SECURITY FEDERAL CORP
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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FY2023 · Filed Mar 21, 2024
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Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets at
| December 31, | ||
|---|---|---|
| (Dollars in thousands) | 2023 | 2022 |
| Assets: | ||
| Cash and Cash Equivalents | $128,284 | $28,502 |
| Certificates of Deposit with Other Banks | 2,350 | 1,100 |
| Investment Securities: | ||
| Available For Sale ("AFS") | 537,640 | 550,148 |
| Held To Maturity ("HTM") (Fair Value of $158,540 and $161,464 at December 31, 2023 and December 31, 2022, Respectively) | 163,072 | 167,438 |
| Total Investments | 700,712 | 717,586 |
| Loans Receivable, Net: | ||
| Held For Sale | 967 | 913 |
| Held For Investment (Net of Allowance of $12,569 and $11,178 at December 31, 2023 and December 31, 2022, Respectively) | 621,562 | 549,004 |
| Total Loans Receivable, Net | 622,529 | 549,917 |
| Accrued Interest Receivable | 5,512 | 4,811 |
| Operating Lease Right-of-Use Assets | 1,402 | 1,861 |
| Land Held for Sale | 938 | 1,097 |
| Premises and Equipment, Net | 28,637 | 27,960 |
| Federal Home Loan Bank ("FHLB") Stock, at Cost | 922 | 651 |
| Other Real Estate Owned ("OREO") | — | 120 |
| Bank Owned Life Insurance ("BOLI") | 27,954 | 27,318 |
| Goodwill | 1,200 | 1,200 |
| Other Assets | 29,231 | 19,243 |
| Total Assets | $1,549,671 | $1,381,366 |
| Liabilities: | ||
| Deposit Accounts | $1,194,997 | $1,110,085 |
| Borrowings from Federal Reserve Bank ("FRB") | 119,200 | 44,080 |
| Other Borrowings | 19,180 | 27,588 |
| Junior Subordinated Debentures | 5,155 | 5,155 |
| Subordinated Debentures | 26,500 | 26,500 |
| Operating Lease Liabilities | 1,442 | 1,904 |
| Other Liabilities | 10,835 | 5,821 |
| Total Liabilities | 1,377,309 | 1,221,133 |
| Commitments (Note 18) | ||
| Shareholders' Equity: | ||
| Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, $1,000 Par Value; (82,949 Shares Authorized, Issued and Outstanding at December 31, 2023 and December 31, 2022) | $82,949 | $82,949 |
| Common Stock, $0.01 Par Value; 5,000,000 Shares Authorized; 3,456,136 Shares Issued and 3,228,777 Shares Outstanding at December 31, 2023 and 3,453,817 Shares Issued and 3,252,884 Shares Outstanding at December 31, 2022 | 35 | 35 |
| Additional Paid-In Capital ("APIC") | 18,287 | 18,230 |
| Treasury Stock, at Cost (227,359 and 200,933 Shares Outstanding at December 31, 2023 and December 31, 2022, Respectively) | (4,913) | (4,331) |
| Accumulated Other Comprehensive Loss ("AOCL") | (35,050) | (40,779) |
| Retained Earnings | 111,054 | 104,129 |
| Total Shareholders' Equity | 172,362 | 160,233 |
| Total Liabilities and Shareholders' Equity | $1,549,671 | $1,381,366 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.