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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.00 | 22.15 | 23.20 | 0.00 | 12:38:02 |
FROM:
|
|
TO:
|
|
|
South Carolina
|
|
57-0858504
|
|
|
(State or other jurisdiction of incorporation or organization)
|
|
(IRS Employer Identification No.)
|
|
|
Large accelerated filed [ ]
|
|
Smaller reporting company [ X ]
|
|
|
Non-accelerated filer [ ]
|
|
Emerging growth company [ ]
|
|
|
Accelerated filer [ ]
|
|
|
|
YES
|
|
|
|
NO
|
|
|
|
CLASS:
|
|
OUTSTANDING SHARES AT:
|
|
SHARES:
|
|
|
Common Stock, par value $0.01 per share
|
|
November 13, 2017
|
|
2,945,474
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(Unaudited)
|
|
(Audited)
|
||||
ASSETS:
|
|
|
|
||||
Cash and Cash Equivalents
|
$
|
15,158,779
|
|
|
$
|
9,374,549
|
|
Certificates of Deposit with Other Banks
|
1,350,005
|
|
|
2,445,005
|
|
||
Investment and Mortgage-Backed Securities:
|
|
|
|
||||
Available For Sale
|
388,643,233
|
|
|
362,059,429
|
|
||
Held To Maturity (Fair Value of $25,568,343 and $25,371,052 at September 30, 2017 and December 31, 2016, Respectively)
|
25,337,966
|
|
|
25,583,956
|
|
||
Total Investments and Mortgage-Backed Securities
|
413,981,199
|
|
|
387,643,385
|
|
||
Loans Receivable, Net:
|
|
|
|
||||
Held For Sale
|
1,270,410
|
|
|
4,243,907
|
|
||
Held For Investment (Net of Allowance of $8,169,188 and $8,356,231 at September 30, 2017 and December 31, 2016, Respectively)
|
374,441,058
|
|
|
355,478,939
|
|
||
Total Loans Receivable, Net
|
375,711,468
|
|
|
359,722,846
|
|
||
Accrued Interest Receivable:
|
|
|
|
||||
Loans
|
936,428
|
|
|
1,038,444
|
|
||
Mortgage-Backed Securities
|
587,965
|
|
|
605,474
|
|
||
Investment Securities
|
1,716,518
|
|
|
1,407,923
|
|
||
Total Accrued Interest Receivable
|
3,240,911
|
|
|
3,051,841
|
|
||
Premises and Equipment, Net
|
22,865,424
|
|
|
21,197,684
|
|
||
Federal Home Loan Bank ("FHLB") Stock, at Cost
|
2,473,700
|
|
|
2,776,500
|
|
||
Other Real Estate Owned ("OREO")
|
1,907,637
|
|
|
2,721,214
|
|
||
Bank Owned Life Insurance ("BOLI")
|
18,665,893
|
|
|
17,101,045
|
|
||
Goodwill
|
1,199,754
|
|
|
1,199,754
|
|
||
Other Assets
|
4,593,887
|
|
|
5,447,746
|
|
||
Total Assets
|
$
|
861,148,657
|
|
|
$
|
812,681,569
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY:
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Deposit Accounts
|
$
|
701,613,360
|
|
|
$
|
654,103,278
|
|
Advance Payments By Borrowers For Taxes and Insurance
|
669,491
|
|
|
260,580
|
|
||
Advances From FHLB
|
41,000,000
|
|
|
48,395,000
|
|
||
Other Borrowings
|
12,355,812
|
|
|
9,338,148
|
|
||
Note Payable
|
9,700,000
|
|
|
13,000,000
|
|
||
Junior Subordinated Debentures
|
5,155,000
|
|
|
5,155,000
|
|
||
Senior Convertible Debentures
|
6,064,000
|
|
|
6,084,000
|
|
||
Other Liabilities
|
6,679,470
|
|
|
5,233,289
|
|
||
Total Liabilities
|
$
|
783,237,133
|
|
|
$
|
741,569,295
|
|
Shareholders' Equity:
|
|
|
|
||||
Common Stock, $.01 Par Value; Authorized 5,000,000 Shares; Issued and Outstanding Shares, 3,146,407 and 2,945,474, Respectively
|
$
|
31,464
|
|
|
$
|
31,464
|
|
Additional Paid-In Capital
|
12,036,744
|
|
|
12,036,744
|
|
||
Treasury Stock, at Cost (200,933 Shares)
|
(4,330,712
|
)
|
|
(4,330,712
|
)
|
||
Unvested Restricted Stock
|
—
|
|
|
(25,358
|
)
|
||
Accumulated Other Comprehensive Income
|
3,739,788
|
|
|
1,180,086
|
|
||
Retained Earnings
|
66,434,240
|
|
|
62,220,050
|
|
||
Total Shareholders' Equity
|
$
|
77,911,524
|
|
|
$
|
71,112,274
|
|
Total Liabilities and Shareholders' Equity
|
$
|
861,148,657
|
|
|
$
|
812,681,569
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest Income:
|
|
|
|
|
|
|
|
|
||||||||
Loans
|
|
$
|
5,146,669
|
|
|
$
|
4,912,317
|
|
|
$
|
14,849,109
|
|
|
$
|
14,378,826
|
|
Mortgage-Backed Securities
|
|
1,274,753
|
|
|
1,192,792
|
|
|
3,552,887
|
|
|
3,672,252
|
|
||||
Investment Securities
|
|
1,324,104
|
|
|
1,042,765
|
|
|
3,729,992
|
|
|
3,245,857
|
|
||||
Other
|
|
6,295
|
|
|
4,944
|
|
|
34,804
|
|
|
14,057
|
|
||||
Total Interest Income
|
|
7,751,821
|
|
|
7,152,818
|
|
|
22,166,792
|
|
|
21,310,992
|
|
||||
Interest Expense:
|
|
|
|
|
|
|
|
|
||||||||
NOW and Money Market Accounts
|
|
151,874
|
|
|
102,321
|
|
|
426,080
|
|
|
309,757
|
|
||||
Statement Savings Accounts
|
|
10,726
|
|
|
8,984
|
|
|
30,000
|
|
|
25,468
|
|
||||
Certificate Accounts
|
|
503,505
|
|
|
407,283
|
|
|
1,401,910
|
|
|
1,239,282
|
|
||||
FHLB Advances and Other Borrowed Money
|
|
164,544
|
|
|
132,889
|
|
|
409,655
|
|
|
561,316
|
|
||||
Note Payable
|
|
105,762
|
|
|
—
|
|
|
328,613
|
|
|
—
|
|
||||
Senior Convertible Debentures
|
|
121,396
|
|
|
121,680
|
|
|
364,756
|
|
|
365,040
|
|
||||
Junior Subordinated Debentures
|
|
38,975
|
|
|
31,445
|
|
|
110,863
|
|
|
91,002
|
|
||||
Total Interest Expense
|
|
1,096,782
|
|
|
804,602
|
|
|
3,071,877
|
|
|
2,591,865
|
|
||||
Net Interest Income
|
|
6,655,039
|
|
|
6,348,216
|
|
|
19,094,915
|
|
|
18,719,127
|
|
||||
Provision For Loan Losses
|
|
100,000
|
|
|
—
|
|
|
100,000
|
|
|
—
|
|
||||
Net Interest Income After Provision For Loan Losses
|
|
6,555,039
|
|
|
6,348,216
|
|
|
18,994,915
|
|
|
18,719,127
|
|
||||
Non-Interest Income:
|
|
|
|
|
|
|
|
|
||||||||
Gain on Sale of Investment Securities
|
|
79,363
|
|
|
360,425
|
|
|
707,902
|
|
|
772,143
|
|
||||
Gain on Sale of Loans
|
|
373,636
|
|
|
256,918
|
|
|
894,053
|
|
|
657,473
|
|
||||
Service Fees on Deposit Accounts
|
|
274,717
|
|
|
266,960
|
|
|
776,469
|
|
|
772,341
|
|
||||
Commissions From Insurance Agency
|
|
172,074
|
|
|
149,529
|
|
|
451,311
|
|
|
441,519
|
|
||||
Trust Income
|
|
186,000
|
|
|
197,000
|
|
|
554,000
|
|
|
521,000
|
|
||||
BOLI Income
|
|
788,133
|
|
|
132,000
|
|
|
1,028,133
|
|
|
396,000
|
|
||||
Check Card Fee Income
|
|
282,686
|
|
|
247,331
|
|
|
838,302
|
|
|
742,583
|
|
||||
Grant Income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
265,496
|
|
||||
Other
|
|
205,524
|
|
|
170,519
|
|
|
542,250
|
|
|
504,200
|
|
||||
Total Non-Interest Income
|
|
2,362,133
|
|
|
1,780,682
|
|
|
5,792,420
|
|
|
5,072,755
|
|
||||
Non-Interest Expense:
|
|
|
|
|
|
|
|
|
||||||||
Compensation and Employee Benefits
|
|
3,872,102
|
|
|
3,167,112
|
|
|
10,916,386
|
|
|
9,675,430
|
|
||||
Occupancy
|
|
569,024
|
|
|
502,352
|
|
|
1,661,661
|
|
|
1,469,602
|
|
||||
Advertising
|
|
120,033
|
|
|
100,251
|
|
|
391,742
|
|
|
343,034
|
|
||||
Depreciation and Maintenance of Equipment
|
|
569,839
|
|
|
510,645
|
|
|
1,541,460
|
|
|
1,486,060
|
|
||||
Federal Deposit Insurance Corporation ("FDIC") Insurance Premiums
|
|
64,518
|
|
|
62,163
|
|
|
168,707
|
|
|
322,653
|
|
||||
Net Cost (Benefit) of Operation of OREO
|
|
105,172
|
|
|
25,991
|
|
|
(96,730
|
)
|
|
(647,990
|
)
|
||||
Prepayment Penalties on FHLB Advances
|
|
—
|
|
|
260,594
|
|
|
—
|
|
|
789,306
|
|
||||
Other
|
|
1,268,449
|
|
|
1,065,209
|
|
|
3,681,552
|
|
|
3,485,289
|
|
||||
Total Non-Interest Expense
|
|
6,569,137
|
|
|
5,694,317
|
|
|
18,264,778
|
|
|
16,923,384
|
|
||||
Income Before Income Taxes
|
|
2,348,035
|
|
|
2,434,581
|
|
|
6,522,557
|
|
|
6,868,498
|
|
||||
Provision For Income Taxes
|
|
445,133
|
|
|
654,850
|
|
|
1,513,090
|
|
|
1,805,750
|
|
||||
Net Income
|
|
1,902,902
|
|
|
1,779,731
|
|
|
5,009,467
|
|
|
5,062,748
|
|
||||
Preferred Stock Dividends
|
|
—
|
|
|
110,000
|
|
|
—
|
|
|
330,000
|
|
||||
Net Income Available to Common Shareholders
|
|
$
|
1,902,902
|
|
|
$
|
1,669,731
|
|
|
$
|
5,009,467
|
|
|
$
|
4,732,748
|
|
Net Income Per Common Share (Basic)
|
|
$
|
0.65
|
|
|
$
|
0.57
|
|
|
$
|
1.70
|
|
|
$
|
1.61
|
|
Net Income Per Common Share (Diluted)
|
|
$
|
0.61
|
|
|
$
|
0.54
|
|
|
$
|
1.61
|
|
|
$
|
1.53
|
|
