secwatch.observer — SEC 8-K summary
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Issuer:     SECURITY FEDERAL CORP (SFDL)
CIK:        0000818677
Form:       8-K
Filed at:   2022-07-29T23:59:59+00:00
Accession:  0000939057-22-000200
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Security Federal Q2 net income falls to $2.2M; book value drops on ECIP preferred issuance
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- Q2 net income $2.2M ($0.67/share) vs. $2.9M ($0.90) in Q2 2021; six-month net income $3.7M ($1.14) vs. $6.1M ($1.88).
- Net interest income rose 10.4% to $8.5M; non-interest expense increased 13.2% to $8.4M.
- No provision for loan losses in 2022 vs. $735k credit in Q2 2021; non-performing assets improved to $2.6M.
- Issued 82,949 preferred shares for $82.9M under ECIP in May 2022; book value per common share fell to $25.81 from $35.51.
- Total assets grew $100.9M to $1.4B; deposits up $33.7M to $1.1B.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/818677/000093905722000200/0000939057-22-000200-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/818677/000093905722000200/8k72922.htm
  HTML page:      https://secwatch.observer/filing/0000939057-22-000200

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