Security Federal Corporation reported net income available to common shareholders of $2.0 million, or $0.62 per share, for the third quarter ended September 30, 2024. This compares to $2.1 million, or $0.65 per share, for the third quarter of 2023.
The decrease in quarterly net income was primarily attributed to increases in the provision for credit losses and non-interest expense, alongside the payment of preferred stock dividends during 2024. These factors partially offset increases in net interest income and non-interest income.
Net interest income for the quarter increased by $964,000, or 10.2%, reaching $10.4 million, while non-interest income grew by $457,000, or 21.1%, to $2.6 million. Non-performing assets stood at $6.8 million at September 30, 2024, consistent with December 31, 2023.
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