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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Security Federal Corporation (PK) | USOTC:SFDL | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.24 | 1.02% | 23.74 | 23.10 | 24.15 | 23.75 | 23.11 | 23.75 | 400 | 21:00:00 |
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
Non-accelerated filer [ ]
|
Smaller reporting company [ X ]
|
Emerging growth company [ ]
|
1.
|
Portions of the Registrant's Annual Report to Stockholders for the Year Ended December 31, 2018. (Part II)
|
2.
|
Portions of the Registrant's Proxy Statement for the 2019 Annual Meeting of Stockholders. (Part III)
|
•
|
the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in our allowance for loan losses and provision for loan losses that may be affected by deterioration in the housing and commercial real estate markets which may lead to increased losses and non-performing assets in our loan portfolio, and may result in our allowance for loan losses not being adequate to cover actual losses, and require us to materially increase our reserves;
|
•
|
changes in general economic conditions, either nationally or in our market areas;
|
•
|
changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, our net interest margin and funding sources;
|
•
|
fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas;
|
•
|
secondary market conditions for loans and our ability to sell loans in the secondary market;
|
•
|
results of examinations of the Company by the Board of Governors of the Federal Reserve System ("Federal Reserve") and the Bank by the Federal Deposit Insurance Corporation ("FDIC") and the South Carolina State Board of Financial Institutions ("State Board"), or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our reserve for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings;
|
•
|
legislative or regulatory changes that adversely affect our business, including the effect of the Dodd-Frank Wall Street Reform and Consumer Protection Act; changes in regulatory policies and principles, or the interpretation of regulatory capital requirements or other rules, including as a result of Basel III;
|
•
|
our ability to attract and retain deposits;
|
•
|
our ability to control operating costs and expenses;
|
•
|
our ability to implement our business strategies;
|
•
|
the use of estimates in determining the fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation;
|
•
|
difficulties in reducing risk associated with the loans on our balance sheet;
|
•
|
staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our workforce and potential associated charges;
|
•
|
disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing;
|
•
|
our ability to retain key members of our senior management team;
|
•
|
costs and effects of litigation, including settlements and judgments;
|
•
|
our ability to manage loan delinquency rates;
|
•
|
increased competitive pressures among financial services companies;
|
•
|
changes in consumer spending, borrowing and savings habits;
|
•
|
the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions;
|
•
|
our ability to pay dividends on our common stock;
|
•
|
adverse changes in the securities markets;
|
•
|
inability of key third-party providers to perform their obligations to us;
|
•
|
changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board ("FASB"), including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; and
|
•
|
other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described elsewhere in this document.
|
|
At December 31,
|
|||||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||
TYPE OF LOAN:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential real estate
|
$
|
72,501
|
|
|
16.2
|
%
|
|
$
|
71,867
|
|
|
17.7
|
%
|
|
$
|
72,366
|
|
|
19.5
|
%
|
|
$
|
70,762
|
|
|
20.7
|
%
|
|
$
|
75,099
|
|
|
21.5
|
%
|
Owner occupied residential construction
|
13,246
|
|
|
3.0
|
|
|
12,440
|
|
|
3.1
|
|
|
9,858
|
|
|
2.6
|
|
|
8,074
|
|
|
2.4
|
|
|
4,049
|
|
|
1.2
|
|
|||||
Total residential real estate loans
|
85,747
|
|
|
19.2
|
|
|
84,307
|
|
|
20.8
|
|
|
82,224
|
|
|
22.1
|
|
|
78,836
|
|
|
23.1
|
|
|
79,148
|
|
|
22.7
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial business
|
28,087
|
|
|
6.3
|
|
|
26,778
|
|
|
6.6
|
|
|
16,279
|
|
|
4.4
|
|
|
12,514
|
|
|
3.7
|
|
|
10,564
|
|
|
3.0
|
|
|||||
Commercial real estate
|
268,688
|
|
|
60.2
|
|
|
228,818
|
|
|
56.4
|
|
|
208,958
|
|
|
56.2
|
|
|
187,934
|
|
|
55.0
|
|
|
196,107
|
|
|
56.1
|
|
|||||
Multi-family
|
7,272
|
|
|
1.6
|
|
|
8,996
|
|
|
2.2
|
|
|
13,641
|
|
|
3.7
|
|
|
12,149
|
|
|
3.6
|
|
|
13,424
|
|
|
3.8
|
|
|||||
Total commercial loans
|
304,047
|
|
|
68.1
|
|
|
264,592
|
|
|
65.2
|
|
|
238,878
|
|
|
64.3
|
|
|
212,597
|
|
|
62.2
|
|
|
220,095
|
|
|
62.9
|
|
|||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposit account