Cash Dividend Per Share on Common Stock
|
|
$
|
0.09
|
|
|
$
|
0.08
|
|
|
$
|
0.27
|
|
|
$
|
0.24
|
|
Weighted Average Shares Outstanding (Basic)
|
|
2,945,474
|
|
|
2,944,001
|
|
|
2,945,215
|
|
|
2,944,001
|
|
||||
Weighted Average Shares Outstanding (Diluted)
|
|
3,252,436
|
|
|
3,248,526
|
|
|
3,251,666
|
|
|
3,248,474
|
|
|
|
Three Months Ended September 30,
|
||||||
|
|
2017
|
|
2016
|
||||
Net Income
|
|
$
|
1,902,902
|
|
|
$
|
1,779,731
|
|
Other Comprehensive Loss
|
|
|
|
|
||||
Unrealized Gains (Losses) on Securities:
|
|
|
|
|
||||
Unrealized Holding Losses on Securities Available For Sale, Net of Taxes of $(39,600) and $(774,093) at September 30, 2017 and 2016, Respectively
|
|
(64,802
|
)
|
|
(1,263,332
|
)
|
||
Reclassification Adjustment for Gains Included in Net Income, Net of Taxes of $30,158 and $136,962 at September 30, 2017 and 2016, Respectively
|
|
(49,205
|
)
|
|
(223,463
|
)
|
||
Amortization of Unrealized Gains on Available For Sale Securities Transferred to Held To Maturity, Net of Taxes of $(14,084) and $(20,270) at September 30, 2017 and 2016, Respectively
|
|
(23,019
|
)
|
|
(33,128
|
)
|
||
Other Comprehensive Loss
|
|
(137,026
|
)
|
|
(1,519,923
|
)
|
||
Comprehensive Income
|
|
$
|
1,765,876
|
|
|
$
|
259,808
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2017
|
|
2016
|
||||
Net Income
|
|
$
|
5,009,467
|
|
|
$
|
5,062,748
|
|
Other Comprehensive Income
|
|
|
|
|
||||
Unrealized Gains on Securities:
|
|
|
|
|
||||
Unrealized Holding Gains on Securities Available For Sale, Net of Taxes of $1,892,760 and $1,861,700 at September 30, 2017 and 2016, Respectively
|
|
3,080,485
|
|
|
3,044,091
|
|
||
Reclassification Adjustment for Gains Included in Net Income, Net of Taxes of $269,003 and $293,415 at September 30, 2017 and 2016, Respectively
|
|
(438,899
|
)
|
|
(478,728
|
)
|
||
Amortization of Unrealized Gains on Available For Sale Securities Transferred to Held To Maturity, Net of Taxes of $(50,102) and $(55,872) at September 30, 2017 and 2016, Respectively
|
|
(81,884
|
)
|
|
(91,314
|
)
|
||
Other Comprehensive Income
|
|
2,559,702
|
|
|
2,474,049
|
|
||
Comprehensive Income
|
|
$
|
7,569,169
|
|
|
$
|
7,536,797
|
|
|
Preferred
Stock
|
|
Common Stock |
|
Unvested Restricted Stock
|
|
Additional
Paid – In
Capital
|
|
Treasury
Stock
|
|
Accumulated
Other Comprehensive Income |
|
Retained
Earnings
|
|
Total
|
||||||||||||||||
Balance at December 31, 2015
|
$
|
22,000,000
|
|
|
$
|
31,464
|
|
|
$
|
(25,358
|
)
|
|
$
|
12,028,832
|
|
|
$
|
(4,330,712
|
)
|
|
$
|
4,262,361
|
|
|
$
|
57,000,835
|
|
|
$
|
90,967,422
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,062,748
|
|
|
5,062,748
|
|
||||||||
Other Comprehensive Income, Net of Tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,474,049
|
|
|
—
|
|
|
2,474,049
|
|
||||||||
Stock Option Compensation Expense
|
—
|
|
|
—
|
|
|
—
|
|
|
5,976
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,976
|
|
||||||||
Cash Dividends on Preferred Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(330,000
|
)
|
|
(330,000
|
)
|
||||||||
Cash Dividends on Common Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(706,914
|
)
|
|
(706,914
|
)
|
||||||||
Balance at September 30, 2016
|
$
|
22,000,000
|
|
|
$
|
31,464
|
|
|
$
|
(25,358
|
)
|
|
$
|
12,034,808
|
|
|
$
|
(4,330,712
|
)
|
|
$
|
6,736,410
|
|
|
$
|
61,026,669
|
|
|
$
|
97,473,281
|
|
|
Common
Stock
|
|
Unvested Restricted Stock
|
|
Additional
Paid – In
Capital
|
|
Treasury
Stock
|
|
Accumulated Other Comprehensive Income
|
|
Retained
Earnings
|
|
Total
|
||||||||||||||
Balance at December 31, 2016
|
$
|
31,464
|
|
|
$
|
(25,358
|
)
|
|
$
|
12,036,744
|
|
|
$
|
(4,330,712
|
)
|
|
$
|
1,180,086
|
|
|
$
|
62,220,050
|
|
|
$
|
71,112,274
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,009,467
|
|
|
5,009,467
|
|
|||||||
Other Comprehensive Income, Net of Tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,559,702
|
|
|
—
|
|
|
2,559,702
|
|
|||||||
Vesting of Restricted Stock
|
—
|
|
|
25,358
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,358
|
|
|||||||
Cash Dividends on Common Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(795,277
|
)
|
|
(795,277
|
)
|
|||||||
Balance at September 30, 2017
|
$
|
31,464
|
|
|
$
|
—
|
|
|
$
|
12,036,744
|
|
|
$
|
(4,330,712
|
)
|
|
$
|
3,739,788
|
|
|
$
|
66,434,240
|
|
|
$
|
77,911,524
|
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net Income
|
$
|
5,009,467
|
|
|
$
|
5,062,748
|
|
Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities:
|
|
|
|
||||
Depreciation Expense
|
1,101,900
|
|
|
1,053,224
|
|
||
Stock Option Compensation Expense
|
25,358
|
|
|
5,976
|
|
||
Discount Accretion and Premium Amortization
|
4,190,700
|
|
|
4,038,220
|
|
||
Provisions for Losses on Loans
|
100,000
|
|
|
—
|
|
||
Earnings on BOLI
|
(374,000
|
)
|
|
(396,000
|
)
|
||
Income Recognized From BOLI Death Benefit
|
(654,133
|
)
|
|
—
|
|
||
Gain on Sales of Loans
|
(894,053
|
)
|
|
(657,473
|
)
|
||
Gain on Sales of Mortgage-Backed Securities
|
(250,149
|
)
|
|
(55,958
|
)
|
||
Gain on Sales of Investment Securities
|
(457,752
|
)
|
|
(716,185
|
)
|
||
Gain on Sale of Premises and Equipment
|
(1,900
|
)
|
|
—
|
|
||
Gain on Sales of OREO
|
(321,687
|
)
|
|
(841,728
|
)
|
||
Write Down on OREO
|
68,121
|
|
|
40,000
|
|
||
Amortization of Deferred Loan Costs
|
127,058
|
|
|
88,054
|
|
||
Proceeds From Sale of Loans Held For Sale
|
33,301,781
|
|
|
23,896,772
|
|
||
Origination of Loans Held For Sale
|
(29,434,231
|
)
|
|
(24,920,171
|
)
|
||
Decrease (Increase) in Accrued Interest Receivable:
|
|
|
|
||||
Loans
|
102,016
|
|
|
38,341
|
|
||
Mortgage-Backed Securities
|
17,509
|
|
|
(14,884
|
)
|
||
Investment Securities
|
(308,595
|
)
|
|
90,706
|
|
||
Increase in Advance Payments By Borrowers
|
408,911
|
|
|
379,234
|
|
||
Other, Net
|
594,400
|
|
|
2,244,880
|
|
||
Net Cash Provided By Operating Activities
|
$
|
12,350,721
|
|
|
$
|
9,335,756
|
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchase of Mortgage-Backed Securities Available For Sale ("AFS")
|
$
|
(42,875,234
|
)
|
|
$
|
(37,793,135
|
)
|
Proceeds from Payments and Maturities of Mortgage-Backed Securities AFS
|
28,487,010
|
|
|
23,942,058
|
|
||
Proceeds From Sale of Mortgage-Backed Securities AFS
|
19,003,897
|
|
|
3,082,591
|
|
||
Purchase of Mortgage-Backed Securities Held To Maturity ("HTM")
|
—
|
|
|
(1,507,125
|
)
|
||
Proceeds from Payments and Maturities of Mortgage-Backed Securities HTM
|
2,836,011
|
|
|
3,496,657
|
|
||
Purchase of Investment Securities AFS
|
(75,688,312
|
)
|
|
(30,233,311
|
)
|
||
Proceeds from Payments and Maturities of Investment Securities AFS
|
17,854,087
|
|
|
18,402,244
|
|
||
Proceeds From Sale of Investment Securities AFS
|
27,825,020
|
|
|
18,410,863
|
|
||
Purchase of Investment Securities HTM
|
(3,997,750
|
)
|
|
—
|
|
||
Proceeds from Payments and Maturities of Investment Securities HTM
|
1,000,000
|
|
|
—
|
|
||
Proceeds From Redemption of Certificates of Deposits with Other Banks
|
1,095,000
|
|
|
—
|
|
||
Purchase of FHLB Stock
|
(5,129,700
|
)
|
|
(5,014,800
|
)
|
||
Redemption of FHLB Stock
|
5,432,500
|
|
|
4,554,900
|
|
||
Purchase of BOLI
|
(2,000,000
|
)
|
|
—
|
|
||
Proceeds From BOLI Death Benefit
|
1,463,285
|
|
|
—
|
|
||
Increase in Loans Receivable
|
(19,680,925
|
)
|
|
(19,976,753
|
)
|
||
Proceeds From Sale of OREO
|
1,558,891
|
|
|
3,159,524
|
|
||
Purchase and Improvement of Premises and Equipment
|
(2,769,640
|
)
|
|
(1,599,727
|
)
|
||
Proceeds From Sale of Premises and Equipment
|
1,900
|
|
|
—
|
|
||
Net Cash Used By Investing Activities
|
$
|
(45,583,960
|
)
|
|
$
|
(21,076,014
|
)
|
Consolidated Statements of Cash Flows (Unaudited) (Continued)
