SECURITY FEDERAL CORP
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 21, 2024
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Consolidated Statements of Income for the Years Ended
| Years Ended December 31, | ||
|---|---|---|
| (Dollars in thousands, except per share amounts) | 2023 | 2022 |
| Interest Income: | ||
| Loans | $32,827 | $25,637 |
| Taxable Investment Securities | 28,749 | 16,145 |
| Tax-exempt Investment Securities | 639 | 593 |
| Other | 2,762 | 203 |
| Total Interest Income | 64,977 | 42,578 |
| Interest Expense: | ||
| Deposits | 20,701 | 2,911 |
| FHLB Advances and Other Borrowings | 3,271 | 389 |
| Subordinated Debentures | 1,393 | 1,548 |
| Junior Subordinated Debentures | 364 | 180 |
| Total Interest Expense | 25,729 | 5,028 |
| Net Interest Income | 39,248 | 37,550 |
| Provision for Credit Losses | 246 | — |
| Net Interest Income after Provision for Credit Losses | 39,002 | 37,550 |
| Non-Interest Income: | ||
| Loss on Sales of Investment Securities, Net | — | (2) |
| Gain on Sale of Loans | 626 | 1,705 |
| Service Fees on Deposit Accounts | 1,220 | 1,071 |
| Commissions From Insurance Agency | 784 | 784 |
| Trust Income | 1,860 | 1,548 |
| BOLI Income | 636 | 608 |
| ATM and Check Card Fee Income | 3,018 | 2,816 |
| Grant Income | 437 | 171 |
| Other | 809 | 911 |
| Total Non-Interest Income | 9,390 | 9,612 |
| Non-Interest Expense: | ||
| Compensation and Employee Benefits | 20,313 | 20,050 |
| Occupancy | 3,175 | 2,811 |
| Advertising | 980 | 988 |
| Depreciation and Maintenance of Equipment | 2,450 | 2,291 |
| FDIC Insurance Premiums | 621 | 375 |
| Write Down of Land Held for Sale | — | 433 |
| Consulting | 746 | 705 |
| Debit Card Expenses | 1,434 | 1,267 |
| Data Processing | 1,305 | 758 |
| Other | 4,890 | 4,547 |
| Total Non-Interest Expense | 35,914 | 34,225 |
| Income Before Income Taxes | 12,478 | 12,937 |
| Provision For Income Taxes | 2,288 | 2,709 |
| Net Income | $10,190 | $10,228 |
| Net Income Per Common Share (Basic) | $3.14 | $3.14 |
| Cash Dividend Per Share On Common Stock | $0.52 | $0.76 |
| Weighted Average Shares Outstanding (Basic) | 3,248,149 | 3,252,884 |
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