|
491
|
|
|
0.1
|
|
|
647
|
|
|
0.1
|
|
|
400
|
|
|
0.1
|
|
|
487
|
|
|
0.1
|
|
|
627
|
|
|
0.2
|
|
|||||
Home equity lines
|
27,732
|
|
|
6.2
|
|
|
28,690
|
|
|
7.1
|
|
|
24,615
|
|
|
6.6
|
|
|
24,163
|
|
|
7.1
|
|
|
24,157
|
|
|
6.9
|
|
|||||
Consumer first and second mortgages
|
3,954
|
|
|
0.9
|
|
|
4,827
|
|
|
1.2
|
|
|
5,527
|
|
|
1.5
|
|
|
6,959
|
|
|
2.0
|
|
|
7,905
|
|
|
2.3
|
|
|||||
Premium finance
|
4,896
|
|
|
1.1
|
|
|
4,904
|
|
|
1.2
|
|
|
4,250
|
|
|
1.1
|
|
|
3,409
|
|
|
1.0
|
|
|
3,260
|
|
|
0.9
|
|
|||||
Other
|
19,835
|
|
|
4.4
|
|
|
17,694
|
|
|
4.4
|
|
|
15,876
|
|
|
4.3
|
|
|
15,362
|
|
|
4.5
|
|
|
14,442
|
|
|
4.1
|
|
|||||
Total consumer loans
|
56,908
|
|
|
12.7
|
|
|
56,762
|
|
|
14
|
|
|
50,668
|
|
|
13.6
|
|
|
50,380
|
|
|
14.7
|
|
|
50,391
|
|
|
14.4
|
|
|||||
Total loans
|
446,702
|
|
|
100.0
|
%
|
|
405,661
|
|
|
100.0
|
%
|
|
371,770
|
|
|
100.0
|
%
|
|
341,813
|
|
|
100.0
|
%
|
|
349,634
|
|
|
100.0
|
%
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans in process
|
7,225
|
|
|
|
|
6,805
|
|
|
|
|
3,526
|
|
|
|
|
2,903
|
|
|
|
|
1,379
|
|
|
|
||||||||||
Deferred fees and discount
|
252
|
|
|
|
|
142
|
|
|
|
|
165
|
|
|
|
|
62
|
|
|
|
|
24
|
|
|
|
||||||||||
Allowance for loan losses
|
9,171
|
|
|
|
|
8,221
|
|
|
|
|
8,356
|
|
|
|
|
8,275
|
|
|
|
|
8,357
|
|
|
|
||||||||||
Total loans receivable
|
$
|
430,054
|
|
|
|
|
$
|
390,493
|
|
|
|
|
$
|
359,723
|
|
|
|
|
$
|
330,573
|
|
|
|
|
$
|
339,874
|
|
|
|
|
At December 31,
|
|||||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||
TYPE OF LOAN
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed rate loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential real estate
|
$
|
17,473
|
|
|
3.9
|
%
|
|
$
|
17,746
|
|
|
4.3
|
%
|
|
$
|
17,336
|
|
|
4.7
|
%
|
|
$
|
14,158
|
|
|
4.1
|
%
|
|
$
|
12,832
|
|
|
3.7
|
%
|
Commercial business and commercial real estate
|
264,654
|
|
|
59.2
|
|
|
222,952
|
|
|
55.0
|
|
|
203,032
|
|
|
54.6
|
|
|
180,285
|
|
|
52.7
|
|
|
185,862
|
|
|
53.2
|
|
|||||
Consumer
|
25,447
|
|
|
5.7
|
|
|
24,407
|
|
|
6.0
|
|
|
22,310
|
|
|
6.0
|
|
|
22,286
|
|
|
6.5
|
|
|
21,983
|
|
|
6.2
|
|
|||||
Total fixed rate loans
|
$
|
307,574
|
|
|
68.9
|
|
|
$
|
265,105
|
|
|
65.3
|
|
|
$
|
242,678
|
|
|
65.3
|
|
|
$
|
216,729
|
|
|
63.4
|
|
|
$
|
220,677
|
|
|
63.1
|
|
Adjustable rate loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential real estate
|
$
|
68,274
|
|
|
15.3
|
|
|
$
|
66,561
|
|
|
16.4
|
|
|
$
|
64,888
|
|
|
17.5
|
|
|
$
|
64,678
|
|
|
18.9
|
|
|
$
|
66,316
|
|
|
19.0
|
|
Commercial business and commercial real estate
|
39,393
|
|
|
8.8
|
|
|
41,640
|
|
|
10.3
|
|
|
35,846
|
|
|
9.6
|
|
|
32,312
|
|
|
9.5
|
|
|
34,233
|
|
|
9.8
|
|
|||||
Consumer
|
31,461
|
|
|
7.0
|
|
|
32,355
|
|
|
8.0
|
|
|
28,358
|
|
|
7.6
|
|
|
28,094
|
|
|
8.2
|
|
|
28,408
|
|
|
8.1
|
|
|||||
Total adjustable rate loans
|
139,128
|
|
|
31.1
|
|
|
140,556
|
|
|
34.7
|
|
|
129,092
|
|
|
34.7
|
|
|
125,084
|
|
|
36.6
|
|
|
128,957
|
|
|
36.9
|
|
|||||
Total loans
|
$
|
446,702
|
|
|
100.0
|
%
|
|
$
|
405,661
|
|
|
100.0
|
%
|
|
$
|
371,770
|
|
|
100.0
|
%
|
|
$
|
341,813
|
|
|
100.0
|
%
|
|
$
|
349,634
|
|
|
100.0
|
%
|
Less
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans in process
|
$
|
7,225
|
|
|
|
|
$
|
6,805
|
|
|
|
|
$
|
3,526
|
|
|
|
|
$
|
2,903
|
|
|
|
|
$
|
1,379
|
|
|
|
|||||
Deferred fees and discounts
|
252
|
|
|
|
|
142
|
|
|
|
|
165
|
|
|
|
|
62
|
|
|
|
|
24
|
|
|
|
||||||||||
Allowance for loan losses
|
9,171
|
|
|
|
|
8,221
|
|
|
|
|
8,356
|
|
|
|
|
8,275
|
|
|
|
|
8,357
|
|
|
|
||||||||||
Total loans receivable
|
$
|
430,054
|
|
|
|
|
$
|
390,493
|
|
|
|
|
$
|
359,723
|
|
|
|
|
$
|
330,573
|
|
|
|
|
$
|
339,874
|
|
|
|
|
Residential
Real Estate
|
|
Owner Occupied Residential
Real Estate
Construction
|
|
Consumer
|
|
Commercial Construction
and A&D
|
|
Commercial
Business
and Other
Commercial
Real Estate
|
|
Total Loans
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Six months or less
(1)
|
$
|
2,988
|
|
|
$
|
10,765
|
|
|
$
|
10,942
|
|
|
$
|
35,478
|
|
|
$
|
17,525
|
|
|
$
|
77,698
|
|
Over six months to one year
|
330
|
|
|
2,394
|
|
|
983
|
|
|
8,405
|
|
|
18,189
|
|
|
30,301
|
|
||||||
Over one year to three years
|
696
|
|
|
87
|
|
|
5,491
|
|
|
13,763
|
|
|
72,706
|
|
|
92,743
|
|
||||||
Over three to five years
|
1,498
|
|
|
—
|
|
|
7,901
|
|
|
5,065
|
|
|
74,516
|
|
|
88,980
|
|
||||||
Over five to ten years
|
1,522
|
|
|
—
|
|
|
10,911
|
|
|
6,107
|
|
|
43,123
|
|
|
61,663
|
|
||||||
Over ten years
|
65,467
|
|
|
—
|
|
|
20,680
|
|
|
1,298
|
|
|
7,872
|
|
|
95,317
|
|
||||||
Total
|
$
|
72,501
|
|
|
$
|
13,246
|
|
|
$
|
56,908
|
|
|
$
|
70,116
|
|
|
$
|
233,931
|
|
|
$
|
446,702
|
|
(1)
|
Includes demand loans, loans having no stated maturity, overdraft loans and personal line of credit loans.
