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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
|
1.
|
Portions of the Registrant's Annual Report to Stockholders for the transition Fiscal Year Ended December 31, 2012. (Part II)
|
2.
|
Portions of the Registrant's Proxy Statement for the 2013 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 loan loss 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 and our bank subsidiary by the Federal Deposit Insurance Corporation and the South Carolina State Board of Financial Institutions, 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, which could adversely affect our liquidity and earnings;
|
•
|
legislative or regulatory changes that adversely affect our business including changes in regulatory policies and principles, or the interpretation of regulatory capital requirements, including changes as a result of Basel III, or other rules, and any changes in rules applicable to institutions participating in the U. S. Department of Treasury Community Development Capital Initiative;
|
•
|
our ability to attract and retain deposits;
|
•
|
further increases in premiums for deposit insurance;
|
•
|
our ability to control operating costs and expenses;
|
•
|
our ability to implement our business strategies;
|
•
|
the use of estimates in determining 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;
|
•
|
computer systems on which we depend could fail or experience a security breach;
|
•
|
our ability to retain key members of our senior management team;
|
•
|
costs and effects of litigation, including settlements and judgments;
|
•
|
our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we have acquired or may in the future acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto;
|
•
|
increased competitive pressures among financial services companies;
|
•
|
changes in consumer spending, borrowing and savings habits;
|
•
|
the impact of new legislation, including the Jumpstart Our Business Startups Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the implementing regulations of these acts;
|
•
|
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 and preferred 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, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods;
|
•
|
future legislative changes and our ability to comply with the requirements of the U.S. Department of Treasury Community Development Capital Initiative; 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,
|
|
At March 31,
|
||||||||||||||||||||||||||||||||||||||
|
2012
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||||||||||||
|
|
|
|
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||
TYPE OF LOAN:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Residential real estate
|
$
|
88,895
|
|
|
21.6
|
%
|
|
$
|
90,998
|
|
|
20.4
|
%
|
|
$
|
99,219
|
|
|
19.8
|
%
|
|
$
|
105,170
|
|
|
17.9
|
%
|
|
$
|
115,507
|
|
|
18.4
|
%
|
|
$
|
116,184
|
|
|
21.7
|
%
|
Owner occupied residential
construction
|
6,553
|
|
|
1.6
|
|
|
9,482
|
|
|
2.1
|
|
|
16,975
|
|
|
3.4
|
|
|
16,248
|
|
|
2.8
|
|
|
17,186
|
|
|
2.8
|
|
|
17,975
|
|
|
3.4
|
|
||||||
Total residential real estate loans
|
95,448
|
|
|
23.2
|
|
|
100,480
|
|
|
22.5
|
|
|
116,194
|
|
|
23.2
|
|
|
121,418
|
|
|
20.7
|
|
|
132,693
|
|
|
21.2
|
|
|
134,159
|
|
|
25.1
|
|
||||||
Commercial business
|
8,064
|
|
|
2.0
|
|
|
9,553
|
|
|
2.1
|
|
|
13,530
|
|
|
2.7
|
|
|
17,813
|
|
|
3.0
|
|
|
21,032
|
|
|
3.3
|
|
|
22,070
|
|
|
4.1
|
|
||||||
Commercial real estate
|
241,268
|
|
|
58.8
|
|
|
263,936
|
|
|
59.3
|
|
|
296,901
|
|
|
59.2
|
|
|
366,002
|
|
|
62.4
|
|
|
392,087
|
|
|
62.5
|
|
|
300,406
|
|
|
56.2
|
|
||||||
Multi-family
|
9,656
|
|
|
2.3
|
|
|
12,381
|
|
|
2.8
|
|
|
10,055
|
|
|
2.0
|
|
|
12,718
|
|
|
2.2
|
|
|
12,316
|
|
|
2.0
|
|
|
10,911
|
|
|
2.1
|
|
||||||
|
258,988
|
|
|
63.1
|
|
|
285,870
|
|
|
64.2
|
|
|
320,486
|
|
|
63.9
|
|
|
396,533
|
|
|
67.6
|
|
|
425,435
|
|
|
67.8
|
|
|
333,387
|
|
|
62.4
|
|
||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deposit account
|
942
|
|
|
0.2
|
|
|
926
|
|
|
0.2
|
|
|
869
|
|
|
0.2
|
|
|
985
|
|
|
0.2
|
|
|
757
|
|
|
0.1
|
|
|
1,569
|
|
|
0.3
|
|
||||||
Home equity lines
|
26,330
|
|
|
6.4
|
|
|
26,996
|
|
|
6.1
|
|
|
28,776
|
|
|
5.7
|
|
|
29,944
|
|
|
5.1
|
|
|
28,298
|
|
|
4.5
|
|
|
22,693
|
|
|
4.2
|
|
||||||
Consumer first and second mortgages
|
11,393
|
|
|
2.8
|
|
|
11,973
|
|
|
2.7
|
|
|
13,741
|
|
|
2.7
|
|
|
18,545
|
|
|
3.1
|
|
|
12,835
|
|
|
2.1
|
|
|
19,076
|
|
|
3.6
|
|
||||||
Premium finance
|
2,644
|
|
|
0.6
|
|
|
2,916
|
|
|
0.7
|
|
|
2,947
|
|
|
0.6
|
|
|
406
|
|
|
0.1
|
|
|
532
|
|
|
0.1
|
|
|
778
|
|
|
0.1
|
|
||||||
Other
|
15,286
|
|
|
3.7
|
|
|
15,874
|
|
|
3.6
|
|
|
18,530
|
|
|
3.7
|
|
|
18,646
|
|
|
3.2
|
|
|
26,603
|
|
|
4.2
|
|
|
22,716
|
|
|
4.3
|
|
||||||
Total consumer loans
|
56,595
|
|
|
13.7
|
|
|
58,685
|
|
|
13.3
|
|
|
64,863
|
|
|
12.9
|
|
|
68,526
|
|
|
11.7
|
|
|
69,025
|
|
|
11.0
|
|
|
66,832
|
|
|
12.5
|
|
||||||
Total loans
|
411,031
|
|
|
100.0
|
%
|
|
445,035
|
|
|
100.0
|
%
|
|
501,543
|
|
|
100.0
|
%
|
|
586,477
|
|
|
100.0
|
%
|
|
627,153
|
|
|
100.0
|
%
|
|
534,378
|
|
|
100.0
|
%
|
||||||
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans in process
|
2,002
|
|
|
|
|
1,887
|
|
|
|
|
|
4,580
|
|
|
|
|
|
5,620
|
|
|
|
|
|
5,602
|
|
|
|
|
|
8,064
|
|
|
|
|
|||||||
Deferred fees and discount
|
5
|
|
|
|
|
22
|
|
|
|
|
|
(10
|
)
|
|
|
|
|
151
|
|
|
|
|
|
279
|
|
|
|
|
|
315
|
|
|
|
|
|||||||
Allowance for loan losses
|
11,318
|
|
|
|
|
14,615
|
|
|
|
|
|
12,502
|
|
|
|
|
|
12,307
|
|
|
|
|
|
10,182
|
|
|
|
|
|
8,067
|
|
|
|
|
|||||||
Total loans receivable
|
$
|
397,706
|
|
|
|
|
$
|
428,511
|
|
|
|
|
|
$
|
484,471
|
|
|
|
|
|
$
|
568,399
|
|
|
|
|
|
$
|
611,090
|
|
|
|
|
|
$
|
517,932
|
|
|
|
|
|
At December 31,
|
|
At March 31,
|
||||||||||||||||||||||||||||||||||||||
|
2012
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||||||||||||
|
|
|
|
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||
TYPE OF LOAN
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Fixed rate loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Residential real estate
|
$
|
15,479
|
|
|
3.8%
|
|
|
$
|
13,511
|
|
|
3.0
|
%
|
|
$
|
15,435
|
|
|
3.1
|
%
|
|
$
|
11,488
|
|
|
2.0
|
%
|
|
$
|
13,738
|
|
|
2.2
|
%
|
|
$
|
12,036
|
|
|
2.3
|
%
|
Commercial business and commercial real estate
|
208,604
|
|
|
50.7
|
|
|
226,407
|
|
|
50.9
|
|
|
251,766
|
|
|
50.2
|
|
|
280,702
|
|
|
47.9
|
|
|
239,076
|
|
|
38.1
|
|
|
154,558
|
|
|
28.9
|
|
||||||
Consumer
|
24,503
|
|
|
6.0
|
|
|
25,704
|
|
|
5.8
|
|
|
28,786
|
|
|
5.7
|
|
|
30,223
|
|
|
5.1
|
|
|
33,881
|
|
|
5.4
|
|
|
37,026
|
|
|
6.9
|
|
||||||
Total fixed rate loans
|
248,586
|
|
|
60.5
|
|
|
265,622
|
|
|
59.7
|
|
|
295,987
|
|
|
59.0
|
|
|
322,413
|
|
|
55.0
|
|
|
286,695
|
|
|
45.7
|
|
|
203,620
|
|
|
38.1
|
|
||||||
Adjustable rate loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential real estate
|
79,969
|
|
|
19.5
|
|
|
86,969
|
|
|
19.5
|
|
|
100,759
|
|
|
20.1
|
|
|
109,930
|
|
|
18.7
|
|
|
118,955
|
|
|
19.0
|
|
|
122,123
|
|
|
22.9
|
|
||||||
Commercial business and commercial real estate
|
50,384
|
|
|
12.2
|
|
|
59,463
|
|
|
13.4
|
|
|
68,720
|
|
|
13.7
|
|
|
115,831
|
|
|
19.8
|
|
|
186,359
|
|
|
29.7
|
|
|
178,829
|
|
|
33.4
|
|
||||||
Consumer
|
32,092
|
|
|
7.8
|
|
|
32,981
|
|
|
7.4
|
|
|
36,077
|
|
|
7.2
|
|
|
38,303
|
|
|
6.5
|
|
|
35,144
|
|
|
5.6
|
|
|
29,806
|
|
|
5.6
|
|
||||||
Total adjustable rate loans
|
162,445
|
|
|
39.5
|
|
|
179,413
|
|
|
40.3
|
|
|
205,556
|
|
|
41.0
|
|
|
264,064
|
|
|
45.0
|
|
|
340,458
|
|
|
54.3
|
|
|
330,758
|
|
|
61.9
|
|
||||||
Total loans
|
411,031
|
|
|
100.0
|
%
|
|
445,035
|
|
|
100.0
|
%
|
|
501,543
|
|
|
100.0
|
%
|
|
586,477
|
|
|
100.0
|
%
|
|
627,153
|
|
|
100.0
|
%
|
|
534,378
|
|
|
100.0
|
%
|
||||||
Less
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans in process
|
2,002
|
|
|
|
|
1,887
|
|
|
|
|
|
4,580
|
|
|
|
|
|
5,620
|
|
|
|
|
|
5,602
|
|
|
|
|
|
8,064
|
|
|
|
|
|||||||
Deferred fees and discounts
|
5
|
|
|
|
|
22
|
|
|
|
|
|
(10
|
)
|
|
|
|
|
151
|
|
|
|
|
|
279
|
|
|
|
|
|
315
|
|
|
|
|
|||||||
Allowance for loan losses
|
11,318
|
|
|
|
|
14,615
|
|
|
|
|
|
12,502
|
|
|
|
|
|
12,307
|
|
|
|
|
|
10,182
|
|
|
|
|
|
8,067
|
|
|
|
|
|||||||
Total loans receivable
|
$
|
397,706
|
|
|
|
|
$
|
428,511
|
|
|
|
|
|
$
|
484,471
|
|
|
|
|
|
$
|
568,399
|
|
|
|
|
|
$
|
611,090
|
|
|
|
|
|
$
|
517,932
|
|
|
|
|
|
At December 31, 2012
|
||||||||||||||||||||||
|
Residential
Real Estate
|
|
Residential/
Real Estate
Construction
Loans
|
|
Commercial Construction
and
Acquisition
and
Development
Loans
|
|
Consumer
|
|
Commercial
Business
and
Commercial
Real Estate
|
|
Total
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Six months or less (1)
|
$
|
4,907
|
|
|
$
|
7,226
|
|
|
$
|
5,743
|
|
|
$
|
10,069
|
|
|
$
|
43,497
|
|
|
$
|
71,442
|
|
Over six months to one year
|
58
|
|
|
5,640
|
|
|
3,891
|
|
|
1,548
|
|
|
56,077
|
|
|
67,214
|
|
||||||
Over one year to three years
|
293
|
|
|
1,966
|
|
|
3,311
|
|
|
6,252
|
|
|
65,389
|
|
|
77,211
|
|
||||||
Over three to five years
|
248
|
|
|
101
|
|
|
—
|
|
|
5,125
|
|
|
35,771
|
|
|
41,245
|
|
||||||
Over five to ten years
|
1,321
|
|
|
—
|
|
|
—
|
|
|
7,250
|
|
|
14,972
|
|
|
23,543
|
|
||||||
Over ten years
|
82,068
|
|
|
—
|
|
|
1,790
|
|
|
26,351
|
|
|
18,165
|
|
|
128,374
|
|
||||||
Total (2)
|
$
|
88,895
|
|
|
$
|
14,933
|
|
|
$
|
14,735
|
|
|
$
|
56,595
|
|
|
$
|
233,871
|
|
|
$
|
409,029
|
|
(1)
|
Includes demand loans, loans having no stated maturity, overdraft loans and equity line of credit loans.
|
(2)
|
Loan amounts are net of undisbursed funds for loans in process of $2.0 million.
