Security Federal Corporation Announces Fourth Quarter and Annual Earnings and Financial Results for 2024
The Company reported net income available to common shareholders of $3.0 million, or $0.94 per common share, for the quarter ended December 31, 2024, compared to $3.6 million, or $1.12 per common share, for the fourth quarter of 2023. Year-to-date net income available to common shareholders was $8.9 million, or $2.77 per common share, for the year ended December 31, 2024, compared to $10.2 million, or $3.14 per common share, for the year ended December 31, 2023. Both the quarterly and year-to-date decreases in net income available to common shareholders were primarily due to increases in the provision for credit losses and non-interest expense, as well as the payment of preferred stock dividends during 2024, which were partially offset by increases in net interest income and non-interest income.
Fourth Quarter Financial Highlights
Net interest income increased $818,000, or 7.8%, to $11.3 million as the increase in interest income exceeded the increase in interest expense.
Total interest income increased $1.9 million, or 10.1%, to $20.2 million while total interest expense increased $1.0 million, or 13.0%, to $9.0 million during the fourth quarter of 2024 compared to the same quarter in 2023. 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 $77,000, or 2.8%, to $2.8 million during the fourth quarter of 2024 compared to the same quarter in the prior year primarily due to an increase in gain on sale of loans.
Non-interest expense increased $472,000, or 5.2%, to $9.5 million during the quarter ended December 31, 2024, compared to the same quarter in the prior year primarily due to increases in salaries and expenses for employee benefits and cloud services.
Quarter Ended
(Dollars in Thousands, except for Earnings per Share) 12/31/2024 12/31/2023
Total interest income $ 20,235 $ 18,384
Total interest expense 8,982 7,949
Net interest income 11,253 10,435
Provision for credit losses 280 25
Net interest income after provision for credit losses 10,973 10,410
Non-interest income 2,847 2,770
Non-interest expense 9,523 9,051
Income before income taxes 4,297 4,129
Provision for income taxes 879 513
Net income 3,418 3,616
Preferred stock dividends 414 -
Net income available to common shareholders $ 3,004 $ 3,616
Earnings per common share (basic) $ 0.94 $ 1.12
Full Ye ar Comparative Financial Highlights
Net interest income increased $2.6 million, or 6.6%, to $41.8 million when compared to the prior year primarily due to increases in interest income on loans and interest income from our overnight time deposit account with the Federal Reserve Bank, which were partially offset by an increase in interest expense on deposits.
Total interest income increased $12.3 million, or 19.0%, to $77.3 million while total interest expense increased $9.8 million, or 37.9%, to $35.5 million.
Non-interest income increased $857,000, or 9.1%, to $10.2 million primarily due to increases in gain on sale of loans, trust income and ATM and check card fee income.
Non-interest expense increased $2.2 million, or 6.2%, to $38.1 million primarily due to increases in salaries and employee benefits expense and cloud services.
Year Ended
(Dollars in Thousands, except for Earnings per Share) 12/31/2024 12/31/2023
Total interest income $ 77,306 $ 64,977
Total interest expense 35,479 25,729
Net interest income 41,827 39,248
Provision for credit losses 1,370 246
Net interest income after provision for credit losses 40,457 39,002
Non-interest income 10,247 9,390
Non-interest expense 38,140 35,914
Income before income taxes 12,564 12,478
Provision for income taxes 2,757 2,288
Net income 9,807 10,190
Preferred stock dividends 926 -
Net income available to common shareholders $ 8,881 $ 10,190
Earnings per common share (basic) $ 2.77 $ 3.14
Credit Quality
The Bank recorded a $1.5 million provision for credit losses on loans and a $110,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $1.4 million during 2024 compared to a $601,000 provision for credit losses on loans and a $355,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $246,000 during 2023.
Non-performing assets were $7.6 million, or 0.47% of total assets, at December 31, 2024, compared to $6.8 million, or 0.44% of total assets, at December 31, 2023.
The allowance for credit losses as a percentage of gross loans was 1.98% at both December 31, 2024, and 2023.
At Period End (dollars in thousands): 12/31/2024 9/30/2024 12/31/2023
Non-performing assets $ 7,636 $ 6,770 $ 6,825
Non-performing assets to total assets 0.47 % 0.43 % 0.44 %
Allowance for credit losses $ 13,894 $ 13,604 $ 12,569
Allowance for credit losses to gross loans 1.98 % 1.95 % 1.98 %
Balance Sheet Highlights and Capital Management
Total assets were $1.6 billion at December 31, 2024, an increase of $62.1 million, or 4.0%, during 2024.
