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

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet Data

Condensed Balance Sheet Data

	December 31,
	2018		2017
Assets:
Cash	$	3,619,418	$	5,098,959
Investment in Security Federal Statutory Trust	155,000		155,000
Investment in Security Federal Bank	90,359,718		92,407,398
Accounts Receivable and Other Assets	14,492		28,157
Total Assets	$	94,148,628	$	97,689,514
Liabilities and Shareholders’ Equity:
Accounts Payable and Other Liabilities	$	49,995	$	48,360
Note Payable	2,362,500		8,500,000
Junior Subordinated Debentures	5,155,000		5,155,000
Senior Convertible Debentures	6,064,000		6,064,000
Shareholders’ Equity	80,517,133		77,922,154
Total Liabilities and Shareholders’ Equity	$	94,148,628	$	97,689,514

Condensed Statements of Income Data

Condensed Statements of Income Data

	Years Ended December 31,
	2018			2017			2016
Income:
Equity in Earnings of Security Federal Bank	$	1,523,443		$	136,682		$	410,959
Dividend Income from Security Federal Bank	6,400,000			6,400,000			6,000,000
Gain on Sale of Investments	—			118,725			—
Miscellaneous Income	21,235			15,807			21,530
Total Income	7,944,678			6,671,214			6,432,489
Expenses:
Interest Expense	916,832			1,057,065			688,750
Other Expenses	11,099			14,349			69,603
Total Expenses	927,931			1,071,414			758,353
Income Before Income Taxes	7,016,747			5,599,800			5,674,136
Income Tax Benefit	(190,474		)	(318,540		)	(250,520		)
Net Income	7,207,221			5,918,340			5,924,656
Preferred Stock Dividends	—			—			(422,889		)
Gain on Redemption of Preferred Stock	—			—			660,000
Net Income Available to Common Shareholders	$	7,207,221		$	5,918,340		$	6,161,767

Condensed Statements of Cash Flow Data

Condensed Statements of Cash Flow Data

	Years Ended December 31,
	2018			2017			2016
Operating Activities:
Net Income	$	7,207,221		$	5,918,340		$	5,924,656
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Equity in Earnings of Security Federal Bank	(1,523,443		)	(136,682		)	(410,959		)
Deferred Compensation Expense	—			25,358			—
Stock Compensation Expense	—			—			7,912
Increase in Accounts Receivable	13,666			3,117			14,207
Increase (Decrease) in Accounts Payable	1,635			(33,612		)	15,841
Net Cash Provided By Operating Activities	5,699,079			5,776,521			5,551,657
Investing Activities:
Proceeds from Sale of Investments	—			95,438			—
Net Cash Provided By Investing Activities	—			95,438			—
Financing Activities:
Redemption of Preferred Stock	—			—			(21,340,000		)
Redemption of Convertible Debentures	—			(20,000		)	—
Proceeds from Stock Options Exercised	10,310			176,175			—
Employee Stock Plan Purchases	12,196			—			—
Proceeds from Note Payable	—			—			14,000,000
Repayment of Note Payable	(6,137,500		)	(4,500,000		)	(1,000,000		)
Dividends Paid to Shareholders-Preferred Stock	—			—			(422,889		)
Dividends Paid to Shareholders-Common Stock	(1,063,626		)	(1,060,729		)	(942,552		)
Net Cash Used in Financing Activities	(7,178,620		)	(5,404,554		)	(9,705,441		)
Net Increase (Decrease) in Cash	(1,479,541		)	467,405			(4,153,784		)
Cash at Beginning of Period	5,098,959			4,631,554			8,785,338
Cash at End of Period	$	3,619,418		$	5,098,959		$	4,631,554