|
|
Nine
Months Ended
December 31,
|
|
Years Ended March 31,
|
||||||||||||||||||||
|
2012
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||
Originated/ Renewed:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjustable rate - residential real estate
|
$
|
6,986
|
|
|
$
|
17,051
|
|
|
$
|
26,539
|
|
|
$
|
27,644
|
|
|
$
|
34,571
|
|
|
$
|
47,432
|
|
Fixed rate - residential real estate (1)
|
24,136
|
|
|
37,862
|
|
|
74,776
|
|
|
65,229
|
|
|
48,689
|
|
|
39,268
|
|
||||||
Consumer
|
7,315
|
|
|
12,134
|
|
|
12,381
|
|
|
19,450
|
|
|
30,366
|
|
|
31,663
|
|
||||||
Commercial business and commercial real
estate
|
113,629
|
|
|
192,809
|
|
|
200,459
|
|
|
289,246
|
|
|
350,505
|
|
|
311,839
|
|
||||||
Total consumer/commercial business real
estate
|
120,944
|
|
|
204,943
|
|
|
212,840
|
|
|
308,696
|
|
|
380,871
|
|
|
343,502
|
|
||||||
Total loans originated
|
152,066
|
|
|
259,856
|
|
|
314,155
|
|
|
401,569
|
|
|
464,131
|
|
|
430,202
|
|
||||||
Purchased
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,618
|
|
||||||
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fixed rate - residential real estate
|
22,037
|
|
|
40,356
|
|
|
73,971
|
|
|
67,779
|
|
|
45,273
|
|
|
38,502
|
|
||||||
Adjustable rate- residential real estate
|
725
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Fixed rate - commercial real estate
|
996
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,695
|
|
||||||
Adjustable rate - commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,000
|
|
||||||
Principal repayments
|
162,312
|
|
|
276,007
|
|
|
325,119
|
|
|
374,466
|
|
|
326,083
|
|
|
315,108
|
|
||||||
Increase (decrease) in other items, net
|
(3,199
|
)
|
|
(547
|
)
|
|
(1,007
|
)
|
|
2,015
|
|
|
(383
|
)
|
|
1,622
|
|
||||||
Net increase (decrease)
|
$
|
(30,805
|
)
|
|
$
|
(55,960
|
)
|
|
$
|
(83,928
|
)
|
|
$
|
(42,691
|
)
|
|
$
|
93,158
|
|
|
$
|
81,893
|
|
(1)
|
Includes newly originated fixed rate loans held for sale and construction/permanent loans converted to fixed rate loans and sold.
|
|
At or
For the
Nine Months
Ended
December 31,
|
|
At or For the Year Ended March 31,
|
||||||||||||
|
2012
|
|
2012
|
|
2011
|
|
2010
|
||||||||
|
|
|
(Dollars in Thousands)
|
||||||||||||
Net deferred mortgage loan origination fees earned during the
period (1)
|
$
|
37
|
|
|
$
|
72
|
|
|
$
|
90
|
|
|
$
|
88
|
|
|
|
|
|
|
|
|
|
||||||||
Mortgage loan origination fees earned as a percentage of total
portfolio mortgage loans originated during the period
|
0.5
|
%
|
|
0.4
|
%
|
|
0.3
|
%
|
|
0.3
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Net deferred mortgage loan origination fees in loan portfolio at
end of period
|
$
|
33
|
|
|
$
|
47
|
|
|
$
|
77
|
|
|
$
|
86
|
|
(1)
|
Includes amounts amortized to interest income as yield adjustments; does not include fees earned on loans sold.
|
|
Aiken
County
|
|
Midlands,
SC
|
|
Augusta,
GA
|
|
Other
|
|
Total
|
||||||||||
|
(In Thousands)
|
||||||||||||||||||
Commercial real estate
|
$
|
83,021
|
|
|
$
|
37,674
|
|
|
$
|
42,982
|
|
|
$
|
77,591
|
|
|
$
|
241,268
|
|
Multi-family
|
2,204
|
|
|
1,507
|
|
|
2,962
|
|
|
2,983
|
|
|
9,656
|
|
|||||
Commercial business
|
3,396
|
|
|
1,224
|
|
|
1,995
|
|
|
1,449
|
|
|
8,064
|
|
|||||
Total
|
$
|
88,621
|
|
|
$
|
40,405
|
|
|
$
|
47,939
|
|
|
$
|
82,023
|
|
|
$
|
258,988
|
|
|
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, number of loans are actual)
|
|
|
||||||||||||||||||||||||||||
30 - 59 days
|
—
|
|
|
$
|
—
|
|
|
26
|
|
|
$
|
2,432
|
|
|
60
|
|
|
$
|
1,863
|
|
|
8
|
|
|
$
|
445
|
|
|
$
|
4,740
|
|
60 - 89 days
|
16
|
|
|
1,795
|
|
|
8
|
|
|
4,852
|
|
|
19
|
|
|
212
|
|
|
3
|
|
|
36
|
|
|
6,895
|
|
|||||
90 days and over
|
26
|
|
|
3,758
|
|
|
51
|
|
|
13,913
|
|
|
20
|
|
|
646
|
|
|
3
|
|
|
87
|
|
|
18,404
|
|
|||||
Total delinquent loans
|
42
|
|
|
$
|
5,553
|
|
|
85
|
|
|
$
|
21,197
|
|
|
99
|
|
|
$
|
2,721
|
|
|
14
|
|
|
$
|
568
|
|
|
$
|
30,039
|
|
|
At
December 31,
|
|
At March 31,
|
||||||||||||||||||||
|
2012
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||||
|
|
|
(Dollars in Thousands)
|
||||||||||||||||||||
Loans Delinquent 60 to 89 Days:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
1,795
|
|
|
$
|
742
|
|
|
$
|
—
|
|
|
$
|
559
|
|
|
$
|
621
|
|
|
$
|
94
|
|
Consumer
|
212
|
|
|
352
|
|
|
197
|
|
|
925
|
|
|
124
|
|
|
54
|
|
||||||
Commercial business
|
36
|
|
|
209
|
|
|
133
|
|
|
1
|
|
|
29
|
|
|
8
|
|
||||||
Commercial real estate
|
4,852
|
|
|
4,684
|
|
|
2,709
|
|
|
2,724
|
|
|
3,560
|
|
|
1,031
|
|
||||||
Total
|
$
|
6,895
|
|
|
$
|
5,987
|
|
|
$
|
3,039
|
|
|
$
|
4,209
|
|
|
$
|
4,334
|
|
|
$
|
1,187
|
|
Total as a percentage of total assets
|
0.77
|
%
|
|
0.65
|
%
|
|
0.33
|
%
|
|
0.44
|
%
|
|
0.44
|
%
|
|
0.14
|
%
|
||||||
Non-Accruing Loans Delinquent 90 Days
or More:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential
|
$
|
3,758
|
|
|
$
|
3,639
|
|
|
$
|
1,810
|
|
|
$
|
4,344
|
|
|
$
|
1,112
|
|
|
$
|
609
|
|
Consumer
|
646
|
|
|
620
|
|
|
1,194
|
|
|
703
|
|
|
956
|
|
|
416
|
|
||||||
Commercial business
|
87
|
|
|
21
|
|
|
172
|
|
|
699
|
|
|
2,808
|
|
|
3,826
|
|
||||||
Commercial real estate
|
13,913
|
|
|
18,378
|
|
|
9,337
|
|
|
25,480
|
|
|
8,044
|
|
|
1,168
|
|
||||||
Total
|
$
|
18,404
|
|
|
$
|
22,658
|
|
|
$
|
12,513
|
|
|
$
|
31,226
|
|
|
$
|
12,920
|
|
|
$
|
6,019
|
|
Total as a percentage of total assets
|
2.07
|
%
|
|
2.45
|
%
|
|
1.34
|
%
|
|
3.27
|
%
|
|
1.31
|
%
|
|
0.72
|
%
|
||||||
Troubled debt restructurings
|
$
|
10,410
|
|
|
$
|
18,029
|
|
|
$
|
12,197
|
|
|
$
|
336
|
|
|
$
|
652
|
|
|
$
|
187
|
|
Repossessed assets
|
$
|
6,754
|
|
|
$
|
14,160
|
|
|
$
|
14,434
|
|
|
$
|
10,773
|
|
|
$
|
1,985
|
|
|
$
|
767
|
|
Allowance for loan losses
|
$
|
11,318
|
|
|
$
|
14,615
|
|
|
$
|
12,502
|
|
|
$
|
12,307
|
|
|
$
|
10,182
|
|
|
$
|
8,067
|
|
|
At December 31,
|
|
At March 31,
|
||||||||||||||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||||||
|
|
|
|
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Balance at beginning of period
|
$
|
14,615
|
|
|
$
|
12,502
|
|
|
$
|
12,502
|
|
|
$
|
12,307
|
|
|
$
|
10,182
|
|
|
$
|
8,067
|
|
|
$
|
7,297
|
|
Provision for loan losses
|
1,975
|
|
|
6,700
|
|
|
8,650
|
|
|
7,800
|
|
|
8,155
|
|
|
2,825
|
|
|
895
|
|
|||||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential real estate
|
647
|
|
|
298
|
|
|
564
|
|
|
1,010
|
|
|
283
|
|
|
37
|
|
|
15
|
|
|||||||
Commercial business and commercial real estate
|
6,488
|
|
|
4,539
|
|
|
4,830
|
|
|
6,524
|
|
|
5,380
|
|
|
370
|
|
|
146
|
|
|||||||
Consumer
|
287
|
|
|
189
|
|
|
1,250
|
|
|
583
|
|
|
405
|
|
|
338
|
|
|
89
|
|
|||||||
Total charge-offs
|
7,422
|
|
|
5,026
|
|
|
6,644
|
|
|
8,117
|
|
|
6,068
|
|
|
745
|
|
|
250
|
|
|||||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential real estate
|
57
|
|
|
—
|
|
|
—
|
|
|
125
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|||||||
Commercial business and commercial real estate
|
2,075
|
|
|
50
|
|
|
51
|
|
|
318
|
|
|
6
|
|
|
15
|
|
|
83
|
|
|||||||
Consumer
|
18
|
|
|
35
|
|
|
56
|
|
|
68
|
|
|
29
|
|
|
20
|
|
|
41
|
|
|||||||
Total recoveries
|
2,150
|
|
|
85
|
|
|
107
|
|
|
511
|
|
|
38
|
|
|
35
|
|
|
125
|
|
|||||||
Balance at end of period
|
$
|
11,318
|
|
|
$
|
14,261
|
|
|
$
|
14,615
|
|
|
$
|
12,502
|
|
|
$
|
12,307
|
|
|
$
|
10,182
|
|
|
$
|
8,067
|
|
Ratio of net charge-offs during the period to average loans outstanding during the period
(1)
|
1.72
|
%
|
|
1.41
|
%
|
|
1.43
|
%
|
|
1.42
|
%
|
|
1.01
|
%
|
|
0.12
|
%
|
|
0.03
|
%
|
|
At
December 31,
|
|
At March 31,
|
||||||||||||||||||||||||||||||||||||||
|
2012
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||||||||||||||||||||||
|
Amount
|
|
% of
Loans
in Each Cate-gory to Total
Loans |
|
Amount
|
|
% of
Loans in Each Cate-gory to Total
Loans
|
|
Amount
|
|
% of
Loans in Each Cate-gory to Total Loans
|
|
Amount
|
|
% of
Loans in Each Cate-gory to Total Loans
|
|
Amount
|
|
% of
Loans in Each Cate-gory to Total Loans
|
|
Amount
|
|
% of
Loans in Each Cate-gory to Total Loans
|
||||||||||||||||||
|
|
|
|
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||
Residential
|
$
|
1,522
|
|
|
23.2
|
%
|
|
$
|
1,929
|
|
|
22.6
|
%
|
|
$
|
1,703
|
|
|
23.2
|
%
|
|
$
|
2,044
|
|
|
20.7
|
%
|
|
$
|
712
|
|
|
21.2
|
%
|
|
$
|
665
|
|
|
25.1
|
%
|
Consumer
|
1,001
|
|
|
13.7
|
|
|
1,498
|
|
|
13.2
|
|
|
1,122
|
|
|
12.9
|
|
|
1,039
|
|
|
11.7
|
|
|
3,659
|
|
|
11.0
|
|
|
3,712
|
|
|
12.5
|
|
||||||
Commercial business
|
619
|
|
|
2.0
|
|
|
645
|
|
|
2.1
|
|
|
924
|
|
|
2.7
|
|
|
714
|
|
|
3.0
|
|
|
1,571
|
|
|
3.3
|
|
|
244
|
|
|
4.1
|
|
||||||
Commercial real estate
|
8,176
|
|
|
61.1
|
|
|
10,543
|
|
|
62.1
|
|
|
8,753
|
|
|
61.2
|
|
|
8,510
|
|
|
64.6
|
|
|
4,240
|
|
|
64.5
|
|
|
3,446
|
|
|
58.3
|
|
||||||
Total
|
$
|
11,318
|
|
|
100.0
|
%
|
|
$
|
14,615
|
|
|
100.0
|
%
|
|
$
|
12,502
|
|
|
100.0
|
%
|
|
$
|
12,307
|
|
|
100.0
|
%
|
|
$
|
10,182
|
|
|
100.0
|
%
|
|
$
|
8,067
|
|
|
100.0
|
%
|
|
At
December 31,
|
|
At March 31,
|
||||||||||||
|
2012
|
|
2012
|
|
2011
|
|
2010
|
||||||||
|
|
|
(In Thousands)
|
||||||||||||
Interest bearing deposit at FHLB
|
$
|
226
|
|
|
$
|
577
|
|
|
$
|
268
|
|
|
$
|
167
|
|
Certificates of deposits at a financial institutions
|
1,729
|
|
|
1,727
|
|
|
100
|
|
|
—
|
|
||||
Total
|
$
|
1,955
|
|
|
$
|
2,304
|
|
|
$
|
368
|
|
|
$
|
167
|
|
|
|
|
|
|
|
|
|
||||||||
Investment Securities:
|
|
|
|
|
|
|
|
|
|
|
|||||
Available for Sale:
|
|
|
|
|
|
|
|
|
|
|
|||||
FHLB securities
|
$
|
6,165
|
|
|
$
|
2,699
|
|
|
$
|
14,209
|
|
|
$
|
9,370
|
|
Federal Farm Credit Bank securities
|
—
|
|
|
—
|
|
|
2,007
|
|
|
4,209
|
|
||||
Fannie Mae bonds
|
—
|
|
|
—
|
|
|
7,730
|
|
|
4,965
|
|
||||
Freddie Mac bonds
|
—
|
|
|
2,922
|
|
|
3,931
|
|
|
998
|
|
||||
Small Business Administration bonds
|
96,462
|
|
|
86,279
|
|
|
64,710
|
|
|
37,186
|
|
||||
Taxable municipal bonds
|
—
|
|
|
—
|
|
|
4,472
|
|
|
3,226
|
|
||||
Tax exempt municipal bonds
|
37,482
|
|
|
24,126
|
|
|
2,035
|
|
|
—
|
|
||||
Equity securities
|
75
|
|
|
75
|
|
|
79
|
|
|
72
|
|
||||
Total securities available for sale
|
140,184
|
|
|
116,101
|
|
|
99,173
|
|
|
60,026
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Held to Maturity:
|
|
|
|
|
|
|
|
|
|
|
|||||
FHLB securities
|
7,996
|
|
|
11,555
|
|
|
10,040
|
|
|
4,000
|
|
||||
Federal Farm Credit Bank securities
|
6,796
|
|
|
1,999
|
|
|
—
|
|
|
—
|
|
||||
Fannie Mae bonds
|
2,022
|
|
|
2,992
|
|
|
—
|
|
|
—
|
|
||||
Freddie Mac bonds
|
1,998
|
|
|
3,991
|
|
|
—
|
|
|
—
|
|
||||
Small Business Administration bonds
|
5,866
|
|
|
3,251
|
|
|
3,856
|
|
|
4,482
|
|
||||
Equity securities
|
155
|
|
|
155
|
|
|
155
|
|
|
155
|
|
||||
Total securities held to maturity
|
24,833
|
|
|
23,943
|
|
|
14,051
|
|
|
8,637
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total securities (1)
|
165,017
|
|
|
140,044
|
|
|
113,592
|
|
|
68,663
|
|
||||
FHLB stock
|
6,179
|
|
|
8,471
|
|
|
11,267
|
|
|
12,624
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total securities and FHLB stock (1)
|
$
|
171,196
|
|
|
$
|
148,515
|
|
|
$
|
124,859
|
|
|
$
|
81,287
|
|
|
Maturing or Repricing
|
||||||||||||||||||||||||||
|
|
|
|
|
After One But
|
|
After Five But
|
|
|
|
|
||||||||||||||||
|
Within One Year
|
|
Within Five Years
|
|
Within Ten Years
|
|
After Ten Years
|
||||||||||||||||||||
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||
U.S. Government sponsored enterprises
|
$
|
4,998
|
|
|
4.06
|
%
|
|
$
|
19,930
|
|
|
1.57
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
Small Business Administration bonds
|
66,077
|
|
|
1.98
|
|
|
5,536
|
|
|
3.52
|
|
|
15,466
|
|
|
2.89
|
|
|
12,939
|
|
|
3.83
|
|
||||
Tax exempt municipal bonds
|
—
|
|
|
—
|
|
|
3,274
|
|
|
3.45
|
|
|
29,266
|
|
|
3.82
|
|
|
3,232
|
|
|
5.55
|
|
||||
FHLB stock (1)
|
6,179
|
|
|
2.43
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other equity securities
|
258
|
|
|
1.29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total (2)
|
$
|
77,512
|
|
|
2.15
|
%
|
|
$
|
28,740
|
|
|
2.16
|
%
|
|
$
|
44,732
|
|
|
3.50
|
%
|
|
$
|
16,171
|
|
|
4.18
|
%
|
|
At
December 31,
|
|
At March 31,
|
||||||||||||
|
2012
|
|
2012
|
|
2011
|
|
2010
|
||||||||
|
|
|
(In Thousands)
|
||||||||||||
Available for sale:
|
|
|
|
|
|
|
|
||||||||
Freddie Mac
|
$
|
28,560
|
|
|
$
|
41,047
|
|
|
$
|
47,452
|
|
|
$
|
46,248
|
|
Fannie Mae
|
45,002
|
|
|
47,510
|
|
|
44,114
|
|
|
53,576
|
|
||||
Ginnie Mae
|
141,170
|
|
|
149,297
|
|
|
148,515
|
|
|
132,411
|
|
||||
Total
|
$
|
214,732
|
|
|
$
|
237,854
|
|
|
$
|
240,081
|
|
|
$
|
232,235
|
|
Held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|||||
Freddie Mac
|
4,060
|
|
|
$
|
1,548
|
|
|
$
|
2,581
|
|
|
$
|
4,168
|
|
|
Fannie Mae
|
—
|
|
|
—
|
|
|
—
|
|
|
388
|
|
||||
Ginnie Mae
|
47,179
|
|
|
42,185
|
|
|
16,533
|
|
|
5,593
|
|
||||
Total
|
$
|
51,239
|
|
|
$
|
43,733
|
|
|
$
|
19,114
|
|
|
$
|
10,149
|
|
|
The Earliest of Maturing or Repricing
|
|
At
December 31, 2012
|
|
||||||||||||||||||||||||||||||
|
Less Than
1 Year
|
|
1 to 5
Years
|
|
5 to 10
Years
|
|
Over
Ten Years
|
|
Balance
Outstanding
|
|||||||||||||||||||||||||
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||
Fannie Mae
|
$
|
1,704
|
|
|
4.58
|
%
|
|
$
|
1,762
|
|
|
5.22
|
%
|
|
$
|
3,299
|
|
|
2.20
|
%
|
|
$
|
37,277
|
|
|
2.76
|
%
|
|
$
|
44,042
|
|
|
2.89
|
%
|
Freddie Mac
|
23
|
|
|
4.50
|
|
|
714
|
|
|
5.06
|
|
|
2,829
|
|
|
5.28
|
|
|
27,955
|
|
|
3.00
|
|
|
31,521
|
|
|
3.25
|
|
|||||
Ginnie Mae
|
36,714
|
|
|
1.11
|
|
|
38
|
|
|
6.00
|
|
|
14,840
|
|
|
3.75
|
|
|
130,878
|
|
|
3.13
|
|
|
182,470
|
|
|
2.77
|
|
|||||
Total
|
$
|
38,441
|
|
|
1.26
|
%
|
|
$
|
2,514
|
|
|
5.19
|
%
|
|
$
|
20,968
|
|
|
3.71
|
%
|
|
$
|
196,110
|
|
|
3.04
|
%
|
|
$
|
258,033
|
|
|
2.85
|
%
|
|
At
December 31,
|
|
At March 31,
|
||||||||||||||||||||||||
|
2012
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||||
|
Amount
|
|
Percent
of Total
|
|
Amount
|
|
Percent
of Total
|
|
Amount
|
|
Percent
of Total
|
|
Amount
|
|
Percent
of Total
|
||||||||||||
|
|
|
|
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Interest Rate Range for fiscal 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Savings accounts 0% - 0.20%
|
$
|
22,411
|
|
|
3.3
|
%
|
|
$
|
22,349
|
|
|
3.2
|
%
|
|
$
|
20,583
|
|
|
3.0
|
%
|
|
$
|
18,991
|
|
|
2.7
|
%
|
NOW and other transaction accounts 0% - 0.20%
|
126,741
|
|
|
18.7
|
|
|
124,750
|
|
|
17.9
|
|
|
117,077
|
|
|
17.0
|
|
|
109,086
|
|
|
15.7
|
|
||||
Money market funds 0.20% - 0.40%
|
234,383
|
|
|
34.7
|
|
|
224,196
|
|
|
32.2
|
|
|
194,560
|
|
|
28.1
|
|
|
173,905
|
|
|
25.1
|
|
||||
Total non-certificates
|
$
|
383,535
|
|
|
56.7
|
%
|
|
$
|
371,295
|
|
|
53.3
|
%
|
|
$
|
332,220
|
|
|
48.1
|
%
|
|
$
|
301,982
|
|
|
43.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Certificates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
0.00-1.99%
|
$
|
255,423
|
|
|
37.8
|
%
|
|
$
|
267,556
|
|
|
38.4
|
%
|
|
$
|
239,078
|
|
|
34.6
|
%
|
|
$
|
118,797
|
|
|
17.1
|
%
|
2.00-2.99%
|
32,975
|
|
|
4.9
|
|
|
49,261
|
|
|
7.1
|
|
|
107,387
|
|
|
15.6
|
|
|
255,352
|
|
|
36.8
|
|
||||
3.00-3.99%
|
2,381
|
|
|
0.3
|
|
|
2,937
|
|
|
0.4
|
|
|
3,307
|
|
|
0.5
|
|
|
4,572
|
|
|
0.7
|
|
||||
4.00-4.99%
|
1,523
|
|
|
0.2
|
|
|
4,022
|
|
|
0.6
|
|
|
5,272
|
|
|
0.8
|
|
|
8,818
|
|
|
1.2
|
|
||||
5.00-5.99%
|
502
|
|
|
0.1
|
|
|
1,130
|
|
|
0.2
|
|
|
3,093
|
|
|
0.4
|
|
|
4,731
|
|
|
0.7
|
|
||||
Total certificates
|
292,804
|
|
|
43.3
|
%
|
|
324,906
|
|
|
46.7
|
%
|
|
358,137
|
|
|
51.9
|
%
|
|
392,270
|
|
|
56.5
|
%
|
||||
Total deposits
|
$
|
676,339
|
|
|
100.0
|
%
|
|
$
|
696,201
|
|
|
100.0
|