Total loans receivable, net was $687.1 million at December 31, 2024, an increase of $64.6 million, or 10.4%, during 2024.
Investment securities decreased $39.9 million, or 5.7%, to $660.8 million at December 31, 2024, as maturities and principal paydowns of investments exceeded purchases during 2024.
Deposits increased $129.0 million, or 10.8%, during the year to $1.3 billion at December 31, 2024.
Borrowings decreased $77.1 million, or 45.3%, during the year to $93.0 million at December 31, 2024, primarily due to the repayment of borrowings with the Federal Reserve Bank Term Funding Program and the redemption of our 10-year subordinated debentures in the amount of $16.5 million on their call date.
Common equity book value per share increased to $31.21 at December 31, 2024, from $27.69 at December 31, 2023.
Dollars in thousands (except per share amounts) 12/31/2024 9/30/2024 12/31/2023
Total assets $ 1,611,773 $ 1,576,326 $ 1,549,671
Cash and cash equivalents 178,277 132,376 128,284
Total loans receivable, net 687,149 686,708 622,529
Investment securities 660,823 672,054 700,712
Deposits 1,324,033 1,257,314 1,194,997
Borrowings 92,964 120,978 170,035
Total shareholders' equity 182,389 185,082 172,362
Common shareholders' equity 99,440 102,133 89,413
Common equity book value per share $ 31.21 $ 31.97 $ 27.69
Total risk-based capital to risk weighted assets (1) 19.96 % 19.21 % 19.49 %
CET1 capital to risk weighted assets (1) 18.71 % 17.96 % 18.24 %
Tier 1 leverage capital ratio (1) 9.88 % 10.27 % 9.83 %
(1) - Ratio is calculated using Bank only information and not consolidated information
Security Federal has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank's wholly owned subsidiary, Security Federal Insurance, Inc.
Forward-looking statements:
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company's mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. The Company's actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: potential adverse impacts to economic conditions in our local market area or other aspects of the Company's business, operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; economic conditions in the Company's primary market area; demand for residential, commercial business and commercial real estate, consumer, and other types of loans; success of new products; competitive conditions between banks and non-bank financial service providers; changes in management's business strategies, including expectations regarding key growth initiatives and strategic priorities; legislative or regulatory changes that adversely affect the Company's business, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; technology factors affecting operations, including disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; pricing of products and services; environmental, social and governance goals and targets; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other risks detailed in the Company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. These factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake any responsibility to update or revise any forward-looking statement.
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Fluctuations in revenue and net loss were largely driven by prior year results from Arapahoe Basin which was sold in the fourth quarter of 2024 and occupancies at IVY condominium and Phase 2 of Riverside Square with limited occupancies in 2025, in line with management's expectations. Included in this segment are platform costs associated with our Toronto and Ottawa development teams. Dream has published a supplemental information package on our website concurrent with the release of our second quarter results. Conference call Senior management will host a conference call to discuss the financial results on Wednesday, August 13, 2025, at 10:00 AM (ET). To access the conference call, please dial 1-833-752-4596 (toll free) or 647-849-3316 (toll). To access the conference call via webcast, please go to Dream's website at and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call. Other Information Information appearing in this press release is a select summary of results. The financial statements and MD&A for the second quarter of 2025 for the Company are available at and on About Dream Unlimited Corp. Dream is a leading real estate developer and has an established and successful asset management business, inclusive of $28 billion of assets under management* as at June 30, 2025 across four Toronto Stock Exchange ("TSX") listed trusts, our private asset management business and numerous partnerships. We develop land and housing in our master planned communities in Western Canada and hold a growing portfolio of income generating properties across Canada. Dream expects this area of our business to grow as investment properties under construction are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. Non-GAAP Measures and Other Disclosures In addition to using financial measures determined in accordance with International Financial Reporting Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards'), we believe that important measures of operating performance include certain financial measures that are not defined under IFRS Accounting Standards. Throughout this press release, there are references to certain non-GAAP financial measures and ratios and supplementary financial measures, including Dream Impact Trust and consolidation and fair value adjustments, available liquidity, net operating income and, standalone figures by division, which management believes are relevant in assessing the economics of the business of Dream. These performance and other measures are not financial measures under IFRS Accounting Standards, and may not be comparable to similar measures disclosed by other issuers. However, we believe that they are informative and provide further insight as supplementary measures of financial performance, financial position or cash flow, or our objectives and policies, as applicable. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the 'MD&A for the second quarter of 2025' and can be found under the section 'Non-GAAP Ratios and Financial Measures', subheadings 'Net operating income' and 'Dream Impact Trust and consolidation and fair value adjustments'. The composition of supplementary financial measures included in this press release has been incorporated by reference from the MD&A for the second quarter of 2025 and can be found under the section 'Supplementary and Other Financial Measures'. The MD&A for the second quarter of 2025 is available on SEDAR+ at under Dream's profile and on Dream's website at under the Investors section. Non-GAAP Ratios and Financial Measures " Dream Impact Trust and consolidation and fair value adjustments" represent certain IFRS Accounting Standards adjustments required to reconcile Dream standalone and Dream Impact Trust results to the consolidated results as at June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and December 31, 2024. Management believes Dream Impact Trust and consolidation and fair value adjustments provides investors useful information in order to reconcile it to the Dream Impact Trust financial statements. Consolidation and fair value adjustments relate to business combination adjustments on acquisition of Dream Impact Trust on January 1, 2018 and related amortization, elimination of intercompany balances including the investment in Dream Impact Trust units, adjustments for co-owned projects, fair value adjustments to the Dream Impact Trust units held by other unitholders, and deferred income taxes. ' Net operating income" is a non-GAAP measure and represents revenue, less (i) direct operating costs and (ii) selling, marketing, depreciation and other indirect costs, but including: (iii) depreciation; and (iv) general and administrative expenses. The most directly comparable financial measure to net operating revenue is net margin. This non-GAAP measure is an important measure used by management to assess the profitability of the Company's income property segment. Net operating income for the income properties segment for the three and six months ended June 30, 2025 and 2024 is calculated and reconciled to net margin as follows: 'Standalone Figures by Division' is a non-GAAP measure and represents the results of Dream, excluding the impact of Dream Impact Trust's consolidated results and IFRS Accounting Standards adjustments to reflect Dream's direct ownership of our partnerships. Direct ownership refers to Dream Unlimited Corp.'s interest in subsidiaries and partnerships and excludes any non-controlling interest in the noted entities based on units held as of the end of the reporting period. The most direct comparable financial measure to Dream standalone is consolidated Dream. This non-GAAP measure is an important measure used by the Company to evaluate earnings against historical periods, including results prior to the acquisition of control of Dream Impact Trust. (1) Refer to the "Non-GAAP Measures and Other Disclosures" section of the MD&A for second quarter of 2025 for the definition of Dream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments and Dream standalone, which are non-GAAP financial measures. (2) The adjustments related to Dream Impact Trust and Dream Impact Fund units relate to non-controlling interest of properties held across various reporting segments. These line items are included in Corporate as they are reviewed on a consolidated basis. Expand For the six months ended June 30, 2024 Revenue $ 39,336 $ 21,578 $ 76,799 $ 102,781 $ — $ 240,494 $ 96,029 $ 336,523 Direct operating costs (8,111) (11,172) (36,797) (84,533) — (140,613) (92,089) (232,702) Gross margin 31,225 10,406 40,002 18,248 — 99,881 3,940 103,821 Selling, marketing, depreciation and other operating costs — (2,818) (9,101) (6,861) — (18,780) (4,835) (23,615) Net margin 31,225 7,588 30,901 11,387 — 81,101 (895) 80,206 Fair value changes in investment properties — 2,721 — — — 2,721 (11,867) (9,146) Other income and expenses (631) (908) 922 (25,326) 234 (25,709) 32,952 7,243 Interest expense (10) (9,024) (2,438) (1,641) (7,208) (20,321) (16,578) (36,899) Share of earnings (loss) from equity accounted investments — — — (799) — (799) 7,370 6,571 Net segment earnings (loss) 30,584 377 29,385 (16,379) (6,974) 36,993 10,982 47,975 General and administrative expenses — — — — (11,398) (11,398) (896) (12,294) Adjustments related to Dream Impact Trust units (2) — — — — — — 30,694 30,694 Adjustments related to Dream Impact Fund units (2) — — — — — — 5,263 5,263 Income tax (expense) recovery — — — — (3,619) (3,619) 5,710 2,091 Net earnings (loss) $ 30,584 $ 377 $ 29,385 $ (16,379) $ (21,991) $ 21,976 $ 51,753 $ 73,729 (1) Refer to the "Non-GAAP Measures and Other Disclosures" section of the MD&A for second quarter of 2025 for the definition of Dream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments and Dream standalone, which are non-GAAP financial measures. (2) The adjustments related to Dream Impact Trust and Dream Impact Fund units relate to non-controlling interest of properties held across various reporting segments. These line items are included in Corporate as they are reviewed on a consolidated basis. Expand Forward-Looking Information This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements regarding our objectives and strategies to achieve those objectives; our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth, expected net proceeds from sales or transactions, results of operations, performance, business prospects and opportunities, acquisitions or divestitures, tenant base, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, vacancy and leasing assumptions, litigation and the real estate industry in general; as well as specific statements in respect of our expectations regarding our development plans, including sizes, uses, density, number of units, amenities and timing thereof; our