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SFDL on OTC

SECURITY FEDERAL CORP

American state commercial bank, incorporated in South Carolina1

In its 2026 annual report the company says: “The Company is a one bank holding company. Through the bank holding company structure, it is possible to expand the size and scope of the financial services offered beyond those currently offered by the Bank.”3 It is headquartered in Aiken, South Carolina.1 Its shares trade on OTC under the symbol SFDL.1

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Last updated Oct 21, 2026.

Overview

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  • TickerSFDL on OTC1
  • IndustryState Commercial Banks1
  • HeadquartersAiken, South Carolina1
  • Incorporated inSC2
  • Business address238 Richland Avenue Nw, Aiken, Sc 298012
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Security Federal Corporation (the "Company") was incorporated under the laws of the State of Delaware in July 1987 for the purpose of becoming the savings and loan holding company for Security Federal Bank ("Security Federal" or the "Bank") upon the Bank's conversion from mutual to stock form (the "Conversion"). Effective August 17, 1998, the Company changed its state of incorporation from Delaware to South Carolina. On December 28, 2011, the Company reorganized into a bank holding company in connection with the Bank's conversion from a federally chartered stock savings bank to a South Carolina chartered commercial bank. As a result of the reorganization, the Federal Reserve became the Company's primary federal regulator.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

ATM and Credit Card brought in 72% of the revenue SECURITY FEDERAL CORP broke down this way in fiscal 2025.

  1. ATM and Credit Card$3.3M472%up 3% from 2024
  2. Deposit Account$1.3M428%up 1% from 2024
Products and services by year
Products and services20242025
ATM and Credit Card$3.2M$3.3M
Deposit Account$1.2M$1.3M

Financial statements

Net income56784$13.7M in 2025+75% since 2019
0$5.0M$10.0M$15.0M2019: $7.8M$7.8M20192020: $7.1M$7.1M2020−10%2021: $12.8M$12.8M2021+81%2022: $10.2M$10.2M2022−20%2023: $10.2M$10.2M2023−0%2024: $9.8M$9.8M2024−4%2025: $13.7M$13.7M2025+39%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Loans$44.2M$41.3M
Taxable Investment Securities$30.0M$29.5M
Tax-exempt Investment Securities$356.0K$422.0K
Other$4.2M$6.1M
Total Interest Income$78.7M$77.3M
Deposits$30.2M$29.8M
FRB and Other Borrowings$453.0K$4.0M
Subordinated Debentures$525.0K$1.3M
Junior Subordinated Debentures$310.0K$376.0K
Total Interest Expense$31.4M$35.5M
Net Interest Income$47.2M$41.8M
(Reversal of) Provision for Credit Losses-$235.0K$1.4M
Net Interest Income after (Reversal of) Provision for Credit Losses$47.4M$40.5M
Gain on Sale of Investment Securities, Net$22.0K$37.0K
Gain on Sale of Loans$894.0K$779.0K
Gain on Sale of Land Held for Sale$62.0K$0
Commissions From Insurance Agency$881.0K$791.0K
Trust Income$1.9M$2.3M
BOLI Income$794.0K$706.0K
Grant Income$1.1M$500.0K
Other$1.3M$756.0K
Total Non-Interest Income$11.5M$10.2M
Compensation and Employee Benefits$24.0M$21.8M
Occupancy$3.7M$3.3M
Advertising$914.0K$1.0M
Depreciation and Maintenance of Equipment$1.6M$1.7M
FDIC Insurance Premiums$718.0K$705.0K
Consulting$820.0K$658.0K
Debit Card Expenses$1.9M$1.6M
Data Processing$1.6M$1.4M
Cloud Services$963.0K$932.0K
Other$5.3M$5.1M
Total Non-Interest Expense$41.6M$38.1M
Income Before Income Taxes$17.3M$12.6M
Provision For Income Taxes$3.7M$2.8M
Net Income$13.7M$9.8M
Preferred Stock Dividends$1.7M$926.0K
Net Income Available to Common Shareholders$12.0M$8.9M
Net Income Per Common Share (Basic) (in dollars per share)$3.80$2.77
Cash Dividend Per Share On Common Stock (in dollars per share)$0.71$0.56
Weighted Average Shares Outstanding (Basic) (in shares)3.2M shares3.2M shares

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What it owns

What SECURITY FEDERAL CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$98.0K4 Dec 31, 2025$281.0K4 Dec 31, 2024−65.1%
Property and equipment, before depreciation$51.6M4 Dec 31, 2025$52.8M4 Dec 31, 2024−2.2%
Accumulated depreciation$18.8M4 Dec 31, 2025$23.4M4 Dec 31, 2024−19.6%
Property and equipment, net$32.7M4 Dec 31, 2025$29.3M4 Dec 31, 2024+11.7%
Operating-lease assets (leased space)$1.0M4 Dec 31, 2025$927.0K4 Dec 31, 2024+10.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$75.3M4 Dec 31, 2025$178.3M4 Dec 31, 2024−57.7%
Debt securities available for sale$525.6M8 Dec 31, 2024$537.6M8 Dec 31, 2023−2.2%
Debt securities held to maturity$135.2M8 Dec 31, 2024$163.1M8 Dec 31, 2023−17.1%
Loans, net of allowance$673.1M4 Dec 31, 2025$686.5M4 Dec 31, 2024−2.0%
Deposits held (banks)$1.4B4 Dec 31, 2025$1.3B4 Dec 31, 2024+3.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.2M4 Dec 31, 2025$1.2M4 Dec 31, 20240%

