---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-021134"
form_type: "8-K"
ticker: "SFDL"
cik: "0000818677"
company_name: "SECURITY FEDERAL CORP"
filed_at: "2023-07-31T23:59:59+00:00"
generated_at: "2026-06-12T22:36:55.477989+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Security Federal Q2 net income falls 18% to $1.8M; YTD earnings up $4.5M

## Summary
- Q2 net income $1.8M ($0.55 EPS) vs $2.2M ($0.67 EPS) a year ago; YTD net income $4.5M ($1.37 EPS) vs $3.7M ($1.14 EPS).
- Net interest income rose 6.8% to $9.1M; non-interest income fell 14.7% to $2.3M; non-interest expense up 5.7% to $8.9M.
- Non-performing assets increased to $6.7M from $2.6M at June 30, 2022; provision for credit losses $221K vs $0.
- Adopted CECL on Jan 1, 2023, reducing retained earnings by $1.6M; allowance for credit losses to gross loans 2.04%.
- Total assets $1.47B (+$70M YoY); net loans $589.7M (+$86.7M YoY); deposits $1.18B (+$29.8M YoY).

## SEC filing metadata
- accession: 0001437749-23-021134
- form_type: 8-K
- ticker: SFDL
- cik: 0000818677
- company_name: SECURITY FEDERAL CORP
- filed_at: 2023-07-31T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/818677/000143774923021134/0001437749-23-021134-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/818677/000143774923021134/sfdl20230728_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-021134
- JSON: https://secwatch.observer/filing/0001437749-23-021134.json
- Plain text: https://secwatch.observer/filing/0001437749-23-021134.txt

## Key facts
- Earnings Releases
  SECURITY FEDERAL CORP reported the three and six months ended June 30, 2023 results: net income $1.8 million, or $0.55 per share, for the quarter ended June 30, 2023, EPS $0.55 per share.
  - Period: the three and six months ended June 30, 2023
  - Net income: $1.8 million, or $0.55 per share, for the quarter ended June 30, 2023
  - EPS: $0.55 per share
  - Result: reported results
  source text: The Company reported net income of $1.8 million, or $0.55 per share, for the quarter ended June 30, 2023 compared to $2.2 million, or $0.67 per share, for the second quarter of 2022. Year to date net income was $4.5 million, or $1.37 per common share, for the six months ended June 30, 2023 compared to $3.7 million, or $1.14 per common share, during the six months ended June 30, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/818677/000143774923021134/0001437749-23-021134-index.htm

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