secwatch.observer — SEC 8-K summary
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Issuer:     SECURITY FEDERAL CORP (SFDL)
CIK:        0000818677
Form:       8-K
Filed at:   2023-07-31T23:59:59+00:00
Accession:  0001437749-23-021134
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/818677/000143774923021134/0001437749-23-021134-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/818677/000143774923021134/sfdl20230728_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-021134

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