Security Federal Corporation reported net income available to common shareholders of $3.0 million, or $0.94 per common share, for the fourth quarter ended December 31, 2024. This represents a decrease from $3.6 million, or $1.12 per common share, reported for the fourth quarter of 2023.
For the full year ended December 31, 2024, net income available to common shareholders was $8.9 million, or $2.77 per common share, down from $10.2 million, or $3.14 per common share, in 2023. The declines were primarily due to increased provisions for credit losses and non-interest expenses, as well as preferred stock dividends.
These negative impacts were partially mitigated by increases in net interest income and non-interest income during the periods. The company's balance sheet at year-end 2024 included $50.0 million in borrowings from the Federal Reserve Bank.
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