Security Federal Bank

Headquarters

238 Richland Ave W
Aiken, SC 29801
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Notable Rates APY Vs.Others
Savings N.A. 5.50% →
1-Year CD N.A. 4.80% →
2-Year CD N.A. 4.25% →
5-Year CD N.A. 4.00% →
30-Year Mortgage N.A. 4.91% →
15-Year Mortgage N.A. 4.39% →
HELOC N.A. 0.99% →

Reviewed by Angry | August 8, 2022

DO NOT USE THIS BANK!!!! My brother passed and unfortunately he had a savings account with these thieves. I properly went through probate court and got an Order for the bank to release the funds to me and my father. The bank would not accept the probate court Order and I had to go back to the court to force them to release the money. I got my half but they were supposed to call my father who is out of state and send him a form. Of course they did not call and who knows where the form is...


2024 Overview

General Bank Information

Security Federal Bank is an FDIC insured institution located in Aiken, SC. It was founded in 1922 and has approximately $1.48 billion in assets. Customers can open an account at one of its 16 branches.

FDIC Insured Yes
FDIC Certificate # 31100
Date Established 1922
Assets $ 1,479.24 million
Loans $ 655.20 million
Deposits $ 1,260.39 million
Capital $ 121.14 million
 

For a more detailed analysis of Security Federal Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - November 4, 2024

Your Current Location: Virginia, VA 20146


Loan Rates - November 4, 2024

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for Security Federal Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Virginia 30 Year Fixed Mortgage Rates 2024

Lender APR Rate (%) Monthly
Payment
Learn More
DECO Mortgage
NMLS ID: 2561451
6.690% 6.625%
0.63 points
$2,241 fees
$2,049 Learn More
PenFed Credit Union
NMLS ID: 401822
6.818% 6.625%
1.00 points
$6,400 fees
$2,049 Learn More
Mutual of Omaha Mortgage, Inc.
NMLS ID: 1025894
6.987% 6.875%
0.88 points
$3,654 fees
$2,103 Learn More
Rocket Mortgage
NMLS ID: 3030
7.089% 6.990%
1.00 points
$3,200 fees
$2,127 Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2024

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
Intro APR 7.490 %
After Intro: 7.490 %
$0 Learn More
More Info

Note to Security Federal Bank
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Branches

Security Federal Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Ashburn,Virginia



Climate Policy and Initiatives

Security Federal Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.


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Financial Details

Security Federal Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Security Federal Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Security Federal Bank U.S. Bank Average
6.01% 4.48%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of June 30, 2024, Security Federal Bank had $7,124,000 in non-current loans and $938,000 in owned real estate. To cover these potential losses it had $121,136,000 in equity and $12,958,000 in loans loss reserves. That gives it a Texas Ratio of 6.01%.

Return on Equity
Security Federal Bank U.S. Bank Average
6% 10.46%

Security Federal Bank has a Return on Equity of 6% versus the BestCashCow average of 10.46%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Security Federal Bank U.S. Bank Average
8.19% 10.84%

Security Federal Bank has a Capitalization of 8.19% versus the BestCashCow average of 10.84. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Security Federal Bank Balance Sheet Analysis

As of June 30, 2024, Security Federal Bank had assets of $1,479,242,000, loans of $655,201,000, and deposits of $1,260,393,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

June 30, 2024
ASSETS
Cash & Balances due from depository institutions $ 114.06 million
Interest-bearing balances $ 95.20 million
Total securities $ 625.20 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 655.20 million
Loan loss allowance $ 12.96 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.94 million
Goodwill and other intangibles $ 1.20 million
All other assets $ 47.90 million
     Total Assets $ 1,358.11 million
LIABILITIES
Total deposits $ 1,260.39 million
      Interest-bearing deposits $ 989.77 million
      Deposits held in domestic offices $ 1,260.39 million
      % insured (estimated) 72.57%
Federal funds purchased and repurchase agreements $ 21.99 million
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 7.44 million
      Total Liabilities $ 1,358.11 million
      Shareholders’ Equity $ 121.14 million

Summary Income Statement

June 30, 2024
INCOME AND EXPENSES
Total Interest Income $ 36.21 million
Total Interest Expense $ 16.49 million
Net interest income $ 19.72 million
Provision for loan and lease losses $ 0.51 million
Total non interest income $ 4.48 million
Total non interest expense $ 19.10 million
Pre-tax Net Operating Income $ 5.43 million

Bank Loan Profile?

The top three loan types in Security Federal Bank’s loan portfolio are Commercial Real Estate, 1-4 Family Residential Loans, and Construction and Development Loans.

Compared to other banks in South Carolina, Security Federal Bank has a significantly higher percent of Credit Card Loans, Construction and Development Loans, Commercial Real Estate on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 16.22
Multifamily
Mortgages
2.82
Credit Card Loans 0.46
Consumer Auto Loans 2.15
Small Business Loans 5.50
Construction and Development Loans 14.80
Commercial Real Estate 36.67
Commercial and Industrial Loans 4.40
Farm Loans 0.00

Customer Reviews for Security Federal Bank


  • August 8, 2022

    DO NOT USE THIS BANK!!!! My brother passed and unfortunately he had a savings account with these thieves. I properly went through probate court and got an Order for the bank to release the funds to me and my father. The bank would not accept the probate court Order and I had to go back to the court to force them to release the money. I got my half but they were supposed to call my father who is out of state and send him a form. Of course they did not call and who knows where the form is...

  • May 3, 2020

    Do NOT use this bank if you are seeking business banking. They randomly call notes for no reason and make lending decisions based on “good ol’ boy” discrimination. All that this institution is after is your deposits and they are not a lending bank at all. Their employees are compensated terribly and are not treated any differently in their branches and offices.


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