%
|
|
$
|
690,357
|
|
|
100.0
|
%
|
|
$
|
694,252
|
|
|
100.0
|
%
|
|
Nine Months
Ended
December 31,
|
|
Years Ended March 31,
|
||||||||||||
|
2012
|
|
2012
|
|
2011
|
|
2010
|
||||||||
|
|
|
(Dollars in Thousands)
|
||||||||||||
Opening balance
|
$
|
696,201
|
|
|
$
|
690,357
|
|
|
$
|
694,252
|
|
|
$
|
661,714
|
|
Net deposits
|
(19,862
|
)
|
|
5,844
|
|
|
(3,895
|
)
|
|
32,538
|
|
||||
Ending balance
|
676,339
|
|
|
696,201
|
|
|
690,357
|
|
|
694,252
|
|
||||
Net increase (decrease)
|
$
|
(19,862
|
)
|
|
$
|
5,844
|
|
|
$
|
(3,895
|
)
|
|
$
|
32,538
|
|
Percent increase (decrease)
|
(2.85
|
)%
|
|
0.85
|
%
|
|
(0.60
|
)%
|
|
4.9
|
%
|
|
0-
1.99%
|
|
2.00-
2.99
|
|
3.00-
3.99
|
|
4.00-
4.99
|
|
5.00-
5.99
|
|
Total
|
||||||||||||
Certificate accounts maturing in quarter ending:
|
|
|
|
(In Thousands)
|
|||||||||||||||||||
March 31, 2013
|
$
|
53,892
|
|
|
$
|
809
|
|
|
$
|
346
|
|
|
$
|
235
|
|
|
$
|
—
|
|
|
$
|
55,282
|
|
June 30, 2013
|
45,801
|
|
|
748
|
|
|
312
|
|
|
373
|
|
|
—
|
|
|
47,234
|
|
||||||
September 30, 2013
|
46,901
|
|
|
914
|
|
|
117
|
|
|
339
|
|
|
502
|
|
|
48,773
|
|
||||||
December 31, 2013
|
29,196
|
|
|
694
|
|
|
306
|
|
|
576
|
|
|
—
|
|
|
30,772
|
|
||||||
March 31, 2014
|
24,601
|
|
|
2,829
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
27,554
|
|
||||||
June 30, 2014
|
17,818
|
|
|
883
|
|
|
207
|
|
|
—
|
|
|
—
|
|
|
18,908
|
|
||||||
September 30, 2014
|
2,664
|
|
|
1,146
|
|
|
798
|
|
|
—
|
|
|
—
|
|
|
4,608
|
|
||||||
December 31, 2014
|
2,364
|
|
|
1,956
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,320
|
|
||||||
March 31, 2015
|
3,581
|
|
|
4,420
|
|
|
171
|
|
|
—
|
|
|
—
|
|
|
8,172
|
|
||||||
June 30, 2015
|
956
|
|
|
1,789
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,745
|
|
||||||
September 30, 2015
|
524
|
|
|
3,675
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,199
|
|
||||||
December 31, 2015
|
3,258
|
|
|
3,799
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,057
|
|
||||||
Thereafter
|
23,867
|
|
|
9,313
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,180
|
|
||||||
Total
|
$
|
255,423
|
|
|
$
|
32,975
|
|
|
$
|
2,381
|
|
|
$
|
1,523
|
|
|
$
|
502
|
|
|
$
|
292,804
|
|
|
Certificates
of Deposit
|
|
Savings, NOW and
Money Market Accounts
|
||||
|
(In Thousands)
|
||||||
Maturity Period
|
|
|
|
|
|
||
Three months or less
|
$
|
24,650
|
|
|
$
|
383,535
|
|
Over three through six months
|
18,517
|
|
|
—
|
|
||
Over six through twelve month
|
34,168
|
|
|
—
|
|
||
Over twelve months
|
62,538
|
|
|
—
|
|
||
Total
|
$
|
139,873
|
|
|
$
|
383,535
|
|
|
Nine Months
Ended
December 31,
|
|
Years Ended March 31,
|
||||||||||||
|
2012
|
|
2012
|
|
2011
|
|
2010
|
||||||||
|
(In Thousands)
|
||||||||||||||
Maximum Balance:
|
|
|
|
|
|
|
|
||||||||
FHLB advances
|
$
|
113,168
|
|
|
$
|
141,484
|
|
|
$
|
168,833
|
|
|
$
|
228,997
|
|
Other borrowings
|
10,226
|
|
|
11,669
|
|
|
12,343
|
|
|
61,337
|
|
||||
Junior subordinated debentures
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
||||
Senior convertible debentures
|
6,084
|
|
|
6,084
|
|
|
6,084
|
|
|
6,084
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Average Balance:
|
|
|
|
|
|
|
|
|
|
|
|
||||
FHLB advances
|
$
|
110,380
|
|
|
$
|
127,411
|
|
|
$
|
144,008
|
|
|
$
|
185,499
|
|
Other borrowings
|
9,669
|
|
|
10,423
|
|
|
11,713
|
|
|
41,749
|
|
||||
Junior subordinated debentures
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
||||
Senior convertible debentures
|
6,084
|
|
|
6,084
|
|
|
6,084
|
|
|
2,017
|
|
|
At
December 31,
|
|
At March 31,
|
||||||||||||
|
2012
|
|
2012
|
|
2011
|
|
2010
|
||||||||
|
|
|
(Dollars in Thousands)
|
||||||||||||
Balance:
|
|
|
|
|
|
|
|
||||||||
FHLB advances
|
$
|
105,257
|
|
|
$
|
122,070
|
|
|
$
|
138,136
|
|
|
$
|
164,004
|
|
Other borrowings
|
9,317
|
|
|
9,801
|
|
|
11,195
|
|
|
12,060
|
|
||||
Junior subordinated debentures
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
||||
Senior convertible debentures
|
6,084
|
|
|
6,084
|
|
|
6,084
|
|
|
6,084
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Weighted Average Interest Rate at Fiscal Year End:
|
|
|
|
|
|
|
|
|
|
|
|
||||
FHLB advances
|
3.72
|
%
|
|
3.62
|
%
|
|
3.57
|
%
|
|
3.71
|
%
|
||||
Other borrowings
|
0.20
|
|
|
0.25
|
|
|
0.40
|
|
|
0.80
|
|
||||
Junior subordinated debentures
|
2.01
|
|
|
2.17
|
|
|
4.45
|
|
|
4.42
|
|
||||
Senior convertible debentures
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
||||
|
|
|
|
|
|
|
|
||||||||
During Fiscal Year:
|
|
|
|
|
|
|
|
|
|
|
|
||||
FHLB advances
|
3.97
|
%
|
|
3.86
|
%
|
|
3.92
|
%
|
|
3.39
|
%
|
||||
Other borrowings
|
0.25
|
|
|
0.37
|
|
|
0.53
|
|
|
0.60
|
|
||||
Junior subordinated debentures
|
2.17
|
|
|
3.24
|
|
|
4.53
|
|
|
4.64
|
|
||||
Senior convertible debentures
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
|
7.98
|
|
|
|
Age at
December 31,
|
|
Position
|
||
Name
|
|
2012
|
|
Company
|
|
Bank
|
J. Chris Verenes
|
|
56
|
|
President and Chief Executive Officer
|
|
Chief Executive Officer and Chairman of the Board
|
Timothy W. Simmons
|
|
67
|
|
Chairman of the Board
|
|
—
|
Roy G. Lindburg
|
|
52
|
|
Chief Financial Officer
|
|
Chief Financial Officer
|
Frank M. Thomas, Jr.