Properties, in its own words

As of December 31, 2025, we owned the buildings and land for 12 of our branch offices and our operations center, leased the land and owned improvements for one office, and leased five other offices, including our main office. We own two other properties: one lot originally purchased for a future branch site, which is listed for sale, and one building adjacent to our 1705 Whiskey Road office, which is leased. We also rent and sublease a building adjacent to our main office. See "Note 5 - Premises and Equipment, Net and Leases" of the Notes to Consolidated Financial Statements contained in “Item 8. Financial Statements and Supplementary Data” of this 2025 Form 10-K.

Item 2 of the 10-K filed Mar 20, 2026.3

Leadership

Who has led SECURITY FEDERAL CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Timothy W. Simmons2006–2011
  2. J. Chris Verens2011–now

Chair

  1. J. Chris Verens2011

President

  1. Timothy W. Simmons2006–2011
  2. J. Chris Verens2006–2010
  3. Francis M. Thomas Jr.2008–2013
  4. Frank M. Thomas2015
  5. Roy G. Lindburg2017–2020
  6. Philip R. Wahl2019–now

Chief financial officer

  1. Roy G. Lindburg2006–2011
  2. Jessica T. Cummins2015–2018
  3. Darrell R. Rains2020
2010201520202025
Board members and other officers (28)

Former names

  • SECURITY FEDERAL CORPORATIONAug 11, 1995 to Jun 16, 20062

Timeline

  1. Jan 30, 20268-K Results of operations44
  2. Oct 29, 20258-K Results of operations45
  3. Aug 22, 20258-K Other events46
  4. Jul 30, 20258-K Results of operations47
  5. May 13, 20258-K Shareholder vote48
  6. Apr 30, 20258-K Results of operations49
  7. Mar 20, 20258-K Other events50
  8. Jan 31, 20258-K Results of operations51
  9. Jan 14, 20258-K Entered a material agreement52
  10. Oct 30, 20248-K Results of operations53
  11. Oct 17, 20248-K Other events54
  12. Aug 19, 20248-K Other events55
  13. May 26, 2011New chief executive J. Chris Verens becomes CEO12
  14. Jul 25, 2006New chief executive Timothy W. Simmons becomes CEO13

Calendar

When it reported results

  1. Jan 30, 2026Reported quarterly or annual results44
  2. Oct 29, 2025Reported quarterly or annual results45
  3. Jul 30, 2025Reported quarterly or annual results47
  4. Apr 30, 2025Reported quarterly or annual results49
  5. Jan 31, 2025Reported quarterly or annual results51
  6. Oct 30, 2024Reported quarterly or annual results53
  7. Jul 29, 2024Reported quarterly or annual results56
  8. Apr 29, 2024Reported quarterly or annual results57

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

88 filings to the SEC since October 2021: 5 annual reports, 13 quarterly reports, 33 major events, 29 insider forms, 8 other. The latest 20:

  1. Mar 20, 202610-K EDGAR
  2. Jan 30, 20268-K EDGAR
  3. Dec 12, 202515-12G EDGAR
  4. Dec 10, 2025S-8 POS EDGAR
  5. Nov 10, 202510-Q EDGAR
  6. Nov 4, 20254 PRIMARY DOCUMENT EDGAR
  7. Nov 4, 20254 PRIMARY DOCUMENT EDGAR
  8. Oct 29, 20258-K EDGAR
  9. Aug 22, 20258-K EDGAR
  10. Aug 12, 202510-Q EDGAR
  11. Aug 1, 20254 PRIMARY DOCUMENT EDGAR
  12. Aug 1, 20254 PRIMARY DOCUMENT EDGAR
  13. Jul 30, 20258-K EDGAR
  14. May 13, 20258-K EDGAR
  15. May 9, 202510-Q EDGAR
  16. May 1, 20254 PRIMARY DOCUMENT EDGAR
  17. May 1, 20254 PRIMARY DOCUMENT EDGAR
  18. Apr 30, 20258-K EDGAR
  19. Apr 8, 2025ARS EDGAR
  20. Apr 7, 2025DEF 14A EDGAR

The 88 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 3 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 22, 2024VERENES CHRIS JChief Executive OfficerBuy100$23.20$2.3KForm 4
May 7, 2024VERENES CHRIS JChief Executive OfficerBuy8$22.15$177Form 4
Nov 28, 2023VERENES CHRIS JChief Executive OfficerBuy20$21.00$420Form 4

