Security Federal Corporation Announces Financial Results for 2024
AIKEN, S.C., Jan. 31, 2025 (GLOBE NEWSWIRE) —
Security Federal Corporation, the holding company for Security Federal Bank, has reported their earnings and financial results for the quarter and year ended December 31, 2024.
Financial Performance Highlights:
In the fourth quarter of 2024, Security Federal Corporation reported a net income of $2.5 million, or $0.45 per diluted common share. This is an increase from the $2.3 million, or $0.41 per diluted common share, reported in the same quarter last year. For the full year 2024, the Company reported a net income of $10.1 million, compared to $9.5 million in 2023.
Other key financial highlights for the year include total assets of $870 million, total loans of $620 million, and total deposits of $720 million. The Company’s strong financial performance can be attributed to their focus on providing superior customer service, innovative products and services, and strategic investments in technology.
Security Federal Corporation remains committed to supporting the communities they serve and creating long-term value for their shareholders. By maintaining a strong financial position and effectively managing risks, the Company is well-positioned for continued growth and success in the future.
How will this news affect me?
As a customer of Security Federal Bank, you can have confidence in the stability and strength of the institution. The positive financial results for 2024 indicate that the bank is well-managed and financially sound, which bodes well for the safety of your deposits and the quality of the services they provide. Additionally, the Company’s commitment to community support means that you can expect continued investment in local programs and initiatives that benefit you and your neighbors.
How will this news affect the world?
On a larger scale, the strong financial performance of Security Federal Corporation is a positive sign for the banking industry as a whole. A well-performing bank contributes to a stable financial system and helps to promote economic growth and development. By demonstrating resilience and success in a challenging economic environment, Security Federal Corporation sets a positive example for other financial institutions and inspires confidence in the industry overall.
Conclusion:
Security Federal Corporation’s announcement of their financial results for 2024 showcases their continued commitment to excellence and success. With a focus on strategic growth, customer service, and community support, the Company is well-positioned for continued prosperity in the future. As a customer, you can feel confident in the strength and stability of Security Federal Bank, and as a citizen of the world, you can take comfort in the positive impact of a well-performing financial institution on the global economy.
