Note 20 - Parent Company Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 20 - PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS      

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

	December 31,
(In Thousands)	2024		2023
Assets:
Cash	$	28,009	$	26,842
Investment Securities		40,881		50,211
Investment in Security Federal Statutory Trust		155		155
Investment in Security Federal Bank		128,834		116,279
Accrued Interest Receivable		122		200
Accounts Receivable and Other Assets		77		11,163
Total Assets	$	198,078	$	204,850
Liabilities and Shareholders’ Equity:
Accounts Payable and Other Liabilities	$	534	$	833
Long-term Debt		15,155		31,655
Shareholders’ Equity		182,389		172,362
Total Liabilities and Shareholders’ Equity	$	198,078	$	204,850

Condensed Statements of Income Data

	Years Ended December 31,
(In Thousands)	2024		2023
Income:
Equity in Earnings of Security Federal Bank	$	8,840	$	9,595
Interest Income		3,000		2,574
Total Income		11,840		12,169
Expenses:
Interest Expense		1,673		1,755
Other Expenses		63		65
Total Expenses		1,736		1,820
Income Before Income Taxes		10,104		10,349
Income Tax Expense		297		159
Net Income		9,807		10,190
Preferred Stock Dividends		926		-
Net Income Available to Common Shareholders	$	8,881	$	10,190

Condensed Statements of Cash Flow Data

	Years Ended December 31,
(In Thousands)	2024			2023
Operating Activities:
Net Income	$	9,807		$	10,190
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:
Equity in Earnings of Security Federal Bank		(8,620	)		(9,595	)
Discount Accretion and Premium Amortization, Net		13			(235	)
Change in Accrued Interest Receivable		78			(10	)
Change in Accounts Receivable and Other Assets		11,085			(10,970	)
Change in Accounts Payable and Other Liabilities		(299	)		678
Net Cash Provided (Used) by Operating Activities		12,064			(9,942	)
Investing Activities:
Purchase of Investment Securities		(5,031	)		(2,934	)
Proceeds from Principal Paydowns and Maturities of Investment Securities		14,360			13,777
Investment in Subsidiary		—			(660	)
Net Cash Provided by Investing Activities		9,329			10,183
Financing Activities:
Repurchase of Subordinated Debentures		(16,500	)		—
Proceeds from Employee Stock Plan Purchases		49			57
Purchase of Treasury Stock		(1,052	)		(582	)
Cash Dividends on Preferred Stock		(926	)		—
Cash Dividends on Common Stock		(1,797	)		(1,687	)
Net Cash Used by Financing Activities		(20,226	)		(2,212	)
Net Increase (Decrease) in Cash		1,167			(1,971	)
Cash at Beginning of Period		26,842			28,813
Cash at End of Period	$	28,009		$	26,842