Security Federal Corporation Condensed Financial Statements (Parent Company Only)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Security Federal Corporation Condensed Financial Statements (Parent Company Only)

Security Federal Corporation Condensed Financial Statements (Parent Company Only)

The following is condensed financial information of Security Federal Corporation (Parent Company only).  The primary asset is its investment in the Bank subsidiary and the principal source of income for the Company is equity in undistributed earnings from the Bank.

Condensed Balance Sheet Data

	At December 31,		At December 31,
	2013		2012
Assets:
Cash	$	3,880,433	$	4,098,035
Investment Securities, Available For Sale	101,250		75,225
Investment in Security Federal Statutory Trust	155,000		155,000
Investment In Security Federal Bank	85,115,889		89,532,985
Accounts Receivable And Other Assets	20,167		13,766
Total Assets	$	89,272,739	$	93,875,011
Liabilities And Shareholders’ Equity:
Accounts Payable And Other Liabilities	$	44,959	$	44,827
Junior Subordinated Debentures	5,155,000		5,155,000
Senior Convertible Debentures	6,084,000		6,084,000
Shareholders’ Equity	77,988,780		82,591,184
Total Liabilities And Shareholders’ Equity	$	89,272,739	$	93,875,011

Condensed Statements of Income Data

	For the Year Ended December 31,			For the Nine Months Ended December 31,			For the Year Ended March 31,
	2013			2012			2012
Income:
Equity In Earnings Of Security Federal Bank	$	2,558,986		$	2,229,630		$	2,095,707
Dividend Income From Security Federal Bank	1,600,000			—			—
Interest Income	—			22,941			78,667
Miscellaneous Income	15,771			—			34,338
Total Income	4,174,757			2,252,571			2,208,712
Expenses:
Interest Expense	589,988			449,049			653,727
Mandatorily Redeemable Financial Instrument    Valuation Income	—			—			(50,000		)
Other Expenses	18,223			16,814			24,329
Total Expenses	608,211			465,863			628,056
Income Before Income Taxes	3,566,546			1,786,708			1,580,656
Income Tax Benefit	(224,616		)	(168,241		)	(214,719		)
Net Income	3,791,162			1,954,949			1,795,375
Preferred Stock Dividends	440,000			330,000			440,000
Net Income Available to Common Shareholders	$	3,351,162		$	1,624,949		$	1,355,375

(22)         Security Federal Corporation Condensed Financial Statements (Parent Company Only), Continued

Condensed Statements of Cash Flow Data

	For the Year Ended December 31,			For the Nine Months Ended December 31,			For the Year Ended March 31,
	2013			2012			2012
Operating Activities:
Net Income	$	3,791,162		$	1,954,949		$	1,795,375
Adjustments To Reconcile Net Income To Net Cash Used In Operating Activities:
Equity In Earnings Of Security Federal Bank	(2,558,986		)	(2,229,630		)	(2,095,707		)
Stock Compensation Expense	(2,580		)	4,472			33,123
Mandatorily Redeemable Financial Instrument Valuation Income	—			—			(50,000		)
(Increase) Decrease In Accounts Receivable And Other Assets	(15,248		)	56,203			(32,154		)
Increase (Decrease) In Accounts Payable	132			(122,707		)	(5,633		)
Net Cash Provided (Used) In Operating Activities	1,214,480			(336,713		)	(354,996		)
Investing Activities:
Decrease In Loans Receivable	—			—			1,786,294
Net Cash Provided By Investing Activities	—			—			1,786,294
Financing Activities:
Repayment Of Warrant Issued In Conjunction With Preferred Stock	(50,000		)	—			—
Dividends Paid To Shareholders-Preferred Stock	(440,000		)	(330,000		)	(440,000		)
Dividends Paid To Shareholders-Common Stock	(942,082		)	(706,560		)	(942,027		)
Net Cash Used In Financing Activities	(1,432,082		)	(1,036,560		)	(1,382,027		)
Net Increase (Decrease) In Cash	(217,602		)	(1,373,273		)	49,271
Cash At Beginning Of Period	4,098,035			5,471,308			5,422,037
Cash At End Of Period	$	3,880,433		$	4,098,035		$	5,471,308