2023 Q2 Form 10-Q Financial Statement

#000093905723000155 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $15.55M $14.22M
YoY Change 65.68% 63.43%
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 $556.8K $620.2K
YoY Change -30.96% -13.95%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $6.429M $3.974M
YoY Change 661.87% 400.16%
% of Operating Profit
Other Income/Expense, Net $1.198M
YoY Change 26.87%
Pretax Income $2.246M $3.413M
YoY Change -18.41% 78.35%
Income Tax $468.0K $739.0K
% Of Pretax Income 20.84% 21.65%
Net Earnings $1.778M $2.674M
YoY Change -17.83% 72.62%
Net Earnings / Revenue 11.43% 18.81%
Basic Earnings Per Share $0.55 $0.82
Diluted Earnings Per Share $0.55 $0.82
COMMON SHARES
Basic Shares Outstanding 3.253M shares 3.253M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $77.18M $24.72M
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 $28.83M $28.67M
YoY Change -0.58% 1.99%
Goodwill $1.200M $1.200M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.097M $1.097M
YoY Change 0.0% -7.87%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.472B $1.406B
YoY Change 5.0% 8.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.677M $1.794M
YoY Change -19.45% -18.06%
Deferred Revenue
YoY Change
Short-Term Debt $87.09M $89.19M
YoY Change 105.67% 160.4%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $88.77M $90.99M
YoY Change 4164.15% 4056.7%
LONG-TERM LIABILITIES
Long-Term Debt $31.66M $31.66M
YoY Change -9.96% -9.96%
Other Long-Term Liabilities $9.036M $8.286M
YoY Change 50.85% 42.87%
Total Long-Term Liabilities $40.69M $39.94M
YoY Change -1.1% -2.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $88.77M $90.99M
Total Long-Term Liabilities $40.69M $39.94M
Total Liabilities $1.309B $1.240B
YoY Change 5.96% 3.01%
SHAREHOLDERS EQUITY
Retained Earnings $106.2M $104.8M
YoY Change 7.89% 7.45%
Common Stock $34.55K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.331M $4.331M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $163.3M $166.5M
YoY Change
Total Liabilities & Shareholders Equity $1.472B $1.406B
YoY Change 5.0% 8.18%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $1.778M $2.674M
YoY Change -17.83% 72.62%
Depreciation, Depletion And Amortization $556.8K $620.2K
YoY Change -30.96% -13.95%
Cash From Operating Activities $3.825M $5.964M
YoY Change -40.5% 7.31%
INVESTING ACTIVITIES
Capital Expenditures $715.7K $1.233M
YoY Change -148.36% 0.78%
Acquisitions
YoY Change
Other Investing Activities -$18.93M -$24.21M
YoY Change -73.21% 35.3%
Cash From Investing Activities -$19.65M -$25.45M
YoY Change -72.77% 33.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 68.29M $15.70M
YoY Change -39.83% -7.92%
NET CHANGE
Cash From Operating Activities 3.825M $5.964M
Cash From Investing Activities -19.65M -$25.45M
Cash From Financing Activities 68.29M $15.70M
Net Change In Cash 52.46M -$3.783M
YoY Change 9.84% -208.47%
FREE CASH FLOW
Cash From Operating Activities $3.825M $5.964M
Capital Expenditures $715.7K $1.233M
Free Cash Flow $3.109M $4.731M
YoY Change -60.69% 9.16%

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CY2023Q1 us-gaap Comprehensive Income Net Of Tax
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CY2022Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Net Income Loss
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1549031 usd
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390346 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q4 us-gaap Stockholders Equity
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CY2023Q1 us-gaap Net Income Loss
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2674100 usd
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8414 shares
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422917 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
166492755 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
2674100 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
1549031 usd
CY2023Q1 us-gaap Depreciation And Amortization
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518033 usd
CY2022Q1 us-gaap Depreciation And Amortization
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CY2022Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2023Q1 us-gaap Provision For Loan Lease And Other Losses
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CY2022Q1 us-gaap Provision For Loan Lease And Other Losses
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CY2023Q1 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
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150204 usd
CY2022Q1 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
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157241 usd
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193881 usd
CY2022Q1 us-gaap Loans And Leases Receivable Gain Loss On Sales Net
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713893 usd
CY2023Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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0 usd
CY2022Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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113053 usd
CY2022Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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106852 usd
CY2023Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
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6736663 usd
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1391444 usd
CY2022Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
20285158 usd
CY2023Q1 us-gaap Payments For Origination And Purchases Of Loans Held For Sale
PaymentsForOriginationAndPurchasesOfLoansHeldForSale
5870365 usd
CY2022Q1 us-gaap Payments For Origination And Purchases Of Loans Held For Sale
PaymentsForOriginationAndPurchasesOfLoansHeldForSale
19118235 usd
CY2023Q1 us-gaap Increase Decrease In Accrued Interest Receivable Net
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549013 usd
CY2022Q1 us-gaap Increase Decrease In Accrued Interest Receivable Net
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102987 usd
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-1525330 usd
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
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5963939 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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5557428 usd
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3487262 usd
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43978806 usd
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18739220 usd
CY2022Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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30072755 usd
CY2023Q1 us-gaap Payments To Acquire Held To Maturity Securities
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15587496 usd
CY2022Q1 us-gaap Payments To Acquire Held To Maturity Securities
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0 usd
CY2023Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
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2895475 usd
CY2023Q1 sfdl Purchase Of Fhlb Stock
PurchaseOfFhlbStock
8000 usd
CY2022Q1 sfdl Purchase Of Fhlb Stock
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64800 usd
CY2023Q1 sfdl Increase Decrease In Loans Receivable
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26764068 usd
CY2022Q1 sfdl Increase Decrease In Loans Receivable
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5315638 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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1233098 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
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1223499 usd
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Increase Decrease In Customer Deposits
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CY2022Q1 us-gaap Increase Decrease In Customer Deposits
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9972359 usd
CY2023Q1 us-gaap Proceeds From Repayments Of Other Debt
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229656 usd
CY2022Q1 us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
7466530 usd
CY2023Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
324005000 usd
CY2022Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
109025000 usd
CY2023Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
306710000 usd
CY2022Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
109025000 usd
CY2023Q1 us-gaap Proceeds From Stock Plans
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8414 usd
CY2022Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
0 usd
CY2023Q1 us-gaap Payments Of Dividends Common Stock
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422917 usd
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
390346 usd
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NetCashProvidedByUsedInFinancingActivities
15698366 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
17048543 usd
