Security Federal Bank Mortgage Rates, Fees & Info

Aiken, SC

LEI: 5493005ES4J6H2VR7264

Tax ID: 57-0113015

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Security Federal Bank is a smaller bank specializing in Home Purchase and Refi loans. Security Federal Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Augusta, Columbia, Newberry, Charleston, and Hilton Head Island among others. Security Federal Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Security Federal Bank is typically an average fee lendor.


Originations

652

Origination Dollar Volume (All Markets)

$161,390,000

Employee count

252 Show all (8) awards

Relative Rate

Security Federal Bank's average 30 year fixed rate mortgage of loans were 2.9%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.25%.

Relative Fees

Security Federal Bank's average total fees for a 30 year fixed rate mortgage are $5,214.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 519 $125,955,000 $242,688 $5,264 3.06%
COLUMBIA, SC (FHA|USDA|VA) 87 $24,505,000 $281,667 $5,606 3.33%
Newberry, SC (FHA|USDA|VA) 10 $2,800,000 $280,000 $6,661 4.21%
Outside of Metro Areas 15 $2,665,000 $177,667 $4,825 3.23%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 6 $1,550,000 $258,333 $4,627 2.71%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $810,000 $405,000 $13,329 3.12%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $790,000 $395,000 $4,187 2.50%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $395,000 $395,000 $14,486 2.88%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $335,000 $335,000 $6,817 2.88%
Thomaston, GA (FHA|USDA|VA) 1 $305,000 $305,000 $6,668 3.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $255,000 $255,000 $1,347 2.75%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $235,000 $235,000 $5,540 2.75%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $225,000 $225,000 $5,119 2.88%
ASHEVILLE, NC (FHA|USDA|VA) 1 $205,000 $205,000 $4,452 2.25%
Greenwood, SC (FHA|USDA|VA) 1 $115,000 $115,000 $3,973 4.25%
GREENVILLE, NC (FHA|USDA|VA) 1 $95,000 $95,000 $0 2.88%
Starkville, MS (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.00%
Orangeburg, SC (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.25%

Security Federal Bank's top markets include Augusta, Columbia, Newberry, Charleston, and Hilton Head Island among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 573 $142,835,000 $249,276 $5,046 3.18%
FHA 35 $6,645,000 $189,857 $8,072 2.76%
VA 29 $9,715,000 $335,000 $6,857 2.53%
USDA 15 $2,195,000 $146,333 $6,306 2.43%

For the 2021 period, Security Federal Bank's most frequently originated loan type of loans were Conventional, with 573 originations. Their 2nd most popular type is FHA, with 35 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 338 $87,390,000 $258,550 $6,455 3.28%
Refi 187 $47,395,000 $253,449 $3,870 2.77%
Cash Out Refi 109 $23,915,000 $219,404 $4,807 3.10%
Other 13 $1,925,000 $148,077 $3,888 3.35%
Home Improvement 5 $765,000 $153,000 $4,321 3.95%

For the 2021, Security Federal Bank's most frequently cited loan purpose of loans were Home Purchase, with 338 originations. The 2nd most popular reason of loans were Refi, with 187 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 406 $100,240,000 $246,897 $5,214 2.90%
30+ year 95 $35,865,000 $377,526 $7,475 4.10%
15 Year 70 $12,140,000 $173,429 $4,200 2.39%
5 Year 37 $6,395,000 $172,838 $0 4.27%
20 Year 20 $3,620,000 $181,000 $3,265 2.89%
10 Year 10 $830,000 $83,000 $2,489 2.19%
Other 9 $1,655,000 $183,889 $5,909 4.26%
3 Year 3 $425,000 $141,667 $0 4.25%
1 Year 2 $220,000 $110,000 $0 4.13%

For the 2021, Security Federal Bank's most frequently cited loan length of loans were 30 Year, with 406 originations. The 2nd most popular length of loans were 30+ year, with 95 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 197 $52,325,000 $265,609
$2k-3k 156 $24,920,000 $159,744
$<1k 94 $25,250,000 $268,617
$5k+ 85 $40,695,000 $478,765
$1k-2k 55 $8,075,000 $146,818

$5,214 of loans were Security Federal Bank's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 197 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 233 $58,865,000 $252,639
<2.5% 187 $40,785,000 $218,102
3-4% 124 $34,030,000 $274,435
4-5% 80 $20,290,000 $253,625
5-6% 25 $6,475,000 $259,000
6-7% 1 $305,000 $305,000
7-8% 1 $635,000 $635,000

During 2021, Security Federal Bank's average interest rate of loans were 2.90%, while their most frequently originated rate bucket of loans were 2.5-3%, with 233 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 265 $74,365,000 $280,623 $5,655 3.12%
$100k-200k 223 $33,295,000 $149,305 $4,446 2.95%
$400k-600k 87 $41,945,000 $482,126 $7,061 3.22%
$100,000 or less 67 $4,585,000 $68,433 $2,670 3.30%
$600k-1MM 9 $6,195,000 $688,333 $12,328 4.38%
$1MM+ 1 $1,005,000 $1,005,000 $14,812 4.50%

2021 saw Security Federal Bank place emphasis on $200k-400k loans with 265 originations, totaling $74,365,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 133 $39,755,000 $298,910 $5,751 3.07%
$50k-75k 130 $25,650,000 $197,308 $4,789 2.91%
$75k-100k 111 $25,855,000 $232,928 $5,525 3.22%
$50k or less 102 $13,170,000 $129,118 $4,245 2.82%
$150k-250k 86 $32,320,000 $375,814 $6,641 3.21%
$250k+ 30 $11,800,000 $393,333 $7,555 3.35%