expectations regarding the performance of Western Canada division, including future profitability; our growth opportunities in Regina and our ability to develop income properties in that market; the expected profitability of our Alpine Park development and the anticipated future sales and closing in that project; our expectations regarding our asset management division, including expected growth; our expectations regarding the 49 Ontario St. and Quayside projects, including development timelines; our expected debt maturities in future periods and our ability to refinance indebtedness in the normal course; our expectations regarding future sales of homes and land; our ability to ultimately consummate future land commitments, and the timing thereof; our ability to maintain strong liquidity and our expectation that we will be well positioned for new investments as they arise; the contribution of our Other Investment segment to earnings in future periods. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, interest rates and inflation remaining in line with management expectations, our ability to bring new developments to market, anticipated positive general economic and business conditions, including low unemployment and interest rates, that duties, tariffs and other trade restrictions, if any, will not materially impact our business, positive net migration, oil and gas commodity prices, our business strategy, including geographic focus, anticipated sales volumes, performance of our underlying business segments and conditions in the Western Canada land and housing markets. Risks and uncertainties include, but are not limited to, general and local economic and business conditions, the impact of public health crises and epidemics, employment levels, risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, international sanctions and the disruption of movement of goods and services across jurisdictions, inflation or stagflation, regulatory risks, mortgage and interest rates and regulations, risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates, risks related to the imposition of duties, tariffs and other trade restrictions and their impacts, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward-looking information in this press release speaks as of August 12, 2025. Dream does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ ( Endnotes:
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Invitation Homes Announces Pricing of $600 Million of 4.950% Senior Notes due 2033
DALLAS--(BUSINESS WIRE)--Invitation Homes Inc. (NYSE: INVH) ('Invitation Homes,' the 'Company,' or 'our') announced today that its operating partnership, Invitation Homes Operating Partnership LP (the 'Operating Partnership'), has priced a public offering of $600 million aggregate principal amount of 4.950% Senior Notes due 2033 (the 'Notes'). The Notes were priced at 99.477% of the principal amount and will mature on January 15, 2033. The offering is expected to close on August 15, 2025, subject to the satisfaction of customary closing conditions. The Notes will be fully and unconditionally guaranteed, jointly and severally, by the Company, Invitation Homes OP GP LLC, and IH Merger Sub, LLC. The Operating Partnership intends to use the net proceeds from the offering for general corporate purposes, which may include the repayment of a portion of the Operating Partnership's outstanding indebtedness under its revolving credit facility. BofA Securities, BMO Capital Markets, J.P. Morgan, Capital One Securities, Deutsche Bank Securities, M&T Securities, Mizuho, Morgan Stanley, PNC Capital Markets LLC, RBC Capital Markets and Wells Fargo Securities are acting as the joint book-running managers of the offering. KeyBanc Capital Markets, Regions Securities LLC, US Bancorp, BNP PARIBAS, BNY Capital Markets, Goldman Sachs & Co. LLC, Huntington Capital Markets, Truist Securities, Citigroup, R. Seelaus & Co., LLC, and Scotiabank are acting as the co-managers of the offering. The offering is being made pursuant to an effective shelf registration statement filed by the Company, the Operating Partnership, Invitation Homes OP GP LLC, and IH Merger Sub, LLC with the Securities and Exchange Commission (the 'SEC'). A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. When available, a copy of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from: BofA Securities, Inc., toll-free: 1-800-294-1322; BMO Capital Markets Corp., toll-free: 1-800-200-0266; and J.P. Morgan Securities LLC, toll-free: 212-834-4533; or by visiting the EDGAR database on the SEC's website at This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Invitation Homes Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality homes with valued features such as close proximity to jobs and access to good schools. Our purpose, Unlock the power of home™, reflects our commitment to providing living solutions and Genuine CARE™ to the growing share of people who count on the flexibility and savings of leasing a home. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which include, but are not limited to, statements related to the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital resources and the use of the net proceeds from the offering, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as 'outlook,' 'guidance,' 'believes,' 'expects,' 'potential,' 'continues,' 'may,' 'will,' 'should,' 'could,' 'seeks,' 'projects,' 'predicts,' 'intends,' 'plans,' 'estimates,' 'anticipates' or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners' association fees and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, development and use of artificial intelligence, risks related to the Company's indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. 'Risk Factors' of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the 'Annual Report'), as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release, in the Annual Report, and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.
