Security Federal Corporation reports news as the holding company for Security Federal Bank, a community banking organization with full-service branches in South Carolina and Georgia. Company updates regularly cover quarterly and annual earnings, net interest income, non-interest income and expense, credit-loss provisions, non-performing assets and other credit-quality measures tied to the bank’s lending and deposit business.
Recurring announcements also include cash dividends on SFDL common stock, which trades on the OTC market. Security Federal Bank provides banking, trust and investment services, while insurance services are offered through the bank’s wholly owned subsidiary, Security Federal Insurance, Inc.
Security Federal Corporation has announced a quarterly dividend of $0.11 per share, payable around March 15, 2021, to shareholders on record by February 28, 2021. This marks the one hundred twenty-first consecutive dividend since the company’s conversion from mutual to stock form in October 1987. The decision to declare the dividend reflects the ongoing profitability of the Bank, which operates seventeen branches across South Carolina and Georgia, offering a comprehensive range of financial services.
Security Federal Corporation (SFDL) reported a net income increase of 91.3% for Q4 2020, reaching $3.1 million ($0.94 per share), primarily from a 21.6% rise in net interest income. Annual net income decreased by 9.5% to $7.1 million due to higher loan loss provisions amid COVID-19. The Bank distributed over $75 million in PPP loans, resulting in significant loan repayments and increased net interest income. Total assets grew to $1.2 billion, with deposits rising 19.0% to $918 million.