|
|||||||
|
|
|
|
||||
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Increase (Decrease) in Deposit Accounts
|
$
|
47,510,082
|
|
|
$
|
(1,798,293
|
)
|
Proceeds from FHLB Advances
|
157,576,000
|
|
|
251,755,000
|
|
||
Repayment of FHLB Advances
|
(164,971,000
|
)
|
|
(240,395,000
|
)
|
||
Increase in Other Borrowings, Net
|
3,017,664
|
|
|
6,185,542
|
|
||
Repayment of Note Payable
|
(3,300,000
|
)
|
|
—
|
|
||
Purchase of Senior Convertible Debentures
|
(20,000
|
)
|
|
—
|
|
||
Dividends to Preferred Stock Shareholders
|
—
|
|
|
(330,000
|
)
|
||
Dividends to Common Stock Shareholders
|
(795,277
|
)
|
|
(706,914
|
)
|
||
Net Cash Provided By Financing Activities
|
$
|
39,017,469
|
|
|
$
|
14,710,335
|
|
Net Increase in Cash and Cash Equivalents
|
5,784,230
|
|
|
2,970,077
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
9,374,549
|
|
|
8,381,951
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
15,158,779
|
|
|
$
|
11,352,028
|
|
|
|
|
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
||||
Cash Paid During The Period For:
|
|
|
|
||||
Interest
|
$
|
2,937,283
|
|
|
$
|
2,565,836
|
|
Income Taxes
|
$
|
1,162,000
|
|
|
$
|
572,242
|
|
Supplemental Schedule of Non Cash Transactions:
|
|
|
|
||||
Transfers From Loans Receivable to OREO
|
$
|
491,748
|
|
|
$
|
323,730
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Earnings Available To Common Shareholders:
|
|
|
|
|
|
|
|
||||||||
Net Income
|
$
|
1,902,902
|
|
|
$
|
1,779,731
|
|
|
$
|
5,009,467
|
|
|
$
|
5,062,748
|
|
Preferred Stock Dividends
|
—
|
|
|
110,000
|
|
|
—
|
|
|
330,000
|
|
||||
Net Income Available To Common Shareholders
|
$
|
1,902,902
|
|
|
$
|
1,669,731
|
|
|
$
|
5,009,467
|
|
|
$
|
4,732,748
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||
|
Income
|
|
Shares
|
|
Per Share Amounts
|
|
Income
|
|
Shares
|
|
Per Share Amounts
|
||||||||||
Basic EPS
|
$
|
1,902,902
|
|
|
2,945,474
|
|
|
$
|
0.65
|
|
|
$
|
1,669,731
|
|
|
2,944,001
|
|
|
$
|
0.57
|
|
Effect of Dilutive Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock Options
|
—
|
|
|
3,762
|
|
|
(0.01
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Senior Convertible Debentures
|
75,266
|
|
|
303,200
|
|
|
(0.03)
|
|
|
75,442
|
|
|
304,200
|
|
|
(0.03)
|
|
||||
Unvested Restricted Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
325
|
|
|
—
|
|
||||
Diluted EPS
|
$
|
1,978,168
|
|
|
3,252,436
|
|
|
$
|
0.61
|
|
|
$
|
1,745,173
|
|
|
3,248,526
|
|
|
$
|
0.54
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||
|
Income
|
|
Shares
|
|
Per Share Amounts
|
|
Income
|
|
Shares
|
|
Per Share Amounts
|
||||||||||
Basic EPS
|
$
|
5,009,467
|
|
|
2,945,215
|
|
|
$
|
1.70
|
|
|
$
|
4,732,748
|
|
|
2,944,001
|
|
|
$
|
1.61
|
|
Effect of Dilutive Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock Options
|
—
|
|
|
3,251
|
|
|
(0.01
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Senior Convertible Debentures
|
226,149
|
|
|
303,200
|
|
|
(0.08)
|
|
|
226,325
|
|
|
304,200
|
|
|
(0.07)
|
|
||||
Unvested Restricted Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
273
|
|
|
(0.01
|
)
|
||||
Diluted EPS
|
$
|
5,235,616
|
|
|
3,251,666
|
|
|
$
|
1.61
|
|
|
$
|
4,959,073
|
|
|
3,248,474
|
|
|
$
|
1.53
|
|
|
Nine Months Ended September 30,
|
||||||||
|
2017
|
|
2016
|
||||||
|
Shares
|
|
Weighted Average Exercise Price
|
|
Shares
|
|
Weighted Average Exercise Price
|
||
|
|
|
|
||||||
Balance, Beginning of Period
|
21,500
|
|
|
$23.57
|
|
29,500
|
|
|
$23.55
|
Options Forfeited
|
(3,000
|
)
|
|
24.43
|
|
(8,000
|
)
|
|
23.47
|
Balance, End of Period
|
18,500
|
|
|
$23.43
|
|
21,500
|
|
|
$23.57
|
|
|
|
|
|
|
|
|
||
Options Exercisable
|
18,500
|
|
|
|
|
17,800
|
|
|
|
|
|
|
|
|
|
|
|
||
Options Available For Grant
|
50,000
|
|
|
|
|
50,000
|
|
|
|
Grant Date
|
|
Outstanding Options
|
|
Option Price
|
|
Expiration Date
|
10/01/07
|
|
2,000
|
|
$24.28
|
|
10/01/17
|
|
|
|
|
|
|
|
01/01/08
|
|
12,000
|
|
$23.49
|
|
01/01/18
|
|
|
|
|
|
|
|
05/19/08
|
|
2,500
|
|
$22.91
|
|
05/18/18
|
|
|
|
|
|
|
|
07/01/08
|
|
2,000
|
|
$22.91
|
|
07/01/18
|
|
September 30, 2017
|
||||||||||||||
|
Amortized Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
Federal Home Loan Mortgage Corporation (“FHLMC”) Bond
|
$
|
968,436
|
|
|
$
|
—
|
|
|
$
|
2,790
|
|
|
$
|
965,646
|
|
Small Business Administration (“SBA”) Bonds
|
123,756,916
|
|
|
1,186,563
|
|
|
139,930
|
|
|
124,803,549
|
|
||||
Tax Exempt Municipal Bonds
|
78,068,936
|
|
|
3,175,211
|
|
|
429,120
|
|
|
80,815,027
|
|
||||
Taxable Municipal Bonds
|
2,017,913
|
|
|
—
|
|
|
5,323
|
|
|
2,012,590
|
|
||||
Mortgage-Backed Securities
|
177,751,622
|
|
|
2,548,619
|
|
|
465,620
|
|
|
179,834,621
|
|
||||
State Tax Credit
|
56,800
|
|
|
—
|
|
|
—
|
|
|
56,800
|
|
||||
Equity Securities
|
155,000
|
|
|
—
|
|
|
—
|
|
|
155,000
|
|
||||
Total Available For Sale
|
$
|
382,775,623
|
|
|
$
|
6,910,393
|
|
|
$
|
1,042,783
|
|
|
$
|
388,643,233
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2016
|
||||||||||||||
|
Amortized Cost
|
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair Value
|
||||||||
FHLB Bonds
|
$
|
998,001
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
998,000
|
|
SBA Bonds
|
101,280,921
|
|
|
909,361
|
|
|
284,223
|
|
|
101,906,059
|
|
||||
Tax Exempt Municipal Bonds
|
72,248,915
|
|
|
1,185,753
|
|
|
1,899,519
|
|
|
71,535,149
|
|
||||
Taxable Municipal Bonds
|
2,021,192
|
|
|
—
|
|
|
30,062
|
|
|
1,991,130
|
|
||||
Mortgage-Backed Securities
|
183,657,697
|
|
|
2,575,616
|
|
|
972,222
|
|
|
185,261,091
|
|
||||
Equity Securities
|
250,438
|
|
|
117,562
|
|
|
—
|
|
|
368,000
|
|
||||
Total Available For Sale
|
$
|
360,457,164
|
|
|
$
|
4,788,292
|
|
|
$
|
3,186,027
|
|
|
$
|
362,059,429
|
|
|
September 30, 2017
|
||||||
Investment Securities:
|
Amortized Cost
|
|
Fair Value
|
||||
One Year or Less
|
$
|
190,589
|
|
|
$
|
190,501
|
|
After One – Five Years
|
14,816,156
|
|
|
14,930,955
|
|
||
After Five – Ten Years
|
47,080,250
|
|
|
47,638,450
|
|
||
More Than Ten Years
|
142,937,006
|
|
|
146,048,706
|
|
||
Mortgage-Backed Securities
|
177,751,622
|
|
|
179,834,621
|
|
||
Total Available For Sale
|
$
|
382,775,623
|
|
|
$
|
388,643,233
|
|
|
September 30, 2017
|
|||||||||||||||||||
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
|||||||||||||||
|
Fair
Value
|
Unrealized
Losses
|
|
Fair
Value
|
Unrealized
Losses
|
|
Fair
Value
|
Unrealized
Losses
|
||||||||||||
FHLMC Bond
|
$
|
965,646
|
|
$
|
2,790
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
965,646
|
|
$
|
2,790
|
|
SBA Bonds
|
22,776,378
|
|
102,708
|
|
|
6,857,393
|
|
37,222
|
|
|
29,633,771
|
|
139,930
|
|
||||||
Tax Exempt Municipal Bonds
|
6,094,283
|
|
73,787
|
|
|
10,341,319
|
|
355,333
|
|
|
16,435,602
|
|
429,120
|
|
||||||
Taxable Municipal Bonds
|
2,012,590
|
|
5,323
|
|
|
—
|
|
—
|
|
|
2,012,590
|
|
5,323
|
|
||||||
Mortgage-Backed Securities
|
46,108,221
|
|
323,710
|
|
|
13,021,339
|
|
141,910
|
|
|
59,129,560
|
|
465,620
|
|
||||||
|
$
|
77,957,118
|
|
$
|
508,318
|
|
|
$
|
30,220,051
|
|
$
|
534,465
|
|
|
$
|
108,177,169
|
|
$
|
1,042,783
|
|
|
December 31, 2016
|
|||||||||||||||||||
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
|||||||||||||||
|
Fair
Value |
Unrealized
Losses |
|
Fair
Value |
Unrealized
Losses |
|
Fair
Value |
Unrealized
Losses |
||||||||||||
FHLB Securities
|
$
|
998,000
|
|
$
|
1
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
998,000
|
|
$
|
1
|
|
SBA Bonds
|
28,490,243
|
|
228,432
|
|
|
8,212,824
|
|
55,791
|
|
|
36,703,067
|
|
284,223
|
|
||||||
Tax Exempt Municipal Bonds
|
47,405,066
|
|
1,899,519
|
|
|
—
|
|
—
|
|
|
47,405,066
|
|
1,899,519
|
|
||||||
Taxable Municipal Bond
|
1,991,130