|
|
65
|
|
—
|
|
President
|
•
|
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 non-performing 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; and do not record interest income for REO;
|
•
|
we must 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 REO 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 REO; and
|
•
|
the resolution of non-performing assets requires the active involvement of management, which can distract them from more profitable activity.
|
•
|
loan delinquencies, problem assets and foreclosures may increase;
|
•
|
demand for our products and services may decline;
|
•
|
collateral for loans, especially real estate, made may decline further in value, in turn reducing customers' borrowing power, reducing the value of assets and collateral associated with existing loans; and
|
•
|
the amount of our low-cost or non-interest bearing deposits may decrease.
|
Location
|
|
Owned or
Leased
|
|
Lease
Expiration
Date
|
|
Date Facility
Opened/
Acquired
|
|
Gross
Square
Footage
|
|
Net Book
Value
|
||
Main Office:
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
238 Richland Avenue, W.
Aiken, South Carolina
|
|
Leased
|
|
2016
|
|
2006
|
|
3,840
|
|
$
|
791,000
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Full Service Branch Offices:
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
100 Laurens Street, N.W.
Aiken, South Carolina
|
|
Leased
|
|
2016
|
|
1959
|
|
3,840
|
|
791,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1705 Whiskey Road S.
Aiken, South Carolina
|
|
Owned
|
|
N/A
|
|
1980
|
|
10,000
|
|
971,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
313 East Martintown Road
North Augusta, South Carolina
|
|
Owned
|
|
N/A
|
|
1973
|
|
4,356
|
|
762,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1665 Richland Avenue, W.
Aiken, South Carolina
|
|
Owned
|
|
N/A
|
|
1984
|
|
1,942
|
|
169,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Montgomery & Canal Streets
Masonic Shopping Center
Graniteville, South Carolina
|
|
Leased
|
|
2007
|
|
1993 (1)
|
|
3,576
|
|
83,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
2812 Augusta Road
Langley, South Carolina
|
|
Owned
|
|
N/A
|
|
1993 (1)
|
|
2,509
|
|
49,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4568 Jefferson Davis Highway
Clearwater, South Carolina
|
|
Owned
|
|
N/A
|
|
2008
|
|
2,287
|
|
1,439,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
118 Main Street North
Wagener, South Carolina
|
|
Owned
|
|
N/A
|
|
1993 (1)
|
|
3,600
|
|
124,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1185 Sunset Boulevard
West Columbia, South Carolina
|
|
Leased
|
|
2015
|
|
2000
|
|
10,000
|
|
191,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
2587 Whiskey Road
Aiken, South Carolina
|
|
Owned
|
|
N/A
|
|
2006
|
|
4,000
|
|
1,335,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
5446 Sunset Boulevard
Lexington, South Carolina
|
|
Owned (2)
|
|
N/A
|
|
2003
|
|
9,200
|
|
1,038,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1900 Assembly Street
Columbia, South Carolina
|
|
Leased (3)
|
|
N/A
|
|
2007
|
|
6,000
|
|
407,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
7004 Evans Town Center
Evans, Georgia
|
|
Owned
|
|
N/A
|
|
2007
|
|
18,000
|
|
4,029,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Operations Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
871 East Pine Log Road
Aiken, South Carolina
|
|
Owned
|
|
N/A
|
|
1988
|
|
10
|
|
1,073,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Insurance & Marketing Offices
234 Richland Avenue, West
Aiken, South Carolina
|
|
Leased
|
|
2016
|
|
2006
|
|
1,948
|
|
—
|
|
(1)
|
Represents acquisition date.
|
(2)
|
Security Federal has a lease on the land for this office which expires in 2018, but has options through 2063.
|
(3)
|
Security Federal has a lease on the land for this office which expires in 2027, but has options through 2047.
|
|
|
Period Ending
|
||||||||||
Index
|
|
12/31/2007
|
|
12/31/2008
|
|
12/31/2009
|
|
12/31/2010
|
|
12/31/2011
|
|
12/31/2012
|
Security Federal Corporation
|
|
$100.00
|
|
68.74
|
|
44.75
|
|
55.33
|
|
38.17
|
|
40.08
|
NASDAQ Composite
|
|
100.00
|
|
60.02
|
|
87.24
|
|
103.08
|
|
102.26
|
|
120.42
|
SNL Bank Index
|
|
100.00
|
|
57.06
|
|
56.47
|
|
63.27
|
|
49.00
|
|
66.13
|
(a)
|
Security Ownership of Certain Beneficial Owners.
|
(b)
|
Security Ownership of Management.
|
(c)
|
Changes In Control
|
(d)
|
Equity Compensation Plan Information
|
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:
|
|
|
|
|
|
|
1999 Stock Option Plan
|
|
39,400
|
|
23.25
|
|
—
|
2002 Stock Option Plan
|
|
21,000
|
|
21.33
|
|
—
|
2006 Stock Option Plan
|
|
8,000
|
|
22.96
|
|
—
|
2008 Equity Incentive Plan
|
|
—
|
|
—
|
|
50,000
|
Equity compensation plans not approved by security holders
|
|
—
|
|
—
|
|
—
|
Total
|
|
68,400
|
|
22.63
|
|
50,000
|
(a)1.
|
Financial Statements
.
|
2.
|
Financial Statement Schedules
.
