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Security Federal (SFDL)

Security Federal Corp. operates as a holding company. It operates through its subsidiary Security Federal Bank which engages in accepting deposits from the general public and originating commercial real estate loans, commercial business loans, consumer loans, as well as mortgage loans to buy or refinance one-to-four family residential real estate. The company was founded in July 1987 and is headquartered in Aiken, SC.

Company profile

Ticker
SFDL
Exchange
CEO
J. Chris Verenes
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
SECURITY FEDERAL CORPORATION
SEC CIK
Subsidiaries
Security Financial Services Corporation • Security Federal Investments, Inc. ...
IRS number
570858504

SFDL stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

16 May 22
12 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 31.11M 31.11M 31.11M 31.11M 31.11M
Cash burn (monthly) (no burn) (no burn) 180.96K (no burn) (no burn)
Cash used (since last report) n/a n/a 800.3K n/a n/a
Cash remaining n/a n/a 30.31M n/a n/a
Runway (months of cash) n/a n/a 167.5 n/a n/a

Beta Read what these cash burn values mean

Financial report summary

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Risks
  • Our business may be adversely affected by downturns in the national economy and in the economies in our market areas.
  • Our allowance for loan losses may prove to be insufficient to absorb losses in our loan portfolio.
  • If our non-performing assets increase, our earnings will be adversely affected.
  • Our construction and land loans are based upon estimates of costs and the value of the completed project.
  • The level of our commercial real estate loan portfolio may subject us to additional regulatory scrutiny.
  • Declines in property values have increased loan-to-value ratios on a significant portion of our one- to four-family loans and home equity lines of credit, which exposes us to greater risk of loss.
  • Our real estate lending also exposes us to the risk of environmental liabilities.
  • If our investments in real estate are not properly valued or sufficiently reserved to cover actual losses, or if we are required to increase our valuation reserves, our earnings could be reduced.
  • We may incur losses on our securities portfolio as a result of changes in interest rates.
  • Changes in interest rates may reduce our net interest income, and may result in higher defaults in a rising rate environment.
  • An increase in interest rates, change in the programs offered by governmental sponsored entities ("GSE"), or our ability to qualify for such programs may reduce our mortgage revenues, which would negatively impact our non-interest income.
  • New or changing tax, accounting, and regulatory rules and interpretations could significantly impact strategic initiatives, results of operations, cash flows, and financial condition.
  • Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions.
  • Our growth or future losses may require us to raise additional capital in the future, but that capital may not be available when it is needed, or the cost of that capital may be very high.
Management Discussion
  • Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
  • Certain matters discussed in this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, are based on certain assumptions and are generally identified by use of the words "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions or future or conditional verbs such as "may," "will," "should," "would" and "could." Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about, among other things, expectations of the business environment in which we operate, projections of future performance or financial items, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risk and uncertainties. Our 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:
  • •the other risks described elsewhere in this document and in the Company's other filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 10-K”).

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
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