AIKEN, S.C., April 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 quarter ended March 31, 2024. The Company reported net income of $1.8 million, or $0.54 per share, for the quarter ended March 31, 2024 compared to $2.7 million, or $0.82, for the first quarter of 2023. The decrease in net income was due to a decrease in net interest income which was affected by the continued increase in the Company's cost of funds, as well as the increase in both the provision for credit losses and non-interest expense during the first quarter of 2024 as compared to the first quarter of 2023. First Quarter Financial Highlights Net interest income decreased $262,000, or 2.6%, to $10.0 million as the increase in interest expense outpaced the increase in interest income. Total interest income increased $4.5 million, or 31.7%, to $18.7 million while total interest expense increased $4.8 million, or 119.8%, to $8.7 million. Non-interest income increased $120,000, or 5.5%, to $2.3 million primarily due to an increase in trust income. Non-interest expense increased $604,000, or 6.7%, to $9.6 million primarily due to increases in salaries and employee benefits expense.   Quarter Ended (Dollars in Thousands, except for Earnings per Share) 3/31/2024   3/31/2023 Total interest income $ 18,719     $ 14,218   Total interest expense   8,737       3,974   Net interest income   9,982       10,244   Provision for credit losses   335       -   Net interest income after provision for credit losses   9,647       10,244   Non-interest income   2,321       2,200   Non-interest expense   9,635       9,031   Income before income taxes   2,333       3,413   Provision for income taxes   580       739   Net income $ 1,753     $ 2,674   Earnings per common share (basic) $ 0.54     $ 0.82           Credit Quality The Bank recorded $300,000 in provision for credit losses on loans held for investment and $35,000 in provision for unfunded commitments for the first quarter of 2024 compared to no provision for credit losses during the first quarter of ...