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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Consolidated Statements of Cash Flows for the Years Ended
| For the Years Ended December 31, | ||
|---|---|---|
| (Dollars in thousands) | 2023 | 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net Income | $10,190 | $10,228 |
| Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||
| Depreciation Expense | 2,145 | 1,966 |
| Discount Accretion and Premium Amortization, Net | 3,919 | 6,498 |
| Provisions for Credit Losses | 246 | — |
| Earnings on BOLI | (636) | (608) |
| Origination of Loans Held For Sale | (21,551) | (48,485) |
| Proceeds From Sale of Loans Held For Sale | 22,123 | 53,315 |
| Gain on Sales of Loans | (626) | (1,705) |
| Loss on Sales of Investment Securities | — | 2 |
| Loss on Disposal of Premises and Equipment | 29 | — |
| Gain on Sale of OREO | (2) | — |
| Write-down of OREO | 15 | 10 |
| Write-down of Land Held For Sale | — | 433 |
| Loss on Sale of Land Held For Sale | 9 | — |
| Increase in Accrued Interest Receivable | (701) | (1,059) |
| Amortization of Operating Lease Right-of-Use ("ROU") Assets | 459 | 391 |
| Change in Other Assets | (11,621) | 949 |
| Change in Lease Liabilities and Other Liabilities | 4,857 | (63) |
| Net Cash Provided By Operating Activities | 8,855 | 21,872 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchase of AFS Securities | (46,033) | (59,675) |
| Proceeds from Payments and Maturities of AFS Securities | 61,841 | 102,463 |
| Proceeds from Sale of AFS Securities | — | 22,375 |
| Purchase of HTM Securities | (20,253) | (150,633) |
| Proceeds from Payments and Maturities of HTM Securities | 24,762 | 6,794 |
| Investment in Certificates of Deposits with Other Banks | (1,250) | — |
| Purchase of FHLB Stock | (696) | (65) |
| Redemption of FHLB Stock | 425 | — |
| Net Increase in Loans Receivable | (74,687) | (53,546) |
| Proceeds from Sale of Land Held for Sale | 150 | — |
| Proceeds from Sale of OREO | 107 | — |
| Purchase and Improvement of Premises and Equipment | (2,851) | (4,688) |
| Net Cash Used By Investing Activities | (58,485) | (136,975) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Increase (Decrease) in Deposit Accounts | 84,912 | (5,878) |
| (Repayments) Proceeds from Other Borrowings, Net | (8,408) | 803 |
| Repurchase of Subordinated Debentures | — | (3,500) |
| Proceeds from FRB Borrowings | 446,055 | 400,880 |
| Repayment of FRB Borrowings | (370,935) | (356,800) |
| Purchases of Treasury Stock | (582) | — |
| Proceeds from Employee Stock Purchase Plan | 57 | — |
| Proceeds from Issuance of Preferred Stock | — | 82,949 |
| Dividends to Common Stock Shareholders | (1,687) | (2,472) |
| Net Cash Provided By Financing Activities | 149,412 | 115,982 |
| Net Increase in Cash and Cash Equivalents | 99,782 | 879 |
| Cash and Cash Equivalents at Beginning of Year | 28,502 | 27,623 |
| Cash and Cash Equivalents at End of Year | $128,284 | $28,502 |
SECURITY FEDERAL CORPORATION AND SUBSIDIARIES
| For the Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
| Cash Paid During the Period For: | ||
| Interest | $23,019 | $4,670 |
| Income Taxes | $2,091 | $2,159 |
| Supplemental Schedule of Non Cash Transactions: | ||
| Change in Unrealized Gains on AFS Securities, Net of Taxes | $5,729 | $(45,995) |
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