secwatch.observer — SEC 8-K summary
======================================

Issuer:     SECURITY FEDERAL CORP (SFDL)
CIK:        0000818677
Form:       8-K
Filed at:   2023-04-28T23:59:59+00:00
Accession:  0000939057-23-000122
Event type: earnings
Sentiment:  positive
Materiality: 0.55
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/818677/000093905723000122/0000939057-23-000122-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/818677/000093905723000122/8k33123.htm
  HTML page:      https://secwatch.observer/filing/0000939057-23-000122

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