secwatch.observer — SEC 8-K summary
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Issuer:     SECURITY FEDERAL CORP (SFDL)
CIK:        0000818677
Form:       8-K
Filed at:   2022-05-02T23:59:59+00:00
Accession:  0000939057-22-000127
Event type: earnings
Sentiment:  negative
Materiality: 0.45
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Security Federal Q1 net income falls to $1.5M from $3.2M YoY; EPS $0.48 vs $0.98
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- Net income $1.5M ($0.48 EPS) vs $3.2M ($0.98 EPS) in Q1 2021; drop due to COVID reserve release in prior year.
- Net interest income $7.9M, down 1.4% from $8.0M; PPP deferred fees fell to $262K from $994K.
- No provision for loan losses in Q1 2022 vs negative provision of $870K in Q1 2021.
- Total assets $1.3B, deposits up $156M YoY to $1.1B; non-performing assets stable at 0.58% of loans.
- New Columbia, SC branch opened March 2022; Augusta, GA branch under construction for later this year.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/818677/000093905722000127/0000939057-22-000127-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/818677/000093905722000127/8k5222.htm
  HTML page:      https://secwatch.observer/filing/0000939057-22-000127

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer