Security Federal Corporation Condensed Financial Statements (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet Data

Condensed Balance Sheet Data

	At December 31,
	2015		2014
Assets:
Cash	$	8,785,338	$	4,542,778
Investment Securities, Available For Sale	154,902		151,674
Investment in Security Federal Statutory Trust	155,000		155,000
Investment in Security Federal Bank	93,150,771		93,860,841
Accounts Receivable and Other Assets	5,002		8,023
Total Assets	$	102,251,013	$	98,718,316
Liabilities and Shareholders’ Equity:
Accounts Payable and Other Liabilities	$	45,890	$	45,229
Junior Subordinated Debentures	5,155,000		5,155,000
Senior Convertible Debentures	6,084,000		6,084,000
Shareholders’ Equity	90,966,123		87,434,087
Total Liabilities and Shareholders’ Equity	$	102,251,013	$	98,718,316

Condensed Statements of Income Data

Condensed Statements of Income Data

	For the Years Ended December 31,
	2015			2014			2013
Income:
Equity in Earnings of Security Federal Bank	$	506,074		$	3,779,212		$	2,558,986
Dividend Income from Security Federal Bank	6,000,000			2,400,000			1,600,000
Interest Income	—			—			—
Miscellaneous Income	15,828			12,937			15,771
Total Income	6,521,902			6,192,149			4,174,757
Expenses:
Interest Expense	591,054			587,859			589,988
Other Expenses	18,822			19,382			18,223
Total Expenses	609,876			607,241			608,211
Income Before Income Taxes	5,912,026			5,584,908			3,566,546
Income Tax Benefit	(203,901		)	(225,832		)	(224,616		)
Net Income	6,115,927			5,810,740			3,791,162
Preferred Stock Dividends	440,000			440,000			440,000
Net Income Available to Common Shareholders	$	5,675,927		$	5,370,740		$	3,351,162

Condensed Statements of Cash Flow Data

Condensed Statements of Cash Flow Data

	For the Years Ended December 31,
	2015			2014			2013
Operating Activities:
Net Income	$	6,115,927		$	5,810,740		$	3,791,162
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Equity in Earnings of Security Federal Bank	(506,074		)	(3,779,212		)	(2,558,986		)
Stock Compensation Expense	12,676			12,676			(2,580		)
(Increase) Decrease in Accounts Receivable	825			(49		)	(15,248		)
Increase in Accounts Payable	1,758			270			132
Net Cash Provided By Operating Activities	5,625,112			2,044,425			1,214,480
Financing Activities:
Repayment of Warrant Issued in Conjunction with Preferred Stock	—			—			(50,000		)
Dividends Paid to Shareholders-Preferred Stock	(440,000		)	(440,000		)	(440,000		)
Dividends Paid to Shareholders-Common Stock	(942,552		)	(942,080		)	(942,082		)
Net Cash Used in Financing Activities	(1,382,552		)	(1,382,080		)	(1,432,082		)
Net Increase (Decrease) in Cash	4,242,560			662,345			(217,602		)
Cash at Beginning of Period	4,542,778			3,880,433			4,098,035
Cash at End of Period	$	8,785,338		$	4,542,778		$	3,880,433