2020 Q1 Form 10-Q Financial Statement

#000093905720000228 Filed on May 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $9.095M $9.031M
YoY Change 0.71% 16.17%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $690.9K $610.4K
YoY Change 13.2% 12.97%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.219M $1.774M
YoY Change 25.08% 51.75%
% of Operating Profit
Other Income/Expense, Net $894.6K $1.249M
YoY Change -28.39% -5.66%
Pretax Income $1.328M $2.609M
YoY Change -49.1% 22.49%
Income Tax $264.0K $520.0K
% Of Pretax Income 19.88% 19.93%
Net Earnings $1.064M $2.089M
YoY Change -49.07% 20.75%
Net Earnings / Revenue 11.7% 23.13%
Basic Earnings Per Share $0.34 $0.71
Diluted Earnings Per Share $0.34 $0.67
COMMON SHARES
Basic Shares Outstanding 3.092M shares 2.955M shares
Diluted Shares Outstanding 3.092M shares 3.257M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $15.46M $19.12M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $27.04M $25.22M
YoY Change 7.23% 10.41%
Goodwill $1.200M $1.200M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.030B $937.2M
YoY Change 9.88% 7.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $2.600M $3.000M
YoY Change -13.33%
Deferred Revenue
YoY Change
Short-Term Debt $17.00M $14.00M
YoY Change 21.43% 1.45%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.600M $3.000M
YoY Change -13.33% -78.26%
LONG-TERM LIABILITIES
Long-Term Debt $35.20M $12.70M
YoY Change 177.17% -27.01%
Other Long-Term Liabilities $6.700M $7.000M
YoY Change -4.29% 14.75%
Total Long-Term Liabilities $41.90M $19.70M
YoY Change 112.69% -16.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.600M $3.000M
Total Long-Term Liabilities $41.90M $19.70M
Total Liabilities $933.5M $852.0M
YoY Change 9.57% 7.12%
SHAREHOLDERS EQUITY
Retained Earnings $80.02M $74.43M
YoY Change 7.51% 9.57%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.331M $4.331M
YoY Change 0.0% 0.0%
Treasury Stock Shares 200.9K shares 200.9K shares
Shareholders Equity $96.26M $85.19M
YoY Change
Total Liabilities & Shareholders Equity $1.030B $937.2M
YoY Change 9.88% 7.52%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $1.064M $2.089M
YoY Change -49.07% 20.75%
Depreciation, Depletion And Amortization $690.9K $610.4K
YoY Change 13.2% 12.97%
Cash From Operating Activities $1.152M $3.626M
YoY Change -68.24% -14.45%
INVESTING ACTIVITIES
Capital Expenditures $286.4K $1.435M
YoY Change -80.04% 257.28%
Acquisitions
YoY Change
Other Investing Activities -$65.04M -$11.34M
YoY Change 473.54% 382.55%
Cash From Investing Activities -$65.33M -$12.77M
YoY Change 411.41% 363.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $67.11M $15.56M
YoY Change 331.18% 310.18%
NET CHANGE
Cash From Operating Activities $1.152M $3.626M
Cash From Investing Activities -$65.33M -$12.77M
Cash From Financing Activities $67.11M $15.56M
Net Change In Cash $2.926M $6.414M
YoY Change -54.38% 21.51%
FREE CASH FLOW
Cash From Operating Activities $1.152M $3.626M
Capital Expenditures $286.4K $1.435M
Free Cash Flow $865.1K $2.190M
YoY Change -60.5% -42.91%