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-3782924 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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3487427 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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28502364 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27622851 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24719440 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31110278 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
3644472 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
402484 usd
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5577801 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-20222858 usd
CY2023Q1 us-gaap Basis Of Accounting
BasisOfAccounting
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.  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.  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’s (the “Company”) 2022 Annual Report to Shareholders which was filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 10-K”) when reviewing interim financial statements. The unaudited consolidated results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or any other period. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2674100 usd
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3253112 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.82
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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1549031 usd
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WeightedAverageNumberOfSharesOutstandingBasic
3252884 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
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587696255 usd
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1147451 usd
CY2023Q1 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
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47773633 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
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541070073 usd
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604157308 usd
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1031139 usd
CY2022 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
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55040163 usd
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550148284 usd
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17789 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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17640 usd
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4587262 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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4529933 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
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74277652 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
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70811848 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
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158548229 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
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146025048 usd
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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587696255 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Without Single Maturity Date Fair Value
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541070073 usd
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29789084 usd
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DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
924917 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
452653442 usd
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46848716 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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482442526 usd
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47773633 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
201667439 usd
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DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
15806689 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
288502788 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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39233474 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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490170227 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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55040163 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
411 security
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
416 security
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
339 security
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211 security
CY2023Q1 us-gaap Held To Maturity Securities
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5189789 usd
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175852725 usd
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279918 usd
sfdl Heldtomaturitygrossunrealizedlosses
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6253961 usd
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161463573 usd
CY2023Q1 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
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113631301 usd
CY2023Q1 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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2671485 usd
CY2023Q1 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
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13895073 usd
CY2023Q1 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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2518304 usd
CY2023Q1 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
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127526374 usd
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5189789 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
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130591167 usd
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3947948 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
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9334438 usd
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2306013 usd
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139925605 usd
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6253961 usd
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587057030 usd
CY2022Q4 us-gaap Notes Receivable Gross
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560987903 usd
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12126810 usd
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LoansAndLeasesReceivableAllowance
11177753 usd
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740511 usd
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LoansAndLeasesReceivableDeferredIncome
806238 usd
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12867321 usd
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11983991 usd
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574189709 usd
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549003912 usd
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27604000 usd
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91982000 usd
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FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear
44492000 usd
CY2023Q1 us-gaap Financing Receivable Originated Four Years Before Latest Fiscal Year
FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear
36998000 usd
CY2023Q1 us-gaap Financing Receivable Originated Five Or More Years Before Latest Fiscal Year
FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear
204685000 usd
CY2023Q1 us-gaap Financing Receivable Revolving
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59095000 usd
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560987903 usd
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6771182 usd
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580285848 usd
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NotesReceivableGross
587057030 usd
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555039644 usd
CY2022Q4 us-gaap Notes Receivable Gross
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560987903 usd
CY2023Q1 sfdl Nonperforming Loans Accrual Status Minimum Consecutive Payments
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90
CY2023Q1 us-gaap Financing Receivable Nonaccrual No Allowance
FinancingReceivableNonaccrualNoAllowance
6268199 usd
CY2023Q1 sfdl Financing Receivable Nonaccrual With Allowance
FinancingReceivableNonaccrualWithAllowance
0 usd
CY2023Q1 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
6268199 usd
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FinancingReceivableRecordedInvestmentNonaccrualStatus
6271230 usd
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5159 usd
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11177753 usd
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165000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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