|
|
30,062
|
|
|
—
|
|
—
|
|
|
1,991,130
|
|
30,062
|
|
||||||
Mortgage-Backed Securities
|
62,738,366
|
|
916,699
|
|
|
5,600,262
|
|
55,523
|
|
|
68,338,628
|
|
972,222
|
|
||||||
|
$
|
141,622,805
|
|
$
|
3,074,713
|
|
|
$
|
13,813,086
|
|
$
|
111,314
|
|
|
$
|
155,435,891
|
|
$
|
3,186,027
|
|
|
September 30, 2017
|
||||||||||||||
|
Amortized Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
FHLB Bonds
|
$
|
2,000,000
|
|
|
$
|
—
|
|
|
$
|
2,040
|
|
|
$
|
1,997,960
|
|
FHLMC Bonds
|
997,997
|
|
|
1,707
|
|
|
—
|
|
|
999,704
|
|
||||
Mortgage-Backed Securities
(1)
|
22,339,969
|
|
|
249,124
|
|
|
18,414
|
|
|
22,570,679
|
|
||||
Total Held To Maturity
|
$
|
25,337,966
|
|
|
$
|
250,831
|
|
|
$
|
20,454
|
|
|
$
|
25,568,343
|
|
|
|||||||||||||||
|
December 31, 2016
|
||||||||||||||
|
Amortized Cost
|
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair Value
|
||||||||
Mortgage-Backed Securities (1)
|
$
|
25,583,956
|
|
|
$
|
63,342
|
|
|
$
|
276,246
|
|
|
$
|
25,371,052
|
|
Total Held To Maturity
|
$
|
25,583,956
|
|
|
$
|
63,342
|
|
|
$
|
276,246
|
|
|
$
|
25,371,052
|
|
|
|
September 30, 2017
|
||||||
Investment Securities:
|
Amortized Cost
|
|
Fair Value
|
||||
One – Five Years
|
$
|
2,997,997
|
|
|
$
|
2,997,664
|
|
Mortgage-Backed Securities
|
22,339,969
|
|
|
22,570,679
|
|
||
Total Held to Maturity
|
$
|
25,337,966
|
|
|
$
|
25,568,343
|
|
|
September 30, 2017
|
|||||||||||||||||||
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
|||||||||||||||
|
Fair
Value
|
Unrealized
Losses
|
|
Fair
Value
|
Unrealized
Losses
|
|
Fair
Value
|
Unrealized
Losses
|
||||||||||||
FHLB Bonds
|
$
|
1,997,960
|
|
$
|
2,040
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
1,997,960
|
|
$
|
2,040
|
|
Mortgage-Backed Securities
(1)
|
889,172
|
|
811
|
|
|
1,424,142
|
|
17,603
|
|
|
2,313,314
|
|
18,414
|
|
||||||
|
$
|
2,887,132
|
|
$
|
2,851
|
|
|
$
|
1,424,142
|
|
$
|
17,603
|
|
|
$
|
4,311,274
|
|
$
|
20,454
|
|
|
December 31, 2016
|
|||||||||||||||||||
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
|||||||||||||||
|
Fair
Value |
Unrealized
Losses |
|
Fair
Value |
Unrealized
Losses |
|
Fair
Value |
Unrealized
Losses |
||||||||||||
Mortgage-Backed Securities
(1)
|
$
|
15,447,596
|
|
$
|
276,246
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
15,447,596
|
|
$
|
276,246
|
|
|
$
|
15,447,596
|
|
$
|
276,246
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
15,447,596
|
|
$
|
276,246
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Residential Real Estate Loans
|
$
|
79,106,075
|
|
|
$
|
77,979,909
|
|
Consumer Loans
|
56,864,234
|
|
|
50,667,894
|
|
||
Commercial Business Loans
|
23,496,773
|
|
|
16,279,177
|
|
||
Commercial Real Estate Loans
|
228,182,149
|
|
|
222,599,294
|
|
||
Total Loans Held For Investment
|
387,649,231
|
|
|
367,526,274
|
|
||
Loans Held For Sale
|
1,270,410
|
|
|
4,243,907
|
|
||
Total Loans Receivable, Gross
|
$
|
388,919,641
|
|
|
$
|
371,770,181
|
|
Less:
|
|
|
|
||||
Allowance For Loan Losses
|
8,169,188
|
|
|
8,356,231
|
|
||
Loans In Process
|
4,935,647
|
|
|
3,526,064
|
|
||
Deferred Loan Fees
|
103,338
|
|
|
165,040
|
|
||
|
13,208,173
|
|
|
12,047,335
|
|
||
Total Loans Receivable, Net
|
$
|
375,711,468
|
|
|
$
|
359,722,846
|
|
September 30, 2017
|
Pass
|
|
Caution
|
|
Special
Mention
|
|
Substandard
|
|
Total Loans
|
||||||||||
Residential Real Estate
|
$
|
70,517,818
|
|
|
$
|
2,020,878
|
|
|
$
|
1,378,317
|
|
|
$
|
5,189,062
|
|
|
$
|
79,106,075
|
|
Consumer
|
52,443,484
|
|
|
1,738,094
|
|
|
254,190
|
|
|
2,428,466
|
|
|
56,864,234
|
|
|||||
Commercial Business
|
20,293,905
|
|
|
1,799,445
|
|
|
732,917
|
|
|
670,506
|
|
|
23,496,773
|
|
|||||
Commercial Real Estate
|
145,016,591
|
|
|
61,842,493
|
|
|
15,929,625
|
|
|
5,393,440
|
|
|
228,182,149
|
|
|||||
Total
|
$
|
288,271,798
|
|
|
$
|
67,400,910
|
|
|
$
|
18,295,049
|
|
|
$
|
13,681,474
|
|
|
$
|
387,649,231
|
|
December 31, 2016
|
Pass
|
|
Caution
|
|
Special
Mention
|
|
Substandard
|
|
Total Loans
|
||||||||||
Residential Real Estate
|
$
|
70,503,057
|
|
|
$
|
665,235
|
|
|
$
|
1,082,928
|
|
|
$
|
5,728,689
|
|
|
$
|
77,979,909
|
|
Consumer
|
46,818,650
|
|
|
2,591,860
|
|
|
6,357
|
|
|
1,251,027
|
|
|
50,667,894
|
|
|||||
Commercial Business
|
14,731,698
|
|
|
1,002,170
|
|
|
50,081
|
|
|
495,228
|
|
|
16,279,177
|
|
|||||
Commercial Real Estate
|
127,068,983
|
|
|
71,927,031
|
|
|
18,153,718
|
|
|
5,449,562
|
|
|
222,599,294
|
|
|||||
Total
|
$
|
259,122,388
|
|
|
$
|
76,186,296
|
|
|
$
|
19,293,084
|
|
|
$
|
12,924,506
|
|
|
$
|
367,526,274
|
|
|
September 30, 2017
|
||||||||||||||||||||||
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or
More Past Due
|
|
Total Past
Due
|
|
Current
|
|
Total Loans
Receivable
|
||||||||||||
Residential Real Estate
|
$
|
206,120
|
|
|
$
|
—
|
|
|
$
|
2,551,216
|
|
|
$
|
2,757,336
|
|
|
$
|
76,348,739
|
|
|
$
|
79,106,075
|
|
Consumer
|
865,261
|
|
|
15,856
|
|
|
453,189
|
|
|
1,334,306
|
|
|
55,529,928
|
|
|
56,864,234
|
|
||||||
Commercial Business
|
204,739
|
|
|
32,265
|
|
|
217,700
|
|
|
454,704
|
|
|
23,042,069
|
|
|
23,496,773
|
|
||||||
Commercial Real Estate
|
2,019,717
|
|
|
17,037
|
|
|
4,298,231
|
|
|
6,334,985
|
|
|
221,847,164
|
|
|
228,182,149
|
|
||||||
Total
|
$
|
3,295,837
|
|
|
$
|
65,158
|
|
|
$
|
7,520,336
|
|
|
$
|
10,881,331
|
|
|
$
|
376,767,900
|
|
|
$
|
387,649,231
|
|
|
December 31, 2016
|
||||||||||||||||||||||
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or
More Past
Due
|
|
Total Past
Due
|
|
Current
|
|
Total Loans
Receivable
|
||||||||||||
Residential Real Estate
|
$
|
653,858
|
|
|
$
|
—
|
|
|
$
|
2,488,158
|
|
|
$
|
3,142,016
|
|
|
$
|
74,837,893
|
|
|
$
|
77,979,909
|
|
Consumer
|
625,178
|
|
|
119,640
|
|
|
241,571
|
|
|
986,389
|
|
|
49,681,505
|
|
|
50,667,894
|
|
||||||
Commercial Business
|
536,492
|
|
|
69,256
|
|
|
145,401
|
|
|
751,149
|
|
|
15,528,028
|
|
|
16,279,177
|
|
||||||
Commercial Real Estate
|
1,719,758
|
|
|
256,285
|
|
|
2,639,837
|
|
|
4,615,880
|
|
|
217,983,414
|
|
|
222,599,294
|
|
||||||
Total
|
$
|
3,535,286
|
|
|
$
|
445,181
|
|
|
$
|
5,514,967
|
|
|
$
|
9,495,434
|
|
|
$
|
358,030,840
|
|
|
$
|
367,526,274
|
|
|
September 30, 2017
|
|
December 31, 2016
|
|
$
|
|
%
|
||||||||||||
|
Amount
|
|
Percent
(1)
|
|
Amount
|
|
Percent
(1)
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||||||
Non-accrual Loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential Real Estate
|
$
|
2,551,216
|
|
|
0.67
|
%
|
|
$
|
2,488,158
|
|
|
0.68
|
%
|
|
$
|
63,058
|
|
|
2.5%
|
Consumer
|
453,189
|
|
|
0.12
|
|
|
241,571
|
|
|
0.07
|
|
|
$
|
211,618
|
|
|
87.6
|
||
Commercial Business
|
217,700
|
|
|
0.06
|
|
|
145,401
|
|
|
0.04
|
|
|
72,299
|
|
|
49.7
|
|||
Commercial Real Estate
|
4,298,231
|
|
|
1.12
|
|
|
2,639,837
|
|
|
0.73
|
|
|
1,658,394
|
|
|
62.8
|
|||
Total Non-accrual Loans
|
$
|
7,520,336
|
|
|
1.97
|
%
|
|
$
|
5,514,967
|
|
|
1.52
|
%
|
|
$
|
2,005,369
|
|
|
36.4%
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||
|
Residential
Real Estate
|
|
Consumer
|
|
Commercial
Business
|
|
Commercial
Real Estate
|
|
Total
|
||||||||||
Beginning Balance
|
$
|
1,450,176
|
|
|
$
|
1,122,473
|
|
|
$
|
880,642
|
|
|
$
|
4,749,341
|
|
|
$
|
8,202,632
|
|
Provision for Loan Losses
|
80,766
|
|
|
110,023
|
|
|
(842
|
)
|
|
(89,947
|
)
|
|
100,000
|
|
|||||
Charge-Offs
|
(114,869
|
)
|
|
(82,087
|
)
|
|
—
|
|
|
(62,482
|
)
|
|
(259,438
|
)
|
|||||
Recoveries
|
1,014
|
|
|
15,392
|
|
|
—
|
|
|
109,588
|
|
|
125,994
|
|
|||||
Ending Balance
|
$
|
1,417,087
|
|
|
$
|
1,165,801
|
|
|
$
|
879,800
|
|
|
$
|
4,706,500
|
|
|
$
|
8,169,188
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||
|
Residential
Real Estate
|
|
Consumer
|
|
Commercial
Business
|
|
Commercial
Real Estate
|
|
Total
|
||||||||||
Beginning Balance
|
$
|
1,360,346
|
|
|
$
|
996,620
|
|
|
$
|
882,999
|
|
|
$
|
5,116,266
|
|
|
$
|
8,356,231
|
|
Provision for Loan Losses
|
241,112
|
|
|
234,342
|
|
|
2,690
|
|
|
(378,144
|
)
|
|
100,000
|
|
|||||
Charge-Offs
|
(186,372
|
)
|
|
(123,942
|
)
|
|
(5,889
|
)
|
|
(198,482
|
)
|
|
(514,685
|
)
|
|||||
Recoveries
|
2,001
|
|
|
58,781
|
|
|
—
|
|
|
166,860
|
|
|
227,642
|
|
|||||
Ending Balance
|
$
|
1,417,087
|
|
|
$
|
1,165,801
|
|
|
$
|
879,800
|
|
|
$
|
4,706,500
|
|
|
$
|
8,169,188
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
|
Residential
Real Estate |
|
Consumer |
|
Commercial
Business |
|
Commercial
Real Estate |
|
Total |
||||||||||
Beginning Balance
|
$
|
1,462,636
|
|
|
$
|
1,115,976
|
|
|
$
|
865,867
|
|
|
$
|
4,950,735
|
|
|
$
|
8,395,214
|
|
Provision for Loan Losses
|
31,415
|
|
|
(155,298
|
)
|
|
713,276
|
|
|
(589,393
|
)
|
|
—
|
|
|||||
Charge-Offs
|
(137,935
|
)
|
|
(35,312
|
)
|
|
(150,000
|
)
|
|
—
|
|
|
(323,247
|
)
|
|||||
Recoveries
|
1,228
|
|
|
23,569
|
|
|
11,731
|
|
|
2,616
|
|
|
39,144
|
|
|||||
Ending Balance
|
$
|
1,357,344
|
|
|
$
|
948,935
|
|
|
$
|
1,440,874
|
|
|
$
|
4,363,958
|
|
|
$
|
8,111,111
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
|
Residential
Real Estate |
|
Consumer |
|
Commercial
Business |
|
Commercial
Real Estate |
|
Total |
||||||||||
Beginning Balance
|
$
|
1,323,183
|
|
|
$
|
1,063,153
|
|
|
$
|
773,948
|
|
|
$
|
5,114,849
|
|
|
$
|
8,275,133
|
|
Provision for Loan Losses
|
160,823
|
|
|
(1,501
|
)
|
|
805,195
|
|
|
(964,517
|
)
|
|
—
|
|
|||||
Charge-Offs
|
(137,935
|
)
|
|
(189,193
|
)
|
|
(150,000
|
)
|
|
(202,618
|
)
|
|
(679,746
|
)
|
|||||
Recoveries
|
11,273
|
|
|
76,476
|
|
|
11,731
|
|
|
416,244
|
|
|
515,724
|
|
|||||
Ending Balance
|
$
|
1,357,344
|
|
|
$
|
948,935
|
|
|
$
|
1,440,874
|
|
|
$
|
4,363,958
|
|
|
$
|
8,111,111
|
|
|
Allowance For Loan Losses
|
||||||||||
September 30, 2017
|
Individually Evaluated For
Impairment
|
|
Collectively Evaluated For
Impairment
|
|
Total
|
||||||
Residential Real Estate
|
$
|
—
|
|
|
$
|
1,417,087
|
|
|
$
|
1,417,087
|
|
Consumer
|
—
|
|
|
1,165,801
|
|
|
1,165,801
|
|
|||
Commercial Business
|
—
|
|
|
879,800
|
|
|
879,800
|
|
|||
Commercial Real Estate
|
—
|
|
|
4,706,500
|
|
|
4,706,500
|
|
|||
Total
|
$
|
—
|
|
|
$
|
8,169,188
|
|
|
$
|
8,169,188
|
|
|
Allowance For Loan Losses
|
||||||||||
December 31, 2016
|
Individually Evaluated For
Impairment |
|
Collectively Evaluated For
Impairment |
|
Total |
||||||
Residential Real Estate
|
$
|
—
|
|
|
$
|
1,360,346
|
|
|
$
|
1,360,346
|
|
Consumer
|
1,699
|
|
|
994,921
|
|
|
996,620
|
|
|||
Commercial Business
|
—
|
|
|
882,999
|
|
|
882,999
|
|
|||
Commercial Real Estate
|
12,590
|
|
|
5,103,676
|
|
|
5,116,266
|
|
|||
Total
|
$
|
14,289
|
|
|
$
|
8,341,942
|
|
|
$
|
8,356,231
|
|
|
Loans Receivable
|
||||||||||
September 30, 2017
|
Individually Evaluated For
Impairment
|
|
Collectively Evaluated For
Impairment
|
|
Total
|
||||||
Residential Real Estate
|
$
|
2,260,496
|
|
|
$
|
76,845,579
|
|
|
$
|
79,106,075
|
|
Consumer
|
224,894
|
|
|
56,639,340
|
|
|
56,864,234
|
|
|||
Commercial Business
|
145,401
|
|
|
23,351,372
|
|
|
23,496,773
|
|
|||
Commercial Real Estate
|
7,259,347
|
|
|
220,922,802
|
|
|
228,182,149
|
|
|||
Total
|
$
|
9,890,138
|
|
|
$
|
377,759,093
|
|
|
$
|
387,649,231
|
|
|
Loans Receivable
|
||||||||||
December 31, 2016
|
Individually Evaluated For
Impairment |
|
Collectively Evaluated For
Impairment |
|
Total |
||||||
Residential Real Estate
|
$
|
2,181,740
|
|
|
$
|
75,798,169
|
|
|
$
|
77,979,909
|
|
Consumer
|
170,552
|
|
|
50,497,342
|
|
|
50,667,894
|
|
|||
Commercial Business
|
145,401
|
|
|
16,133,776
|
|
|
16,279,177
|
|
|||
Commercial Real Estate
|
5,830,341
|
|
|
216,768,953
|
|
|
222,599,294
|
|
|||
Total
|
$
|
8,328,034
|
|
|
$
|
359,198,240
|
|
|
$
|
367,526,274
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||
Impaired Loans
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
|
Recorded
Investment |
Unpaid
Principal Balance |
Related Allowance |
||||||||||||
With No Related Allowance Recorded:
|
|
|
|
|
|
|
|||||||||||||
Residential Real Estate
|
$
|
2,260,496
|
|
$
|
2,720,495
|
|
$
|
—
|
|
|
$
|
2,181,740
|
|
$
|
2,263,240
|
|
$
|
—
|
|
Consumer
|
224,894
|
|
252,704
|
|
—
|
|
|
110,114
|
|
118,414
|
|
—
|
|
||||||
Commercial Business
|
145,401
|
|
995,401
|
|
—
|
|
|
145,401
|
|
995,401
|
|
—
|
|
||||||
Commercial Real Estate
|
7,259,347
|
|
8,740,948
|
|
—
|
|
|
5,424,701
|
|
7,207,688
|
|
—
|
|
||||||
With an Allowance Recorded:
|
|
|
|
|
|
|
|
||||||||||||
Consumer
|
—
|
|
—
|
|
—
|
|
|
60,438
|
|
60,438
|
|
1,699
|
|
||||||
Commercial Real Estate
|
—
|
|
—
|
|
—
|
|
|
405,640
|
|
418,654
|
|
12,590
|
|
||||||
Total
|
|
|
|
|
|
|
|
||||||||||||
Residential Real Estate
|
2,260,496
|
|
2,720,495
|
|
—
|
|
|
2,181,740
|
|
2,263,240
|
|
—
|
|
||||||
Consumer
|
224,894
|
|
252,704
|
|
—
|
|
|
170,552
|
|
178,852
|
|
1,699
|
|
||||||
Commercial Business
|
145,401
|
|
995,401
|
|
—
|
|
|
145,401
|
|
995,401
|
|
—
|
|
||||||
Commercial Real Estate
|
7,259,347
|
|
8,740,948
|
|
—
|
|
|
5,830,341
|
|
7,626,342
|
|
12,590
|
|
||||||
Total
|
$
|
9,890,138
|
|
$
|
12,709,548
|
|
$
|
—
|
|
|
$
|
8,328,034
|
|
$
|
11,063,835
|
|
$
|
14,289
|
|
|
Three Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
Impaired Loans
|
Average
Recorded Investment |
Interest
Income Recognized |
|
Average
Recorded Investment |
Interest
Income Recognized |
||||||||
With No Related Allowance Recorded:
|
|
|
|
|
|
||||||||
Residential Real Estate
|
$
|
2,613,299
|
|
$
|
2,226
|
|
|
$
|
3,319,559
|
|
$
|
—
|
|
Consumer
|
240,005
|
|
—
|
|
|
128,751
|
|
—
|
|
||||
Commercial Business
|
145,401
|
|
—
|
|
|
296,401
|
|
—
|
|
||||
Commercial Real Estate
|
7,331,736
|
|
44,296
|
|
|
6,180,761
|
|
67,380
|
|
||||
With an Allowance Recorded:
|
|
|
|
|
|
||||||||
Consumer
|
—
|
|
—
|
|
|
61,581
|
|
772
|
|
||||
Commercial Real Estate
|
—
|
|
—
|
|
|
641,743
|
|
28,534
|
|
||||
Total
|
|
|
|
|
|
||||||||
Residential Real Estate
|
2,613,299
|
|
2,226
|
|
|
3,319,559
|
|
—
|
|
||||
Consumer
|
240,005
|
|
—
|
|
|
190,332
|
|
772
|
|
||||
Commercial Business
|
145,401
|
|
—
|
|
|
296,401
|
|
—
|
|
||||
Commercial Real Estate
|
7,331,736
|
|
44,296
|
|
|
6,822,504
|
|
95,914
|
|
||||
Total
|
$
|
10,330,441
|
|
$
|
46,522
|
|
|
$
|
10,628,796
|
|
$
|
96,686
|
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|
Average
Recorded Investment |
Interest
Income Recognized |
||||||||
With No Related Allowance Recorded:
|
|
|
|
|
|
||||||||
Residential Real Estate
|
$
|
2,939,263
|
|
$
|
25,339
|
|
|
$
|
3,469,066
|
|
$
|
8,282
|
|
Consumer
|
294,002
|
|
—
|
|
|
294,714
|
|
—
|
|
||||
Commercial Business
|
145,401
|
|
—
|
|
|
301,881
|
|
—
|
|
||||
Commercial Real Estate
|
7,517,744
|
|
159,584
|
|
|
8,589,845
|
|
192,017
|
|
||||
With an Allowance Recorded:
|
|
|
|
|
|
||||||||
Consumer
|
—
|
|
—
|
|
|
62,322
|
|
3,470
|
|
||||
Commercial Real Estate
|
—
|
|
—
|
|
|
652,867
|
|
28,534
|
|
||||
Total
|
|
|
|
|
|
||||||||
Residential Real Estate
|
2,939,263
|
|
25,339
|
|
|
3,469,066
|
|
8,282
|
|
||||
Consumer
|
294,002
|
|
—
|
|
|
357,036
|
|
3,470
|
|
||||
Commercial Business
|
145,401
|
|
—
|
|
|
301,881
|
|
—
|
|
||||
Commercial Real Estate
|
7,517,744
|
|
159,584
|
|
|
9,242,712
|
|
220,551
|
|
||||
Total
|
$
|
10,896,410
|
|
$
|
184,923
|
|
|
$
|
13,370,695
|
|
$
|
232,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
For Capital Adequacy
|
|
To Be "Well-Capitalized"
|
||||||||||||
(Dollars in Thousands)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
SECURITY FEDERAL CORP.
|
September 30, 2017
|
||||||||||||||||
Tier 1 Risk-Based Core Capital
(To Risk Weighted Assets) |
$
|
77,970
|
|
|
15.5%
|
|
$
|
30,227
|
|
|
6.0%
|
|
N/A
|
|
N/A
|
||
Total Risk-Based Capital
(To Risk Weighted Assets) |
84,289
|
|
|
16.7%
|
|
40,303
|
|
|
8.0%
|
|
N/A
|
|
N/A
|
||||
Common Equity Tier 1 Capital (To Risk Weighted Assets)
|
72,970
|
|
|
14.5%
|
|
22,670
|
|
|
4.5%
|
|
N/A
|
|
N/A
|
||||
Tier 1 Leverage (Core) Capital
(To Adjusted Tangible Assets) |
77,970
|
|
|
9.1%
|
|
34,398
|
|
|
4.0%
|
|
N/A
|
|
N/A
|
||||
SECURITY FEDERAL BANK
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Tier 1 Risk-Based Core Capital
(To Risk Weighted Assets)
|
$
|
88,802
|
|
|
17.6%
|
|
$
|
30,218
|
|
|
6.0%
|
|
$
|
40,290
|
|
|
8.0%
|
Total Risk-Based Capital
(To Risk Weighted Assets)
|
95,121
|
|
|
18.9%
|
|
40,290
|
|
|
8.0%
|
|
50,363
|
|
|
10.0%
|
|||
Common Equity Tier 1 Capital (To Risk Weighted Assets)
|
88,802
|
|
|
17.6%
|
|
22,663
|
|
|
4.5%
|
|
32,736
|
|
|
6.5%
|
|||
Tier 1 Leverage (Core) Capital
(To Adjusted Tangible Assets)
|
88,802
|
|
|
10.3%
|
|
34,393
|
|
|
4.0%
|
|
42,992
|
|
|
5.0%
|
|||
|
|
||||||||||||||||
SECURITY FEDERAL CORP.
|
December 31, 2016
|
||||||||||||||||
Tier 1 Risk-Based Core Capital
(To Risk Weighted Assets) |
$
|
73,787
|
|
|
16.6%
|
|
$
|
26,714
|
|
|
6.0%
|
|
N/A |
|
N/A |
||
Total Risk-Based Capital
(To Risk Weighted Assets) |
79,383
|
|
|
17.8%
|
|
35,618
|
|
|
8.0%
|
|
N/A |
|
N/A |
||||
Common Equity Tier 1 Capital (To Risk Weighted Assets)
|
68,787
|
|
|
15.4%
|
|
20,035
|
|
|
4.5%
|
|
N/A |
|
N/A |
||||
Tier 1 Leverage (Core) Capital
(To Adjusted Tangible Assets) |
73,787
|
|
|
9.1%
|
|
32,548
|
|
|
4.0%
|
|
N/A |
|
N/A |
||||
SECURITY FEDERAL BANK
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Tier 1 Risk-Based Core Capital
(To Risk Weighted Assets) |
$
|
88,139
|
|
|
19.8%
|
|
$
|
26,694
|
|
|
6.0%
|
|
$
|
35,592
|
|
|
8.0%
|
Total Risk-Based Capital
(To Risk Weighted Assets) |
93,735
|
|
|
21.1%
|
|
35,592
|
|
|
8.0%
|
|
44,490
|
|
|
10.0%
|
|||
Common Equity Tier 1 Capital (To Risk Weighted Assets)
|
88,139
|
|
|
19.8%
|
|
20,021
|
|
|
4.5%
|
|
28,919
|
|
|
6.5%
|
|||
Tier 1 Leverage (Core) Capital
(To Adjusted Tangible Assets) |
88,139
|
|
|
10.8%
|
|
32,587
|
|
|
4.0%
|
|
40,734
|
|
|
5.0%
|
Level 1 -
|
Quoted Market Price in Active Markets
Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasuries and money market funds.
|
Level 2 -
|
Significant Other Observable Inputs
Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments, mortgage-backed securities, municipal bonds, corporate debt securities and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain derivative contracts.
|
Level 3 -
|
Significant Unobservable Inputs
Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
FHLB Securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
998,000
|
|
|
$
|
—
|
|
FHLMC Bond
|
—
|
|
|
965,646
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|||||
SBA Bonds
|
—
|
|
|
124,803,549
|
|
|
—
|
|
|
—
|
|
|
101,906,059
|
|
|
—
|
|
||||||
Tax Exempt Municipal Bonds
|
—
|
|
|
80,815,027
|
|
|
—
|
|
|
—
|
|
|
71,535,149
|
|
|
—
|
|
||||||
Taxable Municipal Bonds
|
—
|
|
|
2,012,590
|
|
|
—
|
|
|
—
|
|
|
1,991,130
|
|
|
—
|
|
||||||
Mortgage-Backed Securities
|
—
|
|
|
179,834,621
|
|
|
—
|
|
|
—
|
|
|
185,261,091
|
|
|
—
|
|
||||||
State Tax Credit
|
—
|
|
|
56,800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Equity Securities
|
—
|
|
|
155,000
|
|
|
—
|
|
|
—
|
|
|
368,000
|
|
|
—
|
|
||||||
Total
|
$
|
—
|
|
|
$
|
388,643,233
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
362,059,429
|
|
|
$
|
—
|
|
|
September 30, 2017
|
||||||||||||||
Assets:
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Mortgage Loans Held For Sale
|
$
|
—
|
|
|
$
|
1,270,410
|
|
|
$
|
—
|
|
|
$
|
1,270,410
|
|
Collateral Dependent Impaired Loans
(1)
|
—
|
|
|
—
|
|
|
9,890,138
|
|
|
9,890,138
|
|
||||
Foreclosed Assets
|
—
|
|
|
—
|
|
|
1,907,637
|
|
|
1,907,637
|
|
||||
Total
|
$
|
—
|
|
|
$
|
1,270,410
|
|
|
$
|
11,797,775
|
|
|
$
|
13,068,185
|
|
|
December 31, 2016
|
||||||||||||||
Assets:
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Mortgage Loans Held For Sale
|
$
|
—
|
|
|
$
|
4,243,907
|
|
|
$
|
—
|
|
|
$
|
4,243,907
|
|
Collateral Dependent Impaired Loans
(1)
|
—
|
|
|
—
|
|
|
8,313,745
|
|
|
8,313,745
|
|
||||
Foreclosed Assets
|
—
|
|
|
—
|
|
|
2,721,214
|
|
|
2,721,214
|
|
||||
Total
|
$
|
—
|
|
|
$
|
4,243,907
|
|
|
$
|
11,034,959
|
|
|
$
|
15,278,866
|
|
|
September 30, 2017
|
||||||||||||||||||
|
Carrying
|
|
Fair Value
|
||||||||||||||||
(In Thousands)
|
Amount
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and Cash Equivalents
|
$
|
15,159
|
|
|
$
|
15,159
|
|
|
$
|
15,159
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Certificates of Deposits with Other Banks
|
1,350
|
|
|
1,350
|
|
|
—
|
|
|
1,350
|
|
|
—
|
|
|||||
Investment and Mortgage-Backed Securities
|
413,981
|
|
|
414,212
|
|
|
—
|
|
|
414,212
|
|
|
—
|
|
|||||
Loans Receivable, Net
|
375,711
|
|
|
374,295
|
|
|
—
|
|
|
—
|
|
|
374,295
|
|
|||||
FHLB Stock
|
2,474
|
|
|
2,474
|
|
|
2,474
|
|
|
—
|
|
|
—
|
|
|||||
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking, Savings & Money Market Accounts
|
$
|
463,741
|
|
|
$
|
463,741
|
|
|
$
|
463,741
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Certificate Accounts
|
237,873
|
|
|
236,225
|
|
|
—
|
|
|
236,225
|
|
|
—
|
|
|||||
Advances from FHLB
|
41,000
|
|
|
40,775
|
|
|
—
|
|
|
40,775
|
|
|
—
|
|
|||||
Other Borrowed Money
|
12,356
|
|
|
12,356
|
|
|
12,356
|
|
|
—
|
|
|
—
|
|
|||||
Note Payable
|
9,700
|
|
|
9,700
|
|
|
—
|
|
|
9,700
|
|
|
—
|
|
|||||
Senior Convertible Debentures
|
6,064
|
|
|
6,064
|
|
|
—
|
|
|
6,064
|
|
|
—
|
|
|||||
Junior Subordinated Debentures
|
5,155
|
|
|
5,155
|
|
|
—
|
|
|
5,155
|
|
|
—
|
|
|
December 31, 2016
|
||||||||||||||||||
|
Carrying
|
|
Fair Value
|
||||||||||||||||
(In Thousands)
|
Amount
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and Cash Equivalents
|
$
|
9,375
|
|
|
$
|
9,375
|
|
|
$
|
9,375
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Certificates of Deposits with Other Banks
|
2,445
|
|
|
2,445
|
|
|
—
|
|
|
2,445
|
|
|
—
|
|
|||||
Investment and Mortgage-Backed Securities
|
387,643
|
|
|
387,430
|
|
|
—
|
|
|
387,430
|
|
|
—
|
|
|||||
Loans Receivable, Net
|
359,723
|
|
|
357,457
|
|
|
—
|
|
|
—
|
|
|
357,457
|
|
|||||
FHLB Stock
|
2,777
|
|
|
2,777
|
|
|
2,777
|
|
|
—
|
|
|
—
|
|
|||||
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking, Savings & Money Market Accounts
|
$
|
438,559
|
|
|
$
|
438,559
|
|
|
$
|
438,559
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Certificate Accounts
|
215,545
|
|
|
214,149
|
|
|
—
|
|
|
214,149
|
|
|
—
|
|
|||||
Advances from FHLB
|
48,395
|
|
|
48,153
|
|
|
—
|
|
|
48,153
|
|
|
—
|
|
|||||
Other Borrowed Money
|
9,338
|
|
|
9,338
|
|
|
9,338
|
|
|
—
|
|
|
—
|
|
|||||
Note Payable
|
13,000
|
|
|
13,000
|
|
|
—
|
|
|
13,000
|
|
|
—
|
|
|||||
Senior Convertible Debentures
|
5,155
|
|
|
5,155
|
|
|
—
|
|
|
5,155
|
|
|
—
|
|
|||||
Junior Subordinated Debentures
|
6,084
|
|
|
6,084
|
|
|
—
|
|
|
6,084
|
|
|
—
|
|
•
|
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 allowance for loan losses;
|
•
|
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 Federal Reserve and our bank subsidiary by the FDIC 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, 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;
|
•
|
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 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 risks 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 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 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.