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CY2020Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
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CY2020Q1 us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
PaymentsForProceedsFromFederalHomeLoanBankStock
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CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
265982 USD
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
325408 USD
CY2019Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
21531244 USD
CY2020Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
41965408 USD
CY2019Q1 us-gaap Payments To Acquire Mortgage Backed Securities Mbs Categorized As Available For Sale
PaymentsToAcquireMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale
13971139 USD
CY2020Q1 us-gaap Payments To Acquire Mortgage Backed Securities Mbs Categorized As Available For Sale
PaymentsToAcquireMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale
42508264 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1435353 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
286445 USD
CY2019Q4 us-gaap Pledged Assets Separately Reported Other Debt Securities Available For Sale Or Held For Investment
PledgedAssetsSeparatelyReportedOtherDebtSecuritiesAvailableForSaleOrHeldForInvestment
173100000 USD
CY2020Q1 us-gaap Pledged Assets Separately Reported Other Debt Securities Available For Sale Or Held For Investment
PledgedAssetsSeparatelyReportedOtherDebtSecuritiesAvailableForSaleOrHeldForInvestment
210500000 USD
CY2019Q4 us-gaap Pledged Financial Instruments Not Separately Reported Other Debt Securities Held To Maturity
PledgedFinancialInstrumentsNotSeparatelyReportedOtherDebtSecuritiesHeldToMaturity
17500000 USD
CY2020Q1 us-gaap Pledged Financial Instruments Not Separately Reported Other Debt Securities Held To Maturity
PledgedFinancialInstrumentsNotSeparatelyReportedOtherDebtSecuritiesHeldToMaturity
16700000 USD
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q4 us-gaap Preferred Stock Shares Authorized
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200000 shares
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000 shares
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
22000 shares
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
22000 shares
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Proceeds From Federal Home Loan Bank Advances
ProceedsFromFederalHomeLoanBankAdvances
54180000 USD
CY2020Q1 us-gaap Proceeds From Federal Home Loan Bank Advances
ProceedsFromFederalHomeLoanBankAdvances
163155000 USD
CY2019Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
7665227 USD
CY2020Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
5698171 USD
CY2020Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
0 USD
CY2019Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Longterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfLongtermInvestments
0 USD
CY2019Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Mortgage Backed Securities Mbs
ProceedsFromMaturitiesPrepaymentsAndCallsOfMortgageBackedSecuritiesMBS
149162 USD
CY2020Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Mortgage Backed Securities Mbs
ProceedsFromMaturitiesPrepaymentsAndCallsOfMortgageBackedSecuritiesMBS
901954 USD
CY2019Q1 us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
250000 USD
CY2020Q1 us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
0 USD
CY2019Q1 us-gaap Proceeds From Repayments Of Other Debt
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3345823 USD
CY2020Q1 us-gaap Proceeds From Repayments Of Other Debt
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5426592 USD
CY2019Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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CY2020Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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CY2019Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
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6555400 USD
CY2020Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
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CY2019Q1 us-gaap Proceeds From Sale Of Foreclosed Assets
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463603 USD
CY2020Q1 us-gaap Proceeds From Sale Of Foreclosed Assets
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33291 USD
CY2020Q1 us-gaap Proceeds From Sale Of Held To Maturity Securities
ProceedsFromSaleOfHeldToMaturitySecurities
0 USD
CY2019Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
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CY2020Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
16882646 USD
CY2019Q1 us-gaap Proceeds From Sale Of Mortgage Backed Securities Mbs Categorized As Available For Sale
ProceedsFromSaleOfMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale
0 USD
CY2020Q1 us-gaap Proceeds From Sale Of Mortgage Backed Securities Mbs Categorized As Available For Sale
ProceedsFromSaleOfMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale
0 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2019Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
12009 USD
CY2020Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
12968 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27219883 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
100000 USD
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
700000 USD
CY2019Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
100000 USD
CY2020Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
700000 USD
CY2019Q1 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
100000 USD
CY2020Q1 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
700000 USD
CY2019Q1 us-gaap Real Estate Owned Valuation Allowance Amounts Applied
RealEstateOwnedValuationAllowanceAmountsApplied
0 USD
CY2020Q1 us-gaap Real Estate Owned Valuation Allowance Amounts Applied
RealEstateOwnedValuationAllowanceAmountsApplied
0 USD
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
850000 USD
CY2020Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
79281433 USD
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
80020212 USD
CY2020Q1 us-gaap Senior Notes
SeniorNotes
0 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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0 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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0 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.00
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.00
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2020Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
5912000 USD
CY2020Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
12968 USD
CY2018Q4 us-gaap Stockholders Equity
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80518433 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
85191250 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
91758005 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
96262389 USD
CY2019Q1 us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
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440200 USD
CY2020Q1 us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
0 USD
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
200933 shares
CY2020Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
200933 shares
CY2019Q4 us-gaap Treasury Stock Value
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4330712 USD
CY2020Q1 us-gaap Treasury Stock Value
TreasuryStockValue
4330712 USD
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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1152 shares
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2348 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3256715 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3092455 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2954515 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3092455 shares
CY2020Q1 sfdl Schedule Of Allowance For Loan Losses
ScheduleOfAllowanceForLoanLosses
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div></div>
CY2020Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and accounting principles generally accepted in the United States of America ("GAAP"); therefore, they do not include all disclosures necessary for a complete presentation of financial condition, results of operations, and cash flows.&#160;&#160;Such statements are unaudited but, in the opinion of management, reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of results for the selected interim periods.&#160;&#160;Users of financial information produced for interim periods are encouraged to refer to the footnotes contained in the audited consolidated financial statements appearing in Security Federal Corporation&#8217;s (the &#8220;Company&#8221;) 2019 Annual Report to Shareholders which was filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2019 (&#8220;2019 10-K&#8221;) when reviewing interim financial statements.&#160;</font></div></div>

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