|
3.1
|
Articles of Incorporation, as amended (1)
|
3.2
|
Articles of Amendment, including Certificate of Designation relating to the Company's Fixed Rate Cumulative Perpetual Preferred Stock Series B (2)
|
3.3
|
Amended and Restated Bylaws (3)
|
4.1
|
Form of Stock Certificate of the Company and other instruments defining the rights of security holders, including indentures (4)
|
4.2
|
Form of Certificate for the Series B Preferred Shares (2)
|
4.3
|
Warrant to purchase shares of the Company's common stock dated December 19, 2008 (5)
|
4.4
|
Form of Indenture with respect to the Company's 8.0% Convertible Senior Debentures Due 2029 (6)
|
4.5
|
Specimen Convertible Senior Debenture Due 2029 (6)
|
4.6
|
Letter Agreement (including Securities Exchange Agreement B Standard Terms, attached as Exhibit A) dated September 29, 2010 between the Company and the United States Department of the Treasury (2)
|
4.7
|
Letter Agreement (including Securities Purchase Agreement B Standard Terms, attached as Exhibit A) dated September 29, 2010 between the Company and the United States Department of the Treasury (2)
|
10.1
|
1993 Salary Continuation Agreements (7)
|
10.2
|
Amendment One to 1993 Salary Continuation Agreements (8)
|
10.3
|
Form of 2006 Salary Continuation Agreement (9)
|
10.4
|
1999 Stock Option Plan (10)
|
10.5
|
2002 Stock Option Plan (11)
|
10.6
|
2006 Stock Option Plan (12)
|
10.7
|
2008 Equity Incentive Plan (13)
|
10.8
|
Form of incentive stock option agreement and non-qualified stock option agreement pursuant to the 2006 Stock Option Plan (12)
|
10.9
|
2004 Employee Stock Purchase Plan (14)
|
10.10
|
Incentive Compensation Plan (7)
|
10.11
|
Form of Security Federal Bank Salary Continuation Agreement (15)
|
10.12
|
Form of Security Federal Split Dollar Agreement (9)
|
10.13
|
Form of Compensation Modification Agreement (5)
|
13
|
Annual Report to Stockholders
|
14
|
Code of Ethics (15)
|
21
|
Subsidiaries of Registrant
|
23.0
|
Consent of Elliott Davis, LLC
|
25.0
|
Form T-1; Statement of Eligibility of Trustee (6)
|
31.1
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
31.2
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
32.0
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act
|
99.1
|
Certification of Principal Executive Officer of Security Federal Corporation To Chief Compliance Officer Of The Troubled Asset Relief Program Pursuant to 31 CFR ' 30.15
|
99.2
|
Certification of Principal Financial Officer of Security Federal Corporation To Chief Compliance Officer Of The Troubled Asset Relief Program Pursuant to 31 CFR ' 30.15
|
101.0
|
The following materials from Security Federal Corporation's Annual Report on Form 10-K for the year ended March 31, 2012, 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 (17)
|
(1)
|
Filed on June 26, 1998, as an exhibit to the Company's Proxy Statement and incorporated herein by reference.
|
(2)
|
Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 30, 2010.
|
(3)
|
Incorporated herein by reference to the Registrant's Current Report on Form 8-K filed on January 23, 2013.
|
(4)
|
Filed on August 12, 1987, as an exhibit to the Company's Registration Statement on Form 8-A and incorporated herein by reference.
|
(5)
|
Incorporated by reference to the Registrant's Current Report on Form 8-K filed on December 23, 2008.
|
(6)
|
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.
|
(7)
|
Filed on June 28, 1993, as an exhibit to the Company's Annual Report on Form 10-KSB and incorporated herein by reference.
|
(8)
|
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.
|
(9)
|
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.
|
(10)
|
Filed on March 2, 2000, as an exhibit to the Company's Registration Statement on Form S-8 and incorporated herein by reference
|
(11)
|
Filed on January 3, 2003, as an exhibit to the Company's Registration Statement on Form S-8 and incorporated herein by reference.
|
(12)
|
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.
|
(13)
|
Filed on November 12, 2008, as an exhibit to the Company's Registration Statement on Form S-8 and incorporated herein by reference.
|
(14)
|
Filed on June 18, 2004, as an exhibit to the Company's Proxy Statement and incorporated herein by reference.
|
(15)
|
Filed on May 24, 2006 as an exhibit to the Current Report on Form 8-K and incorporated herein by reference.
|
(16)
|
Filed on June 29, 2006, as an exhibit to the Company's Annual Report on Form 10-K and incorporated herein by reference.
|
(17)
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
Date: March 25, 2013
|
By:
|
/s/J. Chris Verenes
|
|
|
J. Chris Verenes
|
|
|
President, Chief Executive Officer and Director
|
|
|
(Duly Authorized Representative)
|
By:
|
/s/J. Chris Verenes
|
March 25, 2013
|
|
J. Chris Verenes
|
|
|
President, Chief Executive Officer and Director
|
|
|
(Principal Executive Officer)
|
|
By:
|
/s/Roy G. Lindburg
|
March 25, 2013
|
|
Roy G. Lindburg
|
|
|
Chief Financial Officer and Director
|
|
|
(Principal Financial and Accounting Officer)
|
|
By:
|
/s/Timothy W. Simmons
|
March 25, 2013
|
|
Timothy W. Simmons
|
|
|
Chairman of the Board and Director
|
|
By:
|
/s/Frank M. Thomas, Jr.
|
March 25, 2013
|
|
Frank M. Thomas, Jr.
|
|
|
President of Security Federal Bank and Director of
|
|
|
the Company and Security Federal Bank
|
|
By:
|
/s/Gasper L. Toole III
|
March 25, 2013
|
|
Gasper L. Toole III
|
|
|
Director
|
|
By:
|
/s/Robert E. Alexander
|
March 25, 2013
|
|
Robert E. Alexander
|
|
|
Director
|
|
By:
|
/s/Thomas L. Moore
|
March 25, 2013
|
|
Thomas L. Moore
|
|
|
Director
|
|
By:
|
/s/William Clyburn
|
March 25, 2013
|
|
William Clyburn
|
|
|
Director
|
|
By:
|
/s/Harry O. Weeks, Jr.
|
March 25, 2013
|
|
Harry O. Weeks, Jr.
|
|
|
Director
|
|
By:
|
/s/W. Barry Adams
|
March 25, 2013
|
|
W. Barry Adams
|
|
|
Director and Executive Vice President of Security Federal
Bank
|
|
By:
|
/s/Richard T. Harmon
|
March 25, 2013
|
|
Richard T. Harmon
|
|
|
Director and Chief Lending Officer of Security Federal
Bank
|
|
13
|
Annual Report to Stockholders
|
|
|
21
|
Subsidiaries of the Registrant
|
|
|
23
|
Consent of Elliott Davis, LLC
|
|
|
31.1
|
Certification of Chief Executive Officer of Security Federal Corporation Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
31.2
|
Certification of Chief Financial Officer of Security Federal Corporation Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
32
|
Certification of Chief Executive Officer and Chief Financial Officer of Security Federal Corporation Pursuant to Section 906 of the Sarbanes-Oxley Act
|
|
|
99.1
|
Certification of Principal Executive Officer of Security Federal Corporation To Chief Compliance Officer Of The Troubled Asset Relief Program Pursuant to 31 CFR §30.15
|
|
|
99.2
|
Certification of Principal Financial Officer of Security Federal Corporation To Chief Compliance Officer Of The Troubled Asset Relief Program Pursuant to 31 CFR §30.15
|
|
|
101
|
The following materials from Security Federal Corporation's Annual Report on Form 10-K for the year ended March 31, 2012, 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 (17)
|
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