|
|
|
|
|
|
Increase (Decrease)
|
||||||||
|
September 30, 2017
|
|
December 31, 2016
|
|
Amount
|
|
Percent
|
||||||
Cash and Cash Equivalents
|
$
|
15,158,779
|
|
|
$
|
9,374,549
|
|
|
$
|
5,784,230
|
|
|
61.7%
|
Certificates of Deposits with Other Banks
|
1,350,005
|
|
|
2,445,005
|
|
|
(1,095,000
|
)
|
|
(44.8)
|
|||
Investment and Mortgage-Backed Securities – AFS
|
388,643,233
|
|
|
362,059,429
|
|
|
26,583,804
|
|
|
7.3
|
|||
Investment and Mortgage-Backed Securities – HTM
|
25,337,966
|
|
|
25,583,956
|
|
|
(245,990
|
)
|
|
(1.0)
|
|||
Loans Receivable, Net
|
375,711,468
|
|
|
359,722,846
|
|
|
15,988,622
|
|
|
4.4
|
|||
OREO
|
1,907,637
|
|
|
2,721,214
|
|
|
(813,577
|
)
|
|
(29.9)
|
|||
Premises and Equipment, Net
|
22,865,424
|
|
|
21,197,684
|
|
|
1,667,740
|
|
|
7.9
|
|||
FHLB Stock
|
2,473,700
|
|
|
2,776,500
|
|
|
(302,800
|
)
|
|
(10.9)
|
|||
BOLI
|
18,665,893
|
|
|
17,101,045
|
|
|
1,564,848
|
|
|
9.2
|
|||
Other Assets
|
4,593,887
|
|
|
5,447,746
|
|
|
(853,859
|
)
|
|
(15.7)
|
|
September 30, 2017
|
|
December 31, 2016
|
|
Balance Increase (Decrease)
|
|||||||||
|
Balance
|
Weighted Rate
|
|
Balance
|
Weighted Rate
|
|
Amount
|
Percent
|
||||||
Demand Accounts:
|
|
|
|
|
|
|
|
|
||||||
Checking
|
$
|
193,586,490
|
|
0.03%
|
|
$
|
171,133,555
|
|
0.02%
|
|
$
|
22,452,935
|
|
13.1%
|
Money Market
|
227,880,092
|
|
0.23
|
|
230,902,038
|
|
0.20
|
|
(3,021,946
|
)
|
(1.3)
|
|||
Statement Savings Accounts
|
42,273,930
|
|
0.11
|
|
36,522,989
|
|
0.10
|
|
5,750,941
|
|
15.7
|
|||
Total
|
$
|
463,740,512
|
|
0.14%
|
|
$
|
438,558,582
|
|
0.12%
|
|
$
|
25,181,930
|
|
5.7%
|
Certificate Accounts
|
|
|
|
|
|
|
|
|
||||||
0.00 – 0.99%
|
$
|
137,325,410
|
|
|
|
$
|
148,370,515
|
|
|
|
$
|
(11,045,105
|
)
|
(7.4)%
|
1.00 – 1.99%
|
99,395,482
|
|
|
|
66,532,221
|
|
|
|
32,863,261
|
|
49.4
|
|||
2.00 – 2.99%
|
1,151,956
|
|
|
|
641,960
|
|
|
|
509,996
|
|
79.4
|
|||
Total
|
$
|
237,872,848
|
|
0.88%
|
|
$
|
215,544,696
|
|
0.78%
|
|
$
|
22,328,152
|
|
10.4%
|
Total Deposits
|
$
|
701,613,360
|
|
0.39%
|
|
$
|
654,103,278
|
|
0.34%
|
|
$
|
47,510,082
|
|
7.3%
|
|
September 30, 2017
|
|
December 31, 2016
|
|
Increase (Decrease)
|
|||||||||
Year Due:
|
Balance
|
Rate
|
|
Balance
|
Rate
|
|
Balance
|
Percent
|
||||||
2017
|
$
|
—
|
|
—%
|
|
$
|
15,395,000
|
|
0.76%
|
|
$
|
(15,395,000
|
)
|
(100.0)%
|
2018
|
13,000,000
|
|
1.08
|
|
18,000,000
|
|
1.06
|
|
(5,000,000
|
)
|
(27.8)
|
|||
2019
|
20,500,000
|
|
1.39
|
|
12,000,000
|
|
1.31
|
|
8,500,000
|
|
70.8
|
|||
2020
|
7,500,000
|
|
1.58
|
|
3,000,000
|
|
1.38
|
|
4,500,000
|
|
150.0
|
|||
Total Advances
|
$
|
41,000,000
|
|
1.32%
|
|
$
|
48,395,000
|
|
1.05%
|
|
$
|
(7,395,000
|
)
|
(15.3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Change in Average Balance
|
Increase (Decrease) in Interest Income
|
||||||||||||||
|
2017
|
|
2016
|
|
||||||||||||||
(Dollars in thousands)
|
Average Balance
|
Yield
(1)
|
|
Average Balance
|
Yield
(1)
|
|
||||||||||||
Loans Receivable, Net
|
$
|
372,993
|
|
5.52
|
%
|
|
$
|
347,681
|
|
5.65
|
%
|
|
$
|
25,312
|
|
$
|
234
|
|
Mortgage-Backed Securities
|
206,353
|
|
2.47
|
|
219,616
|
|
2.17
|
|
$
|
(13,263
|
)
|
82
|
|
|||||
Investment Securities
(2)
|
216,271
|
|
2.80
|
|
184,332
|
|
2.66
|
|
$
|
31,939
|
|
287
|
|
|||||
Overnight Time and Certificates of Deposit
|
2,783
|
|
0.90
|
|
3,726
|
|
0.53
|
|
$
|
(943
|
)
|
1
|
|
|||||
Total Interest-Earning Assets
|
$
|
798,400
|
|
3.98
|
%
|
|
$
|
755,355
|
|
3.89
|
%
|
|
$
|
43,045
|
|
$
|
604
|
|
|
Three Months Ended September 30,
|
|
Change in Average Balance
|
Increase (Decrease) in Interest Expense
|
||||||||||||||
|
2017
|
|
2016
|
|
||||||||||||||
(Dollars in thousands)
|
Average Balance
|
Cost
(1)
|
|
Average Balance
|
Cost
(1)
|
|
||||||||||||
Now and Money Market Accounts
|
$
|
343,898
|
|
0.18
|
%
|
|
$
|
328,233
|
|
0.12
|
%
|
|
$
|
15,665
|
|
$
|
50
|
|
Statement Savings Accounts
|
41,551
|
|
0.10
|
|
35,673
|
|
0.10
|
|
$
|
5,878
|
|
2
|
|
|||||
Certificate Accounts
|
232,619
|
|
0.87
|
|
222,077
|
|
0.73
|
|
$
|
10,542
|
|
96
|
|
|||||
FHLB Advances and Other Borrowed Money
|
60,930
|
|
1.08
|
|
55,272
|
|
0.96
|
|
$
|
5,658
|
|
32
|
|
|||||
Note Payable
|
10,477
|
|
4.04
|
|
—
|
|
—
|
|
$
|
10,477
|
|
106
|
|
|||||
Junior Subordinated Debentures
|
5,155
|
|
3.02
|
|
5,155
|
|
2.44
|
|
$
|
—
|
|
8
|
|
|||||
Senior Convertible Debentures
|
6,069
|
|
8.00
|
|
6,084
|
|
8.00
|
|
$
|
(15
|
)
|
—
|
|
|||||
Total Interest-Bearing Liabilities
|
$
|
700,699
|
|
0.63
|
%
|
|
$
|
652,494
|
|
0.49
|
%
|
|
$
|
48,205
|
|
$
|
294
|
|
|
Three Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Beginning Balance
|
$
|
8,202,632
|
|
|
$
|
8,395,214
|
|
Provision for Loan Losses
|
100,000
|
|
|
—
|
|
||
Charge-offs
|
(259,438)
|
|
|
(323,247)
|
|
||
Recoveries
|
125,994
|
|
|
39,144
|
|
||
Ending Balance
|
$
|
8,169,188
|
|
|
$
|
8,111,111
|
|
|
|
|
|
||||
Allowance For Loan Losses as a % of Gross Loans Receivable, Held For Investment at the End of the Period
|
2.1%
|
|
2.3%
|
||||
Allowance For Loan Losses as a % of Impaired Loans at the End of the Period
|
82.6%
|
|
83.2%
|
||||
Impaired Loans
|
$
|
9,890,138
|
|
|
$
|
9,751,765
|
|
Gross Loans Receivable, Held For Investment
(1)
|
$
|
382,610,246
|
|
|
$
|
355,786,250
|
|
Total Loans Receivable, Net
|
$
|
375,711,468
|
|
|
$
|
351,818,570
|
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||
|
2017
|
2016
|
|
Amounts
|
Percent
|
|||||||
Gain on Sale of Investment Securities
|
$
|
79,363
|
|
$
|
360,425
|
|
|
$
|
(281,062
|
)
|
(78.0
|
)%
|
Gain on Sale of Loans
|
373,636
|
|
256,918
|
|
|
116,718
|
|
45.4
|
||||
Service Fees on Deposit Accounts
|
274,717
|
|
266,960
|
|
|
7,757
|
|
2.9
|
||||
Commissions From Insurance Agency
|
172,074
|
|
149,529
|
|
|
22,545
|
|
15.1
|
||||
BOLI Income
|
788,133
|
|
132,000
|
|
|
656,133
|
|
497.1
|
||||
Trust Income
|
186,000
|
|
197,000
|
|
|
(11,000
|
)
|
(5.6)
|
||||
Check Card Fee Income
|
282,686
|
|
247,331
|
|
|
35,355
|
|
14.3
|
||||
Other
|
205,524
|
|
170,519
|
|
|
35,005
|
|
20.5
|
||||
Total Non-Interest Income
|
$
|
2,362,133
|
|
$
|
1,780,682
|
|
|
$
|
581,451
|
|
32.7
|
%
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
||||||||
|
2017
|
2016
|
|
Amounts
|
Percent
|
||||||
Compensation and Employee Benefits
|
$
|
3,872,102
|
|
$
|
3,167,112
|
|
|
$
|
704,990
|
|
22.3%
|
Occupancy
|
569,024
|
|
502,352
|
|
|
66,672
|
|
13.3
|
|||
Advertising
|
120,033
|
|
100,251
|
|
|
19,782
|
|
19.7
|
|||
Depreciation and Maintenance of Equipment
|
569,839
|
|
510,645
|
|
|
