SECURITY FEDERAL CORP
For the period ended Dec 31, 2024. Filed Mar 14, 2025.
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FY2024 · Filed Mar 14, 2025
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Consolidated Balance Sheets at December 31, 2024 and 2023
| December 31, | ||
|---|---|---|
| (Dollars in thousands) | 2024 | 2023 |
| Assets: | ||
| Cash and Cash Equivalents | $178,277 | $128,284 |
| Certificates of Deposit with Other Banks | 1,250 | 2,350 |
| Investments: | ||
| Available For Sale ("AFS") | 525,623 | 537,640 |
| Held To Maturity ("HTM") (Fair Value of $130,902 and $158,540 at December 31, 2024 and December 31, 2023, Respectively) | 135,200 | 163,072 |
| Total Investments | 660,823 | 700,712 |
| Loans Receivable, Net: | ||
| Held For Sale | 599 | 967 |
| Held For Investment (Net of Allowance of $13,894 and $12,569 at December 31, 2024 and December 31, 2023, Respectively) | 686,550 | 621,562 |
| Total Loans Receivable, Net | 687,149 | 622,529 |
| Accrued Interest Receivable | 5,374 | 5,512 |
| Operating Lease Right-of-Use Assets | 927 | 1,402 |
| Land Held for Sale | 938 | 938 |
| Premises and Equipment, Net | 29,321 | 28,637 |
| Federal Home Loan Bank ("FHLB") Stock, at Cost | 1,089 | 922 |
| Bank Owned Life Insurance ("BOLI") | 28,660 | 27,954 |
| Goodwill | 1,200 | 1,200 |
| Other Assets | 16,765 | 29,231 |
| Total Assets | $1,611,773 | $1,549,671 |
| Liabilities: | ||
| Deposit Accounts | $1,324,033 | $1,194,997 |
| Borrowings from Federal Reserve Bank ("FRB") | 50,000 | 119,200 |
| Other Borrowings | 27,809 | 19,180 |
| Junior Subordinated Debentures | 5,155 | 5,155 |
| Subordinated Debentures | 10,000 | 26,500 |
| Operating Lease Liabilities | 959 | 1,442 |
| Other Liabilities | 11,428 | 10,835 |
| Total Liabilities | 1,429,384 | 1,377,309 |
| 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, 2024 and 2023) | $82,949 | $82,949 |
| Common Stock, $0.01 Par Value; 5,000,000 Shares Authorized; 3,458,050 Shares Issued and 3,186,571 Shares Outstanding at December 31, 2024 and 3,456,136 Shares Issued and 3,228,777 Shares Outstanding at December 31, 2023 | 35 | 35 |
| Additional Paid-In Capital ("APIC") | 18,336 | 18,287 |
| Treasury Stock, at Cost (271,479 and 227,359 Shares Outstanding at December 31, 2024 and 2023, Respectively) | (5,964) | (4,913) |
| Accumulated Other Comprehensive Loss ("AOCL") | (31,105) | (35,050) |
| Retained Earnings | 118,138 | 111,054 |
| Total Shareholders' Equity | 182,389 | 172,362 |
| Total Liabilities and Shareholders' Equity | $1,611,773 | $1,549,671 |
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