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

12 Months Ended

Dec. 31, 2020


	December 31,
	2020		2019
Assets:
Cash	$	22,884,872	$	25,685,744

Investment in Security Federal Statutory Trust	155,000		155,000
Investment in Security Federal Bank	123,813,848		106,947,285
Accounts Receivable and Other Assets	341,569		386,889
Total Assets	$	147,195,289	$	133,174,918
Liabilities and Shareholders’ Equity:
Accounts Payable and Other Liabilities	$	135,843	$	219,213
Long-term Debt	35,155,000		41,199,000



Shareholders’ Equity	111,904,446		91,756,705
Total Liabilities and Shareholders’ Equity	$	147,195,289	$	133,174,918


	Years Ended December 31,
	2020		2019		2018
Income:
Equity in Earnings of Security Federal Bank	$	8,393,140	$	2,092,130	$	1,523,443
Dividend Income from Security Federal Bank	—		6,400,000		6,400,000

Miscellaneous Income	148,877		62,390		21,235
Total Income	8,542,017		8,554,520		7,944,678
Expenses:
Interest Expense	1,783,796		906,152		916,832
Other Expenses	64,494		39,331		11,099
Total Expenses	1,848,290		945,483		927,931
Income Before Income Taxes	6,693,727		7,609,037		7,016,747
Income Tax Benefit	(356,877)		(185,450)		(190,474)
Net Income	$	7,050,604	$	7,794,487	$	7,207,221


	Years Ended December 31,
	2020		2019		2018
Operating Activities:
Net Income	$	7,050,604	$	7,794,487	$	7,207,221
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Equity in Earnings of Security Federal Bank	(8,393,140)		(2,092,130)		(1,523,443)

Decrease (Increase) in Accounts Receivable and Other Assets	45,320		(372,398)		13,666
(Decrease) Increase in Accounts Payable	(83,370)		169,218		1,635
Net Cash (Used) Provided By Operating Activities	(1,380,586)		5,499,177		5,699,079
Investing Activities:
Capital Pushdown to Security Federal Bank	—		(10,000,000)		—

Net Cash Used in Investing Activities	—		(10,000,000)		—
Financing Activities:
Redemption of Convertible Debentures	(132,000)		—		—
Proceeds from Stock Options Exercised	—		—		10,310
Employee Stock Plan Purchases	12,968		52,868		12,196
Proceeds from Subordinated Debentures	—		30,000,000		—
Repayment of Note Payable	—		(2,362,500)		(6,137,500)
Dividends Paid to Shareholders-Common Stock	(1,301,254)		(1,123,219)		(1,063,626)
Net Cash (Used) Provided By Financing Activities	(1,420,286)		26,567,149		(7,178,620)
Net (Decrease) Increase in Cash	(2,800,872)		22,066,326		(1,479,541)
Cash at Beginning of Period	25,685,744		3,619,418		5,098,959
Cash at End of Period	$	22,884,872	$	25,685,744	$	3,619,418