From Forms 4 filed with the SEC.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024J. Chris Verenes$431.0K$517.9K58
2024Roy G. Lindburg$330.1K$460.0K58
2024Philip R. Wahl$292.8K$369.8K58
2023Chief Executive Officer and Director$410.0K$506.2K58
2023President of Security Federal and$315.0K$432.2K58
2023President of Security Federal Bank$260.0K$328.9K58

SEC filer profile

How SECURITY FEDERAL CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSECURITY FEDERAL CORP1
  • CIK0000818677
  • Employer ID (EIN)57-08585043
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inSouth Carolina3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6022 State Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address238 Richland Avenue Nw, Aiken, SC 298011
  • Phone80364130001
  • Shares outstanding3,093,225 shares as of Mar 20, 20263
  • Public float$48.4M as of Jun 30, 20253
  • AuditorElliott Davis, LLC, Columbia, South Carolina PCAOB ID 149; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceJun 22, 19951
  • Filings643 in all: 4 (210), 8-K (160), 10-Q (74), 5 (40), DEF 14A (31), 10-K (24), 3 (23), 10QSB (18)1
    All 31 form types

    4/A (11), UPLOAD (8), CORRESP (6), 10KSB40 (5), S-8 (5), 10-K/A (3), 3/A (3), D (3), 10QSB/A (2), ARS (2), PRE 14A (2), S-1/A (2), 10-K405 (1), 10-KT (1), 10-Q/A (1), 10KSB40/A (1), 15-12G (1), 8-K/A (1), DEFA14A (1), EFFECT (1), S-1 (1), S-8 POS (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Mar 20, 2026
    Quarterly report (10-Q) Nov 10, 2025
    Proxy statement (DEF 14A) Apr 7, 2025
    Latest 8-K (8-K) Jan 30, 2026

Risk factors and legal proceedings

The risks SECURITY FEDERAL CORP names in Item 1A of its 10-K filed Mar 20, 2026: 23 risks under these headings, as written.3

  • Risks Related to Deregistration
  • Deregistration may reduce liquidity, marketability, and investor access to information about the Company.
  • Risks Related to Macroeconomic Conditions
  • Our business may be adversely affected by downturns in the national economy and in the economies in our market areas.
  • Monetary policy, inflation, deflation, and other external economic factors could adversely impact our business, financial condition and results of operations.
  • Risks Related to Our Lending Activities
  • Our allowance for credit losses may prove to be insufficient to absorb losses in our loan portfolio.
  • If our non-performing assets increase, our earnings will be adversely affected.
  • Our level of commercial real estate loans may expose us to increased lending risks.
  • Our construction real estate loans are based upon estimates of costs and the value of the completed project.
  • Repayment of our commercial and agricultural business loans is often dependent on the cash flows of the borrower, which may be unpredictable, and the collateral securing these loans may fluctuate in value.
  • Our real estate lending exposes us to the risk of environmental liabilities.
The other 14 risks
  • If our investments in real estate are not properly valued or sufficiently reserved to cover actual losses, or if we are required to increase our valuation reserves, our earnings could be reduced.
  • Our securities portfolio may be negatively impacted by fluctuations in market value, changes in the tax code, and interest rates.
  • Risk Related to Changes in Market Interest Rates
  • Changes in interest rates may reduce our net interest income, and may result in higher defaults in a rising rate environment.
  • An increase in interest rates, change in the programs offered by governmental sponsored entities ("GSE"), or our ability to qualify for such programs may reduce our mortgage revenues, which would negatively impact our non-interest income.
  • Risk Related to Regulatory and Compliance Matters
  • New or changing tax, accounting, and regulatory rules and interpretations could significantly impact strategic initiatives, results of operations, cash flows, and financial condition.
  • Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions.
  • Our reported financial results depend on management’s selection of accounting methods and certain assumptions and estimates, which, if incorrect, could cause unexpected losses in the future.
  • We are subject to an extensive body of accounting rules and best practices. Periodic changes to such rules may change the treatment and recognition of critical financial line items and affect our profitability.
  • Our growth or future losses may require us to raise additional capital in the future, but that capital may not be available when it is needed, or the cost of that capital may be exceedingly high.
  • Risks Related to Cybersecurity, Third Parties and Technology
  • We are subject to certain risks related to our use of technology, including the potential for cyber-attacks and system failures.
  • We are subject to certain risks in connection with our data management or aggregation.
  • Risks Related to Our Business and Industry Generally
  • We are dependent on key personnel and the loss of one or more of those key personnel may materially and adversely affect our prospects.
  • Ineffective liquidity management could impair our ability to fund operations and jeopardize our financial condition, growth and prospects.
  • The Company’s ability to pay dividends and make subordinated debt payments is subject to the ability of the Bank to make capital distributions to the Company.

Legal proceedings

The Company is involved as plaintiff or defendant in various legal actions arising in the course of its business. It is the opinion of management, after consultation with counsel, that the resolution of these legal actions will not have a material adverse effect on the Company's financial condition and results of operations.

The opening of Item 3, Legal Proceedings.3

Sources

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