AIKEN, S.C., July 29, 2024 (GLOBE NEWSWIRE) -- Security Federal Corporation (the "Company") (OTC:SFDL), the holding company for Security Federal Bank (the "Bank"), today announced earnings and financial results for the three and six months ended June 30, 2024. The Company reported net income available to common shareholders of $2.1 million, or $0.66 per share, for the quarter ended June 30, 2024, compared to $1.8 million, or $0.55 per share, for the second quarter of 2023. The increase in quarterly net income was primarily due to an increase in net interest income and non-interest income and a decrease in provision for credit losses, partially offset by increases in noninterest expense and provision for income taxes, as well as the payment of preferred stock dividends during the quarter. Year-to-date net income available to common shareholders was $3.9 million, or $1.20 per common share, for the six months ended June 30, 2024, compared to $4.5 million, or $1.37 per common share, during the six months ended June 30, 2023. The decrease in year-to-date net income was primarily the result of increases in the provision for credit losses and non-interest expense, which were partially offset by increases in net interest income and non-interest income. Second Quarter Financial Highlights Net interest income increased $1.1 million, or 11.6%, to $10.2 million during the quarter ended June 30, 2024, compared to $9.1 million during the second quarter of 2023. Total interest income increased $3.3 million, or 21.0%, to $18.8 million while total interest expense increased $2.2 million, or 34.4%, to $8.6 million during the quarter ended June 30, 2024 compared to the same quarter the prior year. The increase in interest income and interest expense was the result of higher market interest rates and increased average interest earning assets and interest-bearing liabilities. Non-interest income increased $203,000, or 9.0%, to $2.5 million during the quarter ended June 30, 2024 compared to the same quarter in the prior year primarily due to increases in trust income, ATM and check card fee income and gain on sale of loans. Non-interest expense increased $761,000, or 8.5%, to $9.7 million during the quarter ended June 30, 2024 compared to the same quarter in the prior year primarily due to increases in salaries and employee benefits expense and technology costs.     Quarter Ended (Dollars in Thousands, except for Earnings per Share)   6/30/2024   6/30/2023 Total interest income   $ 18,820   $ 15,553 Total interest expense     8,639     6,429 Net interest income     10,181     9,124 Provision for credit losses     175     221 Net interest income after provision for credit losses     10,006     8,903 Non-interest income     2,454     2,251 Non-interest expense     9,669     8,908 Income before income taxes     2,791     2,246 Provision for income taxes     565     468 Net income     2,226     1,778 Preferred stock dividends     97     - Net income available to common shareholders   $ 2,129   $ 1,778 Earnings per common share (basic)   $ 0.66   $ 0.55   Year to Date (Six Months) Comparative Financial Highlights Net interest income increased $796,000, or 4.1%, to $20.2 million during the six months ended June 30, 2024 compared to the same period in the prior year. Total interest income increased $7.8 million, or 26.1%, to $37.5 million while total interest expense increased $7.0 million, or 67.0%, to $17.4 million during the six months ended June 30, 2024 compared to the same period in the prior year. Non-interest income increased $324,000, or 7.3%, to $4.8 million during the six months ended June 30, 2024 compared to the same period in the prior year primarily due to an increase in trust income. Non-interest expense increased $1.4 million, or 7.6%, to $19.3 million.     Six Months Ended (Dollars in Thousands, except for Earnings per Share)   6/30/2024   6/30/2023 Total interest income   $ 37,540