Welcome to our dedicated page for Security Fed news (Ticker: SFDL), a resource for investors and traders seeking the latest updates and insights on Security Fed stock.
Track the latest developments from Security Federal Corp (NASDAQ: SFDL), a community-focused banking institution recognized for its strong credit quality and customer-centric services. This dedicated news hub provides investors and stakeholders with timely updates directly affecting the company's market position and operational strategy.
Key resources include quarterly earnings disclosures, regulatory filings, leadership announcements, and community reinvestment initiatives. Discover updates on digital banking enhancements, mortgage rate adjustments, and capital management strategies that underscore SFDL's financial stability.
Bookmark this page for verified updates from SEC filings, press releases, and industry analyses. Monitor SFDL's progress in maintaining robust balance sheet metrics while expanding its footprint in personal banking and commercial financial services.
Security Federal reported a net income of $1.8 million for the first quarter of 2024, a decrease from $2.7 million in the same period last year. The decline was attributed to factors like an increase in the cost of funds and expenses. The company saw decreases in net interest income and an increase in both provision for credit losses and non-interest expense. Despite these challenges, the company experienced growth in total interest income and non-interest income. The bank's credit quality remained stable with a slight decrease in non-performing assets and a consistent allowance for credit losses. Total assets increased year-over-year, while cash and cash equivalents decreased due to repayments. Net loans receivable and total deposits saw positive growth, while investment securities experienced a decrease. The company's financial ratios remained strong, and it operates through various branches in South Carolina and Georgia.
Security Federal Corporation announced a quarterly dividend of $0.13 per share, marking an increase of 8.3% from the previous dividend. This dividend will be paid on or about March 15, 2023, to shareholders of record as of February 28, 2023. This payout reflects the Bank’s sustained profitability and is notable as it represents the one hundred twenty-ninth consecutive quarterly dividend since its conversion to a stock form of ownership in October 1987.
Security Federal Bank operates 18 branch locations across South Carolina and Georgia, offering a comprehensive range of financial services.
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