---
schema_version: "secwatch.filing_event.v1"
accession: "0000939057-23-000122"
form_type: "8-K"
ticker: "SFDL"
cik: "0000818677"
company_name: "SECURITY FEDERAL CORP"
filed_at: "2023-04-28T23:59:59+00:00"
generated_at: "2026-06-16T07:09:46.198717+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Security Federal Q1 net income rises 73% to $2.7M; EPS $0.82 vs $0.48 YoY

## Summary
- Net income $2.674M ($0.82 per share) vs $1.549M ($0.48) in Q1 2022; increase driven by net interest income growth.
- Net interest income up 29.6% to $10.2M; interest income +63.4%, interest expense +399.9%.
- Non-performing assets flat at $6.4M; allowance for credit losses to gross loans 2.07%.
- Adopted CECL on Jan 1, 2023; net decrease to retained earnings of $1.6M from transition adjustment.
- Total assets $1.406B, up $106.3M YoY; deposits stable at $1.1B; borrowings up 17.0% to $120.8M.

## SEC filing metadata
- accession: 0000939057-23-000122
- form_type: 8-K
- ticker: SFDL
- cik: 0000818677
- company_name: SECURITY FEDERAL CORP
- filed_at: 2023-04-28T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/818677/000093905723000122/0000939057-23-000122-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/818677/000093905723000122/8k33123.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000939057-23-000122
- JSON: https://secwatch.observer/filing/0000939057-23-000122.json
- Plain text: https://secwatch.observer/filing/0000939057-23-000122.txt

## Key facts
- Earnings Releases
  SECURITY FEDERAL CORP reported the quarter ended March 31, 2023 results: net income net income of $2.7 million, EPS $0.82 per share.
  - Period: the quarter ended March 31, 2023
  - Net income: net income of $2.7 million
  - EPS: $0.82 per share
  - Result: reported results
  source text: The Company reported net income of $2.7 million, or $0.82 per share, for the quarter ended March 31, 2023 compared to $1.5 million, or $0.48 per share, for the first quarter of 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/818677/000093905723000122/0000939057-23-000122-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.