share, compared to $10.2 million, or $3.14 per share, in the previous year. The decrease was primarily due to higher provisions for credit losses and non-interest expenses.
Net interest income increased by $2.6 million to $41.8 million, driven by higher interest income from loans and deposits in other banks.
The provision for credit losses increased to $1.4 million from $246,000, reflecting growth in the loan portfolio and increased substandard loans.
Non-interest income rose by $857,000 to $10.2 million, with gains in loan sales, trust income, and ATM and check card fee income.
Non-interest expenses increased by $2.2 million to $38.1 million, mainly due to higher compensation and employee benefits, cloud service expenses, and other non-interest expenses.
The company reported a provision for income taxes of $2.8 million, up from $2.3 million, resulting in an effective tax rate of 21.9% for 2024.
Security Federal Corp remains well-capitalized, with a Tier 1 leverage ratio of 9.9% and a total risk-based capital ratio of 20.0%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Security Federal Corp annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.