59,194
|
|
11.6
|
|||
FDIC Insurance Premiums
|
64,518
|
|
62,163
|
|
|
2,355
|
|
3.8
|
|||
Net Cost of Operation of OREO
|
105,172
|
|
25,991
|
|
|
79,181
|
|
304.6
|
|||
Prepayment Penalties on FHLB Advances
|
—
|
|
260,594
|
|
|
(260,594
|
)
|
(100.0)
|
|||
Other
|
1,268,449
|
|
1,065,209
|
|
|
203,240
|
|
19.1
|
|||
Total Non-Interest Expense
|
$
|
6,569,137
|
|
$
|
5,694,317
|
|
|
$
|
874,820
|
|
15.4%
|
|
Nine Months Ended September 30,
|
|
Change in Average Balance
|
Increase (Decrease) in Interest Income
|
||||||||||||||
|
2017
|
|
2016
|
|
||||||||||||||
(Dollars in Thousands)
|
Average Balance
|
Yield
(1)
|
|
Average Balance
|
Yield
(1)
|
|
||||||||||||
Loans Receivable, Net
|
$
|
363,918
|
|
5.44
|
%
|
|
$
|
339,587
|
|
5.65
|
%
|
|
$
|
24,331
|
|
$
|
470
|
|
Mortgage-Backed Securities
|
203,907
|
|
2.32
|
|
|
219,104
|
|
2.23
|
|
|
(15,197
|
)
|
(119)
|
|
||||
Investment Securities
(2)
|
207,925
|
|
2.74
|
|
|
187,918
|
|
2.69
|
|
|
20,007
|
|
493
|
|
||||
Overnight Time & Certificates of Deposit
|
6,178
|
0.75
|
|
|
4,062
|
0.46
|
|
|
2,116
|
|
21
|
|
||||||
Total Interest-Earning Assets
|
$
|
781,928
|
|
3.87
|
%
|
|
$
|
750,671
|
|
3.88
|
%
|
|
$
|
31,257
|
|
$
|
865
|
|
|
Nine Months Ended September 30,
|
|
Change in Average Balance
|
Increase (Decrease) in Interest Expense
|
||||||||||||||
|
2017
|
|
2016
|
|
||||||||||||||
(Dollars in Thousands)
|
Average Balance
|
Yield
(1)
|
|
Average Balance
|
Yield
(1)
|
|
||||||||||||
Now and Money Market Accounts
|
$
|
340,876
|
|
0.17%
|
|
$
|
327,971
|
|
0.13
|
%
|
|
$
|
12,905
|
|
$
|
116
|
|
|
Statement Savings Accounts
|
39,796
|
|
0.10
|
|
33,970
|
|
0.10
|
|
5,826
|
|
5
|
|
||||||
Certificates Accounts
|
227,674
|
|
0.82
|
|
230,563
|
|
0.72
|
|
(2,889
|
)
|
163
|
|
||||||
FHLB Advances and Other Borrowed Money
|
56,486
|
|
0.97
|
|
46,227
|
|
1.62
|
|
10,259
|
|
(152
|
)
|
||||||
Note Payable
|
11,809
|
|
3.71
|
|
—
|
|
—
|
|
11,809
|
|
329
|
|
||||||
Junior Subordinated Debentures
|
5,155
|
|
2.87
|
|
5,155
|
|
2.35
|
|
—
|
|
20
|
|
||||||
Senior Convertible Debentures
|
6,079
|
|
8.00
|
|
6,084
|
|
8.00
|
|
(5
|
)
|
—
|
|
||||||
Total Interest-Bearing Liabilities
|
$
|
687,875
|
|
0.60
|
%
|
|
$
|
649,970
|
|
0.53
|
%
|
|
$
|
37,905
|
|
$
|
481
|
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Beginning Balance
|
$
|
8,356,231
|
|
|
$
|
8,275,133
|
|
Provision for Loan Losses
|
100,000
|
|
|
—
|
|
||
Charge-offs
|
(514,685)
|
|
|
(679,746)
|
|
||
Recoveries
|
227,642
|
|
|
515,724
|
|
||
Ending Balance
|
$
|
8,169,188
|
|
|
$
|
8,111,111
|
|
|
Nine Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||
|
2017
|
2016
|
|
Amounts
|
Percent
|
|||||||
Gain on Sale of Investment Securities
|
$
|
707,902
|
|
$
|
772,143
|
|
|
$
|
(64,241
|
)
|
(8.3
|
)%
|
Gain on Sale of Loans
|
894,053
|
|
657,473
|
|
|
236,580
|
|
36.0
|
||||
Service Fees on Deposit Accounts
|
776,469
|
|
772,341
|
|
|
4,128
|
|
0.5
|
||||
BOLI Income
|
1,028,133
|
|
396,000
|
|
|
632,133
|
|
159.6
|
||||
Commissions From Insurance Agency
|
451,311
|
|
441,519
|
|
|
9,792
|
|
2.2
|
||||
Trust Income
|
554,000
|
|
521,000
|
|
|
33,000
|
|
6.3
|
||||
Check Card Fee Income
|
838,302
|
|
742,583
|
|
|
95,719
|
|
12.9
|
||||
Grant Income
|
—
|
|
265,496
|
|
|
(265,496
|
)
|
(100.0)
|
||||
Other
|
542,250
|
|
504,200
|
|
|
38,050
|
|
7.5
|
||||
Total Non-Interest Income
|
$
|
5,792,420
|
|
$
|
5,072,755
|
|
|
$
|
719,665
|
|
14.2
|
%
|
|
Nine Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||
|
2017
|
2016
|
|
Amounts
|
Percent
|
|||||||
Compensation and Employee Benefits
|
$
|
10,916,386
|
|
$
|
9,675,430
|
|
|
$
|
1,240,956
|
|
12.8
|
%
|
Occupancy
|
1,661,661
|
|
1,469,602
|
|
|
192,059
|
|
13.1
|
||||
Advertising
|
391,742
|
|
343,034
|
|
|
48,708
|
|
14.2
|
||||
Depreciation and Maintenance of Equipment
|
1,541,460
|
|
1,486,060
|
|
|
55,400
|
|
3.7
|
||||
FDIC Insurance Premiums
|
168,707
|
|
322,653
|
|
|
(153,946
|
)
|
(47.7)
|
||||
Net Benefit of Operation of OREO
|
(96,730
|
)
|
(647,990
|
)
|
|
551,260
|
|
(85.1)
|
||||
Prepayment Penalties on FHLB Advances
|
—
|
|
789,306
|
|
|
(789,306
|
)
|
(100.0)
|
||||
Other
|
3,681,552
|
|
3,485,289
|
|
|
196,263
|
|
5.6
|
||||
Total Non-Interest Expense
|
$
|
18,264,778
|
|
$
|
16,923,384
|
|
|
$
|
1,341,394
|
|
7.9
|
%
|
(Dollars in thousands)
|
One
Month or Less
|
After One
Through
Three
Months
|
After Three
Through
Twelve Months
|
Total Within
One Year
|
Greater
Than
One Year
|
Total
|
||||||||||||
Unused Lines of Credit
|
$
|
521
|
|
$
|
3,356
|
|
$
|
33,095
|
|
$
|
36,972
|
|
$
|
66,288
|
|
$
|
103,260
|
|
Standby Letters of Credit
|
—
|
|
177
|
|
974
|
|
1,151
|
|
—
|
|
1,151
|
|
||||||
Total
|
$
|
521
|
|
$
|
3,533
|
|
$
|
34,069
|
|
$
|
38,123
|
|
$
|
66,288
|
|
$
|
104,411
|
|
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) P
|
4.2
|
|
|
4.3
|
|
|
10.1
|
|
1993 Salary Continuation Agreements (5) P
|
10.2
|
|
Amendment One to 1993 Salary Continuation Agreements (6) P
|
10.3
|
|
|
10.4
|
|
|
10.5
|
|
|
10.6
|
|
|
10.7
|
|
|
10.8
|
|
|
10.9
|
|
|
10.1
|
|
|
10.11
|
|
Incentive Compensation Plan (5) P
|
10.12
|
|
|
31.1
|
|
|
31.2
|
|
|
32
|
|
|
101
|
|
The following materials from Security Federal Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, formatted in Extensible Business Reporting Language (XBRL): (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Comprehensive Income; (d) Consolidated Statements of Changes in Shareholders’ Equity; (e) Consolidated Statements of Cash Flows; and (f) 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 by reference to the Company’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 and incorporated herein by reference
|
(9)
|
Filed on January 3, 2003, as an exhibit to the Company's Registration Statement on Form S-8 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 and incorporated herein by reference.
|
(12)
|
Filed on June 18, 2004, as an exhibit to the Company’s Proxy Statement and incorporated herein by reference.
|
(13)
|
Incorporated by reference to the Company's Current Report on Form 8-K filed on December 23, 2008.
|
Date:
|
November 13, 2017
|
|
By:
|
/s/J. Chris Verenes
|
|
|
J. Chris Verenes
|
||||
|
Chief Executive Officer
|
||||
|
Duly Authorized Representative
|
Date:
|
November 13, 2017
|
|
By:
|
/s/Jessica T. Cummins
|
|
|
Jessica T. Cummins
|
||||
|
Chief Financial Officer
|
||||
|
Duly Authorized Representative
|
1 Year Security Federal (PK) Chart |
1 Month Security Federal (PK) Chart |
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