Security Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 133 originations. The second most popular income band? $50k-75k, with 130 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 143 $35,375,000 $247,378 $4,606 2.85%
30-36% 119 $28,985,000 $243,571 $4,715 2.92%
<20% 47 $10,575,000 $225,000 $4,707 2.76%
40% 32 $9,640,000 $301,250 $7,207 2.82%
43% 29 $8,255,000 $284,655 $5,675 3.19%
41% 27 $6,535,000 $242,037 $5,382 2.91%
37% 26 $5,570,000 $214,231 $5,674 2.94%
44% 26 $7,050,000 $271,154 $5,979 3.45%
39% 24 $6,000,000 $250,000 $5,687 2.95%
42% 21 $4,845,000 $230,714 $5,705 3.36%
38% 19 $4,635,000 $243,947 $5,617 3.00%
36% 19 $4,465,000 $235,000 $6,067 2.87%
46% 18 $5,550,000 $308,333 $6,920 3.67%
45% 15 $4,045,000 $269,667 $6,012 3.85%
47% 11 $2,955,000 $268,636 $6,408 2.91%
48% 10 $3,340,000 $334,000 $6,984 4.05%
49% 9 $2,745,000 $305,000 $6,697 3.36%
50-60% 4 $920,000 $230,000 $6,393 3.75%
>60% 1 $635,000 $635,000 $10,486 7.63%

Security Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 143 originations. The next most common DTI ratio? 30-36%, with 119 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 475 $120,645,000 $253,989 $5,237 3.02%
Black 87 $20,705,000 $237,989 $5,846 3.17%
Not provided 32 $9,140,000 $285,625 $5,990 3.14%
Not applicable 34 $6,010,000 $176,765 $0 4.21%
Asian 13 $2,205,000 $169,615 $4,885 3.12%
Native Hawaiian 4 $1,290,000 $322,500 $5,407 2.69%
American Indian 5 $795,000 $159,000 $3,245 2.78%
Other Asian 1 $395,000 $395,000 $8,346 5.00%
Asian Indian 1 $205,000 $205,000 $3,300 2.63%

Approval Rates

Total approvals of all applications
88.50%

Security Federal Bank has an average approval rate.

Pick Rate

Approvals leading to origination
75.22%

Security Federal Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 652 $161,390,000 $247,531

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
652 $161,390,000 $247,531

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 38 $5,770,000 $151,842 $3,548 2.90%
40-60% 98 $19,900,000 $203,061 $4,318 2.87%
60-80% 248 $64,430,000 $259,798 $5,157 3.14%
80-100% 256 $68,770,000 $268,633 $5,998 3.26%
Over 100% 7 $2,275,000 $325,000 $13,205 2.46%
Under 20% 5 $245,000 $49,000 $0 1.06%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Security National Financial Corp Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
Security National Financial Corp Conventional home mortgage Closing on a mortgage 1 7.1%
Security National Financial Corp Conventional home mortgage Incorrect information on your report 1 7.1%
Security National Financial Corp Conventional home mortgage Trouble during payment process 5 35.7%
Security National Financial Corp FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
Security National Financial Corp FHA mortgage Trouble during payment process 2 14.3%
Security National Financial Corp Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 14.3%
Security National Financial Corp VA mortgage Closing on a mortgage 1 7.1%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Security Federal Bank 118 North Main Street Wagener, SC 29164 Full Service B&M $54,021
Security Federal Bank 1185 Sunset Boulevard West Columbia, SC 29169 Full Service B&M $37,429
Security Federal Bank 1607 Walton Way Blvd Augusta, GA 30904 Full Service B&M $10,442
Security Federal Bank 1665 Richland Avenue Aiken, SC 29801 Full Service B&M $33,154
Security Federal Bank 1705 Whiskey Rd Aiken, SC 29803 Full Service B&M $206,501
Security Federal Bank 1790 Dutch Fork Road Irmo, SC 29063 Full Service B&M $19,789
Security Federal Bank 1900 Assembly Street Columbia, SC 29201 Full Service B&M $24,693
Security Federal Bank 238 Richland Avenue, Nw Aiken, SC 29801 Full Service B&M $166,774
Security Federal Bank 2587 Whiskey Road Aiken, SC 29803 Full Service B&M $92,990
Security Federal Bank 2812 Augusta Street Langley, SC 29834 Full Service B&M $34,238
Security Federal Bank 313 E. Martintown Rd. North Augusta, SC 29841 Full Service B&M $114,852
Security Federal Bank 4568 Jefferson Davis Hwy Clearwater, SC 29822 Full Service B&M $40,493
Security Federal Bank 50 Canal Street Graniteville, SC 29829 Full Service B&M $47,043
Security Federal Bank 5133 Washington Rd Evans, GA 30809 Full Service B&M $29,091
Security Federal Bank 5446 Sunset Boulevard Lexington, SC 29072 Full Service B&M $42,431
Security Federal Bank 636 East Main Street Ridge Spring, SC 29129 Full Service B&M $12,169
Security Federal Bank 7004 Evans Town Center Blvd. Evans, GA 30809 Full Service B&M $51,078

For 2021, Security Federal Bank had 17 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $37,897
Net interest income $35,700
Total noninterest income $12,122
Gross Fiduciary activities income $1,439
Service charges on deposit accounts $1,119
Trading account gains and fees $0
Additional Noninterest Income $9,564
Pre-tax net operating income $17,974
Securities gains (or losses, -) $0
Income before extraordinary items $14,110
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $14,110
