UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
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Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): October 23, 2017
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SECURITY FEDERAL CORPORATION
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(Exact name of registrant as specified in its charter)
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South Carolina
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000-16120
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57-0858504
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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238 Richland Avenue NW, Aiken, South Carolina
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29801
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number (including area code): (803) 641-3000
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
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SECURITY FEDERAL CORPORATION
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Date: October 23, 2017
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By:
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/s/Jessica T. Cummins |
Jessica T. Cummins
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Chief Financial Officer
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INCOME STATEMENT HIGHLIGHTS
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Quarter Ended September 30,
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Nine Months Ended September 30,
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2017
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2016
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2017
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2016
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Total interest income
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$ 7,752
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$ 7,153
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$ 22,167
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$ 21,311
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Total interest expense
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1,097
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805
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3,072
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2,592
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Net interest income
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6,655
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6,348
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19,095
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18,719
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Provision for loan losses
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100
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-
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100
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-
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Net interest income after provision for loan losses
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6,555
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6,348
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18,995
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18,719
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Non-interest income
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2,362
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1,781
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5,792
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5,073
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Non-interest expense
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6,569
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5,694
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18,265
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16,923
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Income before income taxes
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2,348
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2,435
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6,522
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6,869
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Provision for income taxes
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445
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655
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1,513
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1,806
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Net income
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$ 1,903
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$ 1,780
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$ 5,009
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$ 5,063
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Preferred stock dividends
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-
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110
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-
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330
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Net income available to common shareholders
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$ 1,903
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$ 1,670
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$ 5,009
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$ 4,733
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Earnings per common share (basic)
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$ 0.65
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$ 0.57
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$ 1.70
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$ 1.61
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Earnings per common share (diluted)
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$ 0.61
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$ 0.54
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$ 1.61
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$ 1.53
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BALANCE SHEET HIGHLIGHTS
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September 30, 2017
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December 31, 2016
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%
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Total assets
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$861,149
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$812,682
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6.0%
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Cash and cash equivalents
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15,159
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9,375
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61.7%
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Total loans receivable, net
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375,711
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359,723
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4.4%
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Investment & mortgage-backed securities
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413,981
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387,643
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6.8%
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Deposits
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701,613
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654,103
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7.3%
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Borrowings
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74,275
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81,972
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-9.4%
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Shareholders' equity
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77,912
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71,112
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9.6%
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Book value per share
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$26.45
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$24.14
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9.6%
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Non performing assets
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9,428
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8,236
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14.5%
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Non performing assets to total assets
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1.09%
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1.01%
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8.0%
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Allowance as a percentage of gross loans,
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held for investment
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2.14%
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2.30%
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-7.2%
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