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(In Thousands)
|
||||||||||||||||||
Originated/ Renewed:
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjustable rate - residential real estate
|
$
|
24,625
|
|
|
$
|
21,676
|
|
|
$
|
19,851
|
|
|
$
|
14,298
|
|
|
$
|
11,758
|
|
Fixed rate - residential real estate (1)
|
42,940
|
|
|
42,069
|
|
|
35,435
|
|
|
24,181
|
|
|
23,617
|
|
|||||
Consumer
|
22,268
|
|
|
21,466
|
|
|
18,441
|
|
|
11,540
|
|
|
10,635
|
|
|||||
Commercial business and commercial real estate
|
204,940
|
|
|
168,474
|
|
|
190,914
|
|
|
130,241
|
|
|
116,169
|
|
|||||
Total loans originated/ renewed
|
294,773
|
|
|
253,685
|
|
|
264,641
|
|
|
180,260
|
|
|
162,179
|
|
|||||
Loans Purchased
|
253
|
|
|
5,500
|
|
|
5,005
|
|
|
—
|
|
|
—
|
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans Sold:
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed rate - residential real estate
|
45,345
|
|
|
41,977
|
|
|
33,654
|
|
|
23,583
|
|
|
22,986
|
|
|||||
Adjustable rate- residential real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Fixed rate - commercial real estate
|
—
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Transfers to OREO
|
436
|
|
|
581
|
|
|
1,026
|
|
|
4,363
|
|
|
1,638
|
|
|||||
Principal repayments
|
208,205
|
|
|
182,636
|
|
|
205,009
|
|
|
160,135
|
|
|
160,540
|
|
|||||
Increase (decrease) in other items, net
|
1,480
|
|
|
3,121
|
|
|
807
|
|
|
1,481
|
|
|
(3,942
|
)
|
|||||
Net increase (decrease)
|
$
|
39,560
|
|
|
$
|
30,770
|
|
|
$
|
29,150
|
|
|
$
|
(9,302
|
)
|
|
$
|
(19,043
|
)
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(Dollars in Thousands)
|
|
|
||||||||||||||||
Net deferred mortgage loan origination fees earned during the period
(1)
|
$
|
21
|
|
|
$
|
(13
|
)
|
|
$
|
23
|
|
|
$
|
23
|
|
|
$
|
23
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage loan origination fees earned as a percentage of total portfolio
mortgage loans originated during the period
|
0.1
|
%
|
|
(0.1
|
)%
|
|
0.1
|
%
|
|
0.2
|
%
|
|
0.2
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net deferred mortgage loan origination fees (costs) in loan portfolio at
end of period
|
$
|
359
|
|
|
$
|
13
|
|
|
$
|
(27
|
)
|
|
$
|
18
|
|
|
$
|
23
|
|
(1)
|
Includes amounts amortized to interest income as yield adjustments; does not include fees earned on loans sold.
|
|
Aiken County, SC
|
|
Midlands Area, SC
|
|
Metro Augusta, GA
|
|
Other
|
|
Total
|
||||||||||
|
(In Thousands)
|
||||||||||||||||||
Commercial real estate
|
$
|
83,005
|
|
|
$
|
82,374
|
|
|
$
|
65,163
|
|
|
$
|
38,146
|
|
|
$
|
268,688
|
|
Multi-family
|
5,176
|
|
|
1,331
|
|
|
765
|
|
|
—
|
|
|
7,272
|
|
|||||
Commercial business
|
11,616
|
|
|
6,779
|
|
|
4,947
|
|
|
4,745
|
|
|
28,087
|
|
|||||
Total
|
$
|
99,797
|
|
|
$
|
90,484
|
|
|
$
|
70,875
|
|
|
$
|
42,891
|
|
|
$
|
304,047
|
|
|
Real Estate
|
|
Non-Real Estate
|
|
|
||||||||||||||||||||||||||
|
Residential
|
|
Commercial
|
|
Consumer
|
|
Commercial
Business
|
|
|
||||||||||||||||||||||
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Total
|
||||||||||||||
Loans delinquent for:
|
(Dollars in Thousands)
|
|
|
||||||||||||||||||||||||||||
30 - 59 days
|
—
|
|
|
$
|
—
|
|
|
12
|
|
|
$
|
1,557
|
|
|
42
|
|
|
$
|
556
|
|
|
5
|
|
|
$
|
205
|
|
|
$
|
2,318
|
|
60 - 89 days
|
4
|
|
|
332
|
|
|
3
|
|
|
424
|
|
|
10
|
|
|
248
|
|
|
5
|
|
|
106
|
|
|
1,110
|
|
|||||
90 days and over
|
4
|
|
|
498
|
|
|
13
|
|
|
1,635
|
|
|
7
|
|
|
1,120
|
|
|
2
|
|
|
19
|
|
|
3,272
|
|
|||||
Total delinquent loans
|
8
|
|
|
$
|
830
|
|
|
28
|
|
|
$
|
3,616
|
|
|
59
|
|
|
$
|
1,924
|
|
|
12
|
|
|
$
|
330
|
|
|
$
|
6,700
|
|
|
At
December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Loans Delinquent 60 to 89 Days:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential Real Estate
|
$
|
332
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,144
|
|
|
$
|
1,087
|
|
Consumer
|
248
|
|
|
85
|
|
|
120
|
|
|
282
|
|
|
91
|
|
|||||
Commercial Business
|
106
|
|
|
102
|
|
|
69
|
|
|
—
|
|
|
100
|
|
|||||
Commercial Real Estate
|
424
|
|
|
365
|
|
|
256
|
|
|
930
|
|
|
1,095
|
|
|||||
Total
|
$
|
1,110
|
|
|
$
|
552
|
|
|
$
|
445
|
|
|
$
|
2,356
|
|
|
$
|
2,373
|
|
Total as a percentage of total assets
|
0.12
|
%
|
|
0.06
|
%
|
|
0.05
|
%
|
|
0.29
|
%
|
|
0.29
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans Delinquent 90 or more Days
or Non-Accruing Loans :
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential Real Estate
|
$
|
2,085
|
|
|
$
|
1,949
|
|
|
$
|
2,488
|
|
|
$
|
3,307
|
|
|
$
|
3,061
|
|
Consumer
|
1,275
|
|
|
319
|
|
|
242
|
|
|
576
|
|
|
574
|
|
|||||
Commercial Business
|
124
|
|
|
109
|
|
|
145
|
|
|
178
|
|
|
247
|
|
|||||
Commercial Real Estate
|
3,564
|
|
|
3,341
|
|
|
2,640
|
|
|
2,973
|
|
|
9,860
|
|
|||||
Total
|
$
|
7,048
|
|
|
$
|
5,718
|
|
|
$
|
5,515
|
|
|
$
|
7,034
|
|
|
$
|
13,742
|
|
Total as a percentage of total assets
|
0.77
|
%
|
|
0.66
|
%
|
|
0.68
|
%
|
|
0.88
|
%
|
|
1.66
|
%
|
|||||
TDRs
(1)
|
$
|
1,369
|
|
|
$
|
4,114
|
|
|
$
|
4,595
|
|
|
$
|
6,714
|
|
|
$
|
9,630
|
|
OREO
|
$
|
722
|
|
|
$
|
1,116
|
|
|
$
|
2,721
|
|
|
$
|
4,361
|
|
|
$
|
3,230
|
|
Allowance for loan losses
|
$
|
9,171
|
|
|
$
|
8,221
|
|
|
$
|
8,356
|
|
|
$
|
8,275
|
|
|
$
|
8,357
|
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Balance at beginning of period
|
$
|
8,221
|
|
|
$
|
8,356
|
|
|
$
|
8,275
|
|
|
$
|
8,358
|
|
|
$
|
10,242
|
|
Provision for loan losses
|
925
|
|
|
300
|
|
|
500
|
|
|
—
|
|
|
450
|
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential real estate
|
46
|
|
|
212
|
|
|
197
|
|
|
217
|
|
|
359
|
|
|||||
Commercial business and commercial
real estate
|
385
|
|
|
435
|
|
|
524
|
|
|
773
|
|
|
2,383
|
|
|||||
Consumer
|
225
|
|
|
184
|
|
|
242
|
|
|
527
|
|
|
372
|
|
|||||
Total charge-offs
|
656
|
|
|
831
|
|
|
963
|
|
|
1,517
|
|
|
3,114
|
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential real estate
|
2
|
|
|
2
|
|
|
11
|
|
|
94
|
|
|
136
|
|
|||||
Commercial business and commercial
real estate
|
569
|
|
|
319
|
|
|
446
|
|
|
1,186
|
|
|
585
|
|
|||||
Consumer
|
110
|
|
|
75
|
|
|
87
|
|
|
154
|
|
|
59
|
|
|||||
Total recoveries
|
681
|
|
|
396
|
|
|
544
|
|
|
1,434
|
|
|
780
|
|
|||||
Balance at end of period
|
$
|
9,171
|
|
|
$
|
8,221
|
|
|
$
|
8,356
|
|
|
$
|
8,275
|
|
|
$
|
8,358
|
|
Ratio of net (recoveries) charge-offs to
average loans outstanding during the
period
|
(0.01
|
)%
|
|
0.11
|
%
|
|
0.12
|
%
|
|
0.02
|
%
|
|
0.66
|
%
|
|
December 31,
|
|||||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||||||
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||
Residential Real Estate
|
$
|
1,190
|
|
|
13.0
|
%
|
|
$
|
1,233
|
|
|
15.0
|
%
|
|
$
|
1,360
|
|
|
16.3
|
%
|
|
$
|
1,323
|
|
|
16.0
|
%
|
|
$
|
1,392
|
|
|
16.7
|
%
|
Consumer
|
1,204
|
|
|
13.1
|
|
|
1,145
|
|
|
13.9
|
|
|
997
|
|
|
11.9
|
|
|
1,063
|
|
|
12.8
|
|
|
887
|
|
|
10.6
|
|
|||||
Commercial Business
|
924
|
|
|
10.1
|
|
|
1,011
|
|
|
12.3
|
|
|
883
|
|
|
10.6
|
|
|
774
|
|
|
9.4
|
|
|
159
|
|
|
1.9
|
|
|||||
Commercial Real Estate
|
5,853
|
|
|
63.8
|
|
|
4,832
|
|
|
58.8
|
|
|
5,116
|
|
|
61.2
|
|
|
5,115
|
|
|
61.8
|
|
|
5,920
|
|
|
70.8
|
|
|||||
Total
|
$
|
9,171
|
|
|
100.0
|
%
|
|
$
|
8,221
|
|
|
100.0
|
%
|
|
$
|
8,356
|
|
|
100.0
|
%
|
|
$
|
8,275
|
|
|
100.0
|
%
|
|
$
|
8,358
|
|
|
100.0
|
%
|
|
December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(In Thousands)
|
|
|
||||||||||||||||
Interest bearing deposit at FHLB
|
$
|
311
|
|
|
$
|
238
|
|
|
$
|
179
|
|
|
$
|
490
|
|
|
$
|
2,252
|
|
Certificates of deposits at financial institutions
|
1,200
|
|
|
1,950
|
|
|
2,445
|
|
|
3,445
|
|
|
2,095
|
|
|||||
Total other investments
|
$
|
1,511
|
|
|
$
|
2,188
|
|
|
$
|
2,624
|
|
|
$
|
3,935
|
|
|
$
|
4,347
|
|
Investment Securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Available for Sale:
|
|
|
|
|
|
|
|
|
|
||||||||||
FHLB securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
998
|
|
|
$
|
1,932
|
|
|
$
|
13,247
|
|
Federal Farm Credit Bank ("FFCB") bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
1,988
|
|
|
5,668
|
|
|||||
Fannie Mae bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
1,004
|
|
|
1,004
|
|
|||||
Student Loan Pools
|
12,886
|
|
|
8,522
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Small Business Administration ("SBA") bonds
|
125,447
|
|
|
124,248
|
|
|
101,906
|
|
|
111,417
|
|
|
108,127
|
|
|||||
Tax exempt municipal bonds
|
61,330
|
|
|
62,356
|
|
|
71,535
|
|
|
76,066
|
|
|
62,495
|
|
|||||
Taxable municipal bonds
|
1,978
|
|
|
1,997
|
|
|
1,991
|
|
|
—
|
|
|
—
|
|
|||||
Equity securities
|
155
|
|
|
155
|
|
|
368
|
|
|
310
|
|
|
307
|
|
|||||
Total securities available for sale
|
$
|
201,796
|
|
|
$
|
197,278
|
|
|
$
|
176,798
|
|
|
$
|
192,717
|
|
|
$
|
190,848
|
|
Held to Maturity:
|
|
|
|
|
|
|
|
|
|
||||||||||
FHLB securities
|
$
|
—
|
|
|
$
|
1,997
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Freddie Mac bonds
|
977
|
|
|
986
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total securities held to maturity
|
$
|
977
|
|
|
$
|
2,983
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total securities (1)
|
$
|
202,773
|
|
|
$
|
200,261
|
|
|
$
|
176,798
|
|
|
$
|
192,717
|
|
|
$
|
190,848
|
|
FHLB stock
|
2,204
|
|
|
2,932
|
|
|
2,777
|
|
|
2,215
|
|
|
3,145
|
|
|||||
Total securities and FHLB stock (1)
|
$
|
204,977
|
|
|
$
|
203,193
|
|
|
$
|
179,575
|
|
|
$
|
194,932
|
|
|
$
|
193,993
|
|
|
Maturing or Repricing
|
|
December 31, 2018
|
|||||||||||||||||||||||||||||||
|
Within One Year
|
|
After One But Within Five Years
|
|
After Five But Within Ten Years
|
|
After Ten Years
|
|
Balance
Outstanding |
|||||||||||||||||||||||||
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
GSE securities
|
$
|
998
|
|
|
2.05
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
998
|
|
|
2.05
|
%
|
Student Loan pools
|
12,934
|
|
|
3.09
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
12,934
|
|
|
3.09
|
|
||||
SBA bonds
|
110,463
|
|
|
3.03
|
|
|
632
|
|
|
2.59
|
|
|
6,094
|
|
|
2.80
|
|
|
8,588
|
|
|
2.96
|
|
|
125,777
|
|
|
3.01
|
|
|||||
Tax exempt municipal bonds
|
506
|
|
|
1.70
|
|
|
8,232
|
|
|
3.57
|
|
|
44,750
|
|
|
3.02
|
|
|
6,654
|
|
|
4.05
|
|
|
60,142
|
|
|
3.19
|
|
|||||
Taxable municipal bonds
|
—
|
|
|
—
|
|
|
1,998
|
|
|
2.83
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,998
|
|
|
2.83
|
|
|||||
FHLB stock (1)
|
2,204
|
|
|
6.59
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,204
|
|
|
6.59
|
|
|||||
Other equity securities
|
155
|
|
|
4.49
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
155
|
|
|
4.49
|
|
|||||
Total (2)
|
$
|
127,260
|
|
|
3.08
|
%
|
|
$
|
10,862
|
|
|
3.38
|
%
|
|
$
|
50,844
|
|
|
3.00
|
%
|
|
$
|
15,242
|
|
|
3.44
|
%
|
|
$
|
204,208
|
|
|
3.10
|
%
|
|
December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(In Thousands)
|
||||||||||||||||||
Available for sale, at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
Freddie Mac
|
$
|
48,771
|
|
|
$
|
34,931
|
|
|
$
|
32,084
|
|
|
$
|
29,973
|
|
|
$
|
41,348
|
|
Fannie Mae
|
25,934
|
|
|
23,756
|
|
|
24,219
|
|
|
30,518
|
|
|
36,882
|
|
|||||
Ginnie Mae
|
80,232
|
|
|
102,106
|
|
|
109,222
|
|
|
118,539
|
|
|
160,623
|
|
|||||
Private Label
|
29,523
|
|
|
26,903
|
|
|
19,736
|
|
|
3,767
|
|
|
—
|
|
|||||
Total
|
$
|
184,460
|
|
|
$
|
187,696
|
|
|
$
|
185,261
|
|
|
$
|
182,797
|
|
|
$
|
238,853
|
|
Held to maturity, at cost:
|
|
|
|
|
|
|
|
|
|
||||||||||
Freddie Mac
|
$
|
6,256
|
|
|
$
|
6,857
|
|
|
$
|
7,836
|
|
|
$
|
7,604
|
|
|
$
|
—
|
|
Fannie Mae
|
3,109
|
|
|
1,280
|
|
|
1,436
|
|
|
1,761
|
|
|
—
|
|
|||||
Ginnie Mae
|
13,274
|
|
|
15,946
|
|
|
16,312
|
|
|
20,508
|
|
|
—
|
|
|||||
Total
|
$
|
22,639
|
|
|
$
|
24,083
|
|
|
$
|
25,584
|
|
|
$
|
29,873
|
|
|
$
|
—
|
|
|
The Earliest of Maturing or Repricing
|
|
December 31, 2018
|
|||||||||||||||||||||||||||||||
|
Less than
1 Year
|
|
1 to 5
Years
|
|
5 to 10
Years
|
|
Over
10 Years
|
|
Balance
Outstanding
|
|||||||||||||||||||||||||
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||
Fannie Mae
|
$
|
10,921
|
|
|
1.55
|
%
|
|
$
|
1,338
|
|
|
4.51
|
%
|
|
$
|
720
|
|
|
4.20
|
%
|
|
$
|
16,105
|
|
|
3.27
|
%
|
|
$
|
29,084
|
|
|
2.70
|
%
|
Freddie Mac
|
2,153
|
|
|
3.00
|
|
|
7,451
|
|
|
2.45
|
|
|
4,032
|
|
|
2.87
|
|
|
41,917
|
|
|
2.75
|
|
|
55,553
|
|
|
3.02
|
|
|||||
Ginnie Mae
|
47,068
|
|
|
2.93
|
|
|
1,770
|
|
|
3.11
|
|
|
2,331
|
|
|
2.99
|
|
|
42,469
|
|
|
2.71
|
|
|
93,638
|
|
|
2.86
|
|
|||||
Private Label
|
22,003
|
|
|
3.15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,652
|
|
|
3.01
|
|
|
29,655
|
|
|
3.23
|
|
|||||
Total
|
$
|
82,145
|
|
|
2.81
|
%
|
|
$
|
10,559
|
|
|
2.82
|
%
|
|
$
|
7,083
|
|
|
3.04
|
%
|
|
$
|
108,143
|
|
|
3.04
|
%
|
|
$
|
207,930
|
|
|
2.93
|
%
|
|
December 31,
|
|||||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
of
Total
|
|
Amount
|
|
Percent
of Total |
|
Amount
|
|
Percent
of
Total
|
|
Amount
|
|
Percent
of
Total
|
|
Amount
|
|
Percent
of
Total
|
|||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||
Interest Rate Range for 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Savings accounts
0% - 0.14%
|
$
|
48,392
|
|
|
6.3
|
%
|
|
$
|
42,927
|
|
|
6.1
|
%
|
|
$
|
36,523
|
|
|
5.6
|
%
|
|
$
|
31,192
|
|
|
4.8
|
%
|
|
$
|
28,623
|
|
|
4.3
|
%
|
NOW accounts 0% - 1.98%
|
219,515
|
|
|
28.6
|
|
|
197,435
|
|
|
28.1
|
|
|
171,133
|
|
|
26.1
|
|
|
155,766
|
|
|
23.9
|
|
|
143,422
|
|
|
21.7
|
|
|||||
Money market
funds 0% - 2.23%
|
261,136
|
|
|
34.0
|
|
|
231,653
|
|
|
33.0
|
|
|
230,902
|
|
|
35.3
|
|
|
229,017
|
|
|
35.1
|
|
|
234,819
|
|
|
35.6
|
|
|||||
Total non-certificates
|
$
|
529,043
|
|
|
68.9
|
%
|
|
$
|
472,015
|
|
|
67.2
|
%
|
|
$
|
438,558
|
|
|
67.0
|
%
|
|
$
|
415,975
|
|
|
63.8
|
%
|
|
$
|
406,864
|
|
|
61.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Certificates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
0.00-1.99%
|
$
|
190,867
|
|
|
24.9
|
%
|
|
$
|
228,982
|
|
|
32.6
|
%
|
|
$
|
214,903
|
|
|
32.9
|
%
|
|
$
|
227,235
|
|
|
34.8
|
%
|
|
$
|
227,473
|
|
|
34.5
|
%
|
2.00-2.99%
|
47,587
|
|
|
6.2
|
|
|
1,110
|
|
|
0.2
|
|
|
642
|
|
|
0.1
|
|
|
8,887
|
|
|
1.4
|
|
|
25,605
|
|
|
3.9
|
|
|||||
3.00-3.99%
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
173
|
|
|
—
|
|
|||||
Total certificates
|
238,454
|
|
|
31.1
|
%
|
|
230,092
|
|
|
32.8
|
%
|
|
215,545
|
|
|
33.0
|
%
|
|
236,122
|
|
|
36.2
|
%
|
|
253,251
|
|
|
38.4
|
%
|
|||||
Total deposits
|
$
|
767,497
|
|
|
100.0
|
%
|
|
$
|
702,107
|
|
|
100.0
|
%
|
|
$
|
654,103
|
|
|
100.0
|
%
|
|
$
|
652,097
|
|
|
100.0
|
%
|
|
$
|
660,115
|
|
|
100.0
|
%
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(In Thousands)
|
||||||||||||||||||
Opening balance
|
$
|
702,107
|
|
|
$
|
654,103
|
|
|
$
|
652,097
|
|
|
$
|
660,115
|
|
|
$
|
658,697
|
|
Net deposits
|
65,390
|
|
|
48,004
|
|
|
2,006
|
|
|
(8,018
|
)
|
|
1,418
|
|
|||||
Ending balance
|
767,497
|
|
|
702,107
|
|
|
654,103
|
|
|
652,097
|
|
|
660,115
|
|
|||||
Net increase (decrease)
|
$
|
65,390
|
|
|
$
|
48,004
|
|
|
$
|
2,006
|
|
|
$
|
(8,018
|
)
|
|
$
|
1,418
|
|
Percent increase (decrease)
|
9.31
|
%
|
|
7.34
|
%
|
|
0.31
|
%
|
|
(1.21
|
)%
|
|
0.22
|
%
|
|
0-
1.99%
|
|
2.00-
2.99%
|
|
Total
|
||||||
Certificate accounts maturing in quarter ending:
|
(In Thousands)
|
||||||||||
March 31, 2019
|
$
|
54,938
|
|
|
$
|
2,000
|
|
|
$
|
56,938
|
|
June 30, 2019
|
27,721
|
|
|
6,360
|
|
|
34,081
|
|
|||
September 30, 2019
|
28,762
|
|
|
7,203
|
|
|
35,965
|
|
|||
December 31, 2019
|
21,687
|
|
|
12,101
|
|
|
33,788
|
|
|||
March 31, 2020
|
13,081
|
|
|
2,929
|
|
|
16,010
|
|
|||
June 30, 2020
|
7,281
|
|
|
6,037
|
|
|
13,318
|
|
|||
September 30, 2020
|
5,062
|
|
|
4,271
|
|
|
9,333
|
|
|||
December 31, 2020
|
3,478
|
|
|
1,191
|
|
|
4,669
|
|
|||
March 31, 2021
|
8,468
|
|
|
381
|
|
|
8,849
|
|
|||
June 30, 2021
|
4,156
|
|
|
573
|
|
|
4,729
|
|
|||
September 30, 2021
|
6,568
|
|
|
2,702
|
|
|
9,270
|
|
|||
December 31, 2021
|
827
|
|
|
316
|
|
|
1,143
|
|
|||
Thereafter
|
8,838
|
|
|
1,523
|
|
|
10,361
|
|
|||
Total
|
$
|
190,867
|
|
|
$
|
47,587
|
|
|
$
|
238,454
|
|
Maturity Period
|
|
Certificates
of Deposit
|
|
Savings, NOW and
Money Market Accounts
|
||||
|
|
(In Thousands)
|
||||||
Three months or less
|
|
$
|
40,274
|
|
|
$
|
319,943
|
|
Over three through six months
|
|
22,607
|
|
|
—
|
|
||
Over six through twelve months
|
|
40,633
|
|
|
—
|
|
||
Over twelve months
|
|
48,026
|
|
|
—
|
|
||
Total
|
|
$
|
151,540
|
|
|
$
|
319,943
|
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(In Thousands)
|
|
|
||||||||||||||||
Maximum Balance:
|
|
|
|
|
|
|
|
|
|
||||||||||
FHLB advances
|
$
|
61,618
|
|
|
$
|
51,680
|
|
|
$
|
56,500
|
|
|
$
|
47,300
|
|
|
$
|
90,300
|
|
Other borrowings
|
14,258
|
|
|
13,096
|
|
|
12,598
|
|
|
10,340
|
|
|
10,781
|
|
|||||
Note payable
|
8,500
|
|
|
13,000
|
|
|
14,000
|
|
|
—
|
|
|
—
|
|
|||||
Junior subordinated debentures
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|||||
Senior convertible debentures
|
6,064
|
|
|
6,084
|
|
|
6,084
|
|
|
6,084
|
|
|
6,084
|
|
|||||
Average Balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FHLB advances
|
$
|
42,971
|
|
|
$
|
45,779
|
|
|
$
|
40,848
|
|
|
$
|
37,484
|
|
|
$
|
70,739
|
|
Other borrowings
|
13,230
|
|
|
11,517
|
|
|
9,318
|
|
|
8,560
|
|
|
9,450
|
|
|||||
Note payable
|
5,089
|
|
|
11,120
|
|
|
2,369
|
|
|
—
|
|
|
—
|
|
|||||
Junior subordinated debentures
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|||||
Senior convertible debentures
|
6,064
|
|
|
6,075
|
|
|
6,084
|
|
|
6,084
|
|
|
6,084
|
|
|
December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Balance at Year End:
|
|
|
|
|
|
|
|
|
|
||||||||||
FHLB advances
|
$
|
34,030
|
|
|
$
|
51,680
|
|
|
$
|
48,395
|
|
|
$
|
34,640
|
|
|
$
|
52,900
|
|
Other borrowings
|
10,698
|
|
|
11,307
|
|
|
9,338
|
|
|
6,412
|
|
|
8,523
|
|
|||||
Note payable
|
2,363
|
|
|
8,500
|
|
|
13,000
|
|
|
—
|
|
|
—
|
|
|||||
Junior subordinated debentures
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|||||
Senior convertible debentures
|
6,064
|
|
|
6,064
|
|
|
6,084
|
|
|
6,084
|
|
|
6,084
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted Average Interest Rate at Year End:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FHLB advances
|
1.66
|
%
|
|
1.34
|
%
|
|
1.05
|
%
|
|
3.87
|
%
|
|
3.87
|
%
|
|||||
Other borrowings
|
0.25
|
|
|
0.15
|
|
|
0.15
|
|
|
0.15
|
|
|
0.15
|
|
|||||
Note payable
|
4.95
|
|
|
3.95
|
|
|
3.45
|
|
|
—
|
|
|
—
|
|
|||||
Junior subordinated debentures
|
4.49
|
|
|
2.66
|
|
|
2.21
|
|
|
1.94
|
|
|
—
|
|
|||||
Senior convertible debentures
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
During Fiscal Year:
|
|
|
|
|
|
|
|
|
|
||||||||||
FHLB advances
|
1.49
|
%
|
|
1.21
|
%
|
|
1.71
|
%
|
|
3.52
|
%
|
|
3.71
|
%
|
|||||
Other borrowings
|
0.24
|
|
|
0.15
|
|
|
0.15
|
|
|
0.15
|
|
|
0.18
|
|
|||||
Note payable
|
4.56
|
|
|
3.78
|
|
|
3.26
|
|
|
—
|
|
|
—
|
|
|||||
Junior subordinated debentures
|
3.91
|
|
|
2.93
|
|
|
2.42
|
|
|
2.02
|
|
|
1.96
|
|
|||||
Senior convertible debentures
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
|
|
Age at
December 31,
|
|
Position
|
||
Name
|
|
2018
|
|
Company
|
|
Bank
|
J. Chris Verenes
|
|
62
|
|
Chief Executive Officer
|
|
Chief Executive Officer and
Chairman of the Board
|
Roy G. Lindburg
|
|
58
|
|
President
|
|
—
|
Richard T. Harmon
|
|
63
|
|
—
|
|
President
|
Jessica T. Cummins
|
|
38
|
|
Chief Financial Officer
|
|
Chief Financial Officer
|
•
|
loan delinquencies, problem assets and foreclosures may increase;
|
•
|
we may increase our allowance for loan losses;
|
•
|
demand for our products and services may decline, possibly resulting in a decrease in our total loans or assets;
|
•
|
collateral for our loans, especially real estate, may decline in value, exposing us to increased risk of loss on existing loans, reducing customers’ borrowing power, and reducing the value of assets and collateral associated with existing loans;
|
•
|
the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; and
|
•
|
the amount of our low-cost or noninterest-bearing deposits may decrease
|
•
|
cash flow of the borrower and/or the project being financed;
|
•
|
the changes and uncertainties as to the future value of the collateral, in the case of a collateralized loan;
|
•
|
the duration of the loan;
|
•
|
the character and creditworthiness of a particular borrower; and
|
•
|
changes in economic and industry conditions.
|
•
|
our general reserve, based on our historical default and loss experience and certain macroeconomic factors based on management's expectations of future events;
|
•
|
our specific reserve, based on our evaluation of impaired loans and their underlying collateral; and
|
•
|
an unallocated reserve to provide for other credit losses inherent in our portfolio that may not have been contemplated in the other loss factors.
|
•
|
we record interest income only on a cash basis for nonaccrual loans and any non-performing investment securities;
|
•
|
we do not record interest income for OREO;
|
•
|
we provide for probable loan losses through a current period charge to the provision for loan losses;
|
•
|
non-interest expense increases when we write down the value of properties in our OREO portfolio to reflect changing market values or recognize other-than-temporary impairment on non-performing investment securities;
|
•
|
there are legal fees associated with the resolution of problem assets, as well as carrying costs, such as taxes, insurance, and maintenance fees related to our OREO; and
|
•
|
the resolution of non-performing assets requires the active involvement of management, which can distract them from more profitable activity.
|
Location
|
|
Owned or
Leased
|
|
Lease
Expiration
Date
|
|
Date Facility
Opened/
Acquired
|
|
Gross
Square
Footage
|
|
Net Book
Value
|
||
Main Office:
|
|
|
|
|
|
|
|
|
|
|
||
238 Richland Avenue, N.W.
Aiken, South Carolina
|
|
Leased
|
|
2026
|
|
2006
|
|
3,840
|
|
$
|
589,000
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Full Service Branch Offices:
|
|
|
|
|
|
|
|
|
|
|
||
100 Laurens Street, N.W.
Aiken, South Carolina
|
|
Leased
|
|
2026
|
|
1959
|
|
3,840
|
|
584,000
|
|
|
1705 Whiskey Road S.
Aiken, South Carolina
|
|
Owned
|
|
N/A
|
|
1980
|
|
10,000
|
|
736,000
|
|
|
313 East Martintown Road
North Augusta, South Carolina
|
|
Owned
|
|
N/A
|
|
1973
|
|
4,356
|
|
687,000
|
|
|
1665 Richland Avenue, W.
Aiken, South Carolina
|
|
Owned
|
|
N/A
|
|
1984
|
|
1,942
|
|
12,700
|
|
|
Montgomery & Canal Streets
Masonic Shopping Center
Graniteville, South Carolina
|
|
Leased
|
|
2017
|
|
1993 (1)
|
|
3,576
|
|
13,000
|
|
|
2812 Augusta Road
Langley, South Carolina
|
|
Owned
|
|
N/A
|
|
1993 (1)
|
|
2,509
|
|
73,000
|
|
|
4568 Jefferson Davis Highway
Clearwater, South Carolina
|
|
Owned
|
|
N/A
|
|
2008
|
|
2,287
|
|
1,271,000
|
|
|
118 Main Street North
Wagener, South Carolina
|
|
Owned
|
|
N/A
|
|
1993 (1)
|
|
3,600
|
|
202,000
|
|
|
1185 Sunset Boulevard
West Columbia, South Carolina
|
|
Leased
|
|
2025
|
|
2000
|
|
10,000
|
|
48,000
|
|
|
2587 Whiskey Road
Aiken, South Carolina
|
|
Owned
|
|
N/A
|
|
2006
|
|
4,000
|
|
1,118,000
|
|
|
5446 Sunset Boulevard
Lexington, South Carolina
|
|
Owned (2)
|
|
N/A
|
|
2003
|
|
9,200
|
|
820,000
|
|
|
1900 Assembly Street
Columbia, South Carolina
|
|
Leased (3)
|
|
N/A
|
|
2007
|
|
6,000
|
|
395,000
|
|
|
7004 Evans Town Center
Evans, Georgia
|
|
Owned
|
|
N/A
|
|
2007
|
|
18,000
|
|
3,421,000
|
|
|
1790 Dutch Fork Road Ballentine, South Carolina
|
|
Owned
|
|
N/A
|
|
2015
|
|
3,453
|
|
2,873,000
|
|
|
5133 Washington Rd
Evans, Georgia
|
|
Owned
|
|
N/A
|
|
2017
|
|
13,500
|
|
4,400,000
|
|
|
636 East Main Street
Ridge Spring, South Carolina
|
|
(4)
|
|
N/A
|
|
2018
|
|
N/A
|
|
28,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Operations Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
871 East Pine Log Road
Aiken, South Carolina
|
|
Owned
|
|
N/A
|
|
1988
|
|
14,460
|
|
912,000
|
|
(1)
|
Represents acquisition date.
|
(2)
|
Security Federal has a lease on the land for this office which was renewed in 2018 and has options through 2063.
|
(3)
|
Security Federal has a lease which expires in 2027, but has options through 2047.
|
(4)
|
Security Federal does not own or lease the branch located in Ridge Spring. The property is owned by the Town of Ridge Spring.
|
|
|
Period Ending
|
||||||||||
Index
|
|
12/31/2013
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2016
|
|
12/31/2017
|
|
12/31/2018
|
Security Federal Corporation
|
|
$100.00
|
|
$152.20
|
|
$188.01
|
|
$313.93
|
|
$284.13
|
|
$259.94
|
NASDAQ Composite
|
|
$100.00
|
|
$114.75
|
|
$122.74
|
|
$133.62
|
|
$173.22
|
|
$168.30
|
SNL Bank Index
|
|
$100.00
|
|
$111.79
|
|
$113.69
|
|
$143.65
|
|
$169.64
|
|
$140.98
|
(a)
|
Security Ownership of Certain Beneficial Owners
. The information contained in the section captioned "Security Ownership of Certain Beneficial Owners and Management" in the Proxy Statement is incorporated herein by reference.
|
(b)
|
Security Ownership of Management
. The information contained in the section captioned "Security Ownership of Certain Beneficial Owners and Management" in the Proxy Statement is incorporated herein by reference.
|
(c)
|
Changes In Control
. The Company is not aware of any arrangements, including any pledge by any person of securities of the Company, the operation of which may at a subsequent date result in a change in control of the Company.
|
(d)
|
Equity Compensation Plan Information
. The following table sets forth certain information with respect to securities to be issued under the Company's equity compensation plans as of
December 31, 2018
.
|
Plan category
|
|
(a)
Number of securities
to be issued upon
exercise of
outstanding options, warrants and rights
|
|
(b)
Weighted-average
exercise price
of outstanding
options, warrants and rights
|
|
(c)
Number of securities
remaining available
for future issuance
under equity
compensation plans
(excluding securities reflected in column (a))
|
Equity compensation plans approved by security holders:
|
|
|
|
|
|
|
2006 Stock Option Plan
|
|
—
|
|
$—
|
|
—
|
2008 Equity Incentive Plan
|
|
—
|
|
—
|
|
—
|
Equity compensation plans not approved by security holders
|
|
—
|
|
—
|
|
—
|
Total
|
|
—
|
|
$—
|
|
—
|
1.
|
Financial Statements
. For a list of the financial statements filed as part of this report see Part II - Item 8.
|
2.
|
Financial Statement Schedules
. All schedules have been omitted as the required information is either inapplicable or contained in the Consolidated Financial Statements or related Notes contained in the Annual Report filed as an exhibit hereto.
|
3.
|
Exhibits
:
|
3.1
|
|
3.2
|
|
4.1
|
Form of Stock Certificate of the Company and other instruments defining the rights of security holders, including indentures (3)
|
4.2
|
|
4.3
|
|
10.1
|
1993 Salary Continuation Agreements (5)
|
10.2
|
Amendment One to 1993 Salary Continuation Agreements (6)
|
10.3
|
|
10.4
|
|
10.5
|
|
10.6
|
|
10.7
|
|
10.8
|
|
10.9
|
|
10.10
|
2018 Employee Stock Purchase Plan (12)
|
10.11
|
Incentive Compensation Plan (5)
|
10.12
|
|
13
|
|
14
|
|
21
|
|
23.0
|
|
25.0
|
|
31.1
|
|
31.2
|
|
32.0
|
|
101.0
|
The following materials from Security Federal Corporation's Annual Report on Form 10-K for the year ended December 31, 2018, formatted in Extensible Business Reporting Language (XBRL): (1) Consolidated Balance Sheets; (2) Consolidated Statements of Income; (3) Consolidated Statements of Comprehensive Income; (4) Consolidated Statements of Changes in Shareholders' Equity; (5) Consolidated Statements of Cash Flows; and (6) Notes to Consolidated Financial Statements
|
(1)
|
Filed on June 26, 1998, as an exhibit to the Company's Proxy Statement and incorporated herein by reference.
|
(2)
|
Incorporated herein by reference to the Registrant's Current Report on Form 8-K filed on January 16, 2015.
|
(3)
|
Filed on August 12, 1987, as an exhibit to the Company's Registration Statement on Form 8-A and incorporated herein by reference.
|
(4)
|
Filed on July 13, 2009 as an exhibit to the Company's Registration Statement on Form S-1 (File No. 333-160553) and incorporated herein by reference.
|
(5)
|
Filed on June 28, 1993, as an exhibit to the Company's Annual Report on Form 10-KSB and incorporated herein by reference.
|
(6)
|
Filed as an exhibit to the Company's Quarterly Report on Form 10-QSB for the quarter ended September 30, 1993 and incorporated herein by reference.
|
(7)
|
Filed on May 24, 2006 as an exhibit to the Company's Current Report on Form 8-K dated May 18, 2006 and incorporated herein by reference.
|
(8)
|
Filed on March 2, 2000, as an exhibit to the Company's Registration Statement on Form S-8 (Registration Statement No. 333-31500) and incorporated herein by reference
|
(9)
|
Filed on January 3, 2003, as an exhibit to the Company's Registration Statement on Form S-8 (Registration Statement No. 333-102337) and incorporated herein by reference.
|
(10)
|
Filed on August 22, 2006, as an exhibit to the Company's Registration Statement on Form S-8 (Registration Statement No. 333-136813) and incorporated herein by reference.
|
(11)
|
Filed on November 12, 2008, as an exhibit to the Company's Registration Statement on Form S-8 (Registration Statement No. 333-155295) and incorporated herein by reference.
|
(12)
|
Filed on March 28, 2018, as an exhibit to the Company's Proxy Statement and incorporated herein by reference.
|
(13)
|
Filed as an exhibit to the Company's Current Report on Form 8-K filed on December 23, 2008.
|
(14)
|
The Company elects to satisfy Regulation S-K §229.406(c) by posting its Code of Ethics on its website at www.securityfederalbank.com.
|
Date: March 22, 2019
|
|
/s/ J. Chris Verenes
|
|
|
J. Chris Verenes
|
|
|
Chief Executive Officer and Director
|
|
|
(Duly Authorized Representative)
|
By:
|
/s/ J. Chris Verenes
|
March 22, 2019
|
|
J. Chris Verenes
|
|
|
Chief Executive Officer and Director
|
|
|
(Principal Executive Officer)
|
|
|
|
|
By:
|
/s/Jessica T. Cummins
|
March 22, 2019
|
|
Jessica T. Cummins
|
|
|
Chief Financial Officer and Director
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
By:
|
/s/Roy G. Lindburg
|
March 22, 2019
|
|
Roy G. Lindburg
|
|
|
President and Director
|
|
|
|
|
By:
|
/s/Richard T. Harmon
|
March 22, 2019
|
|
Richard T. Harmon
|
|
|
Director and President of Security Federal Bank
|
|
|
|
|
By:
|
/s/Timothy W. Simmons
|
March 22, 2019
|
|
Timothy W. Simmons
|
|
|
Chairman of the Board and Director
|
|
|
|
|
By:
|
/s/Frank M. Thomas, Jr.
|
March 22, 2019
|
|
Frank M. Thomas, Jr.
|
|
|
Director
|
|
|
|
|
By:
|
|
March 22, 2019
|
|
Gasper L. Toole III
|
|
|
Director
|
|
|
|
|
By:
|
/s/Robert E. Alexander
|
March 22, 2019
|
|
Robert E. Alexander
|
|
|
Director
|
|
|
|
|
By:
|
/s/Thomas L. Moore
|
March 22, 2019
|
|
Thomas L. Moore
|
|
|
Director
|
|
|
|
|
By:
|
/s/William Clyburn
|
March 22, 2019
|
|
William Clyburn
|
|
|
Director
|
|
|
|
|
By:
|
/s/Harry O. Weeks, Jr.
|
March 22, 2019
|
|
Harry O. Weeks, Jr.
|
|
|
Director
|
|
13
|
|
|
|
21
|
|
|
|
23
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32
|
|
|
|
101
|
The following materials from Security Federal Corporation's Annual Report on Form 10-K for the year ended December 31, 2018, formatted in Extensible Business Reporting Language (XBRL): (1) Consolidated Balance Sheets; (2) Consolidated Statements of Income; (3) Consolidated Statements of Comprehensive (Loss) Income; (4) Consolidated Statements of Changes in Shareholders' Equity; (5) Consolidated Statements of Cash Flows; and (6) Notes to Consolidated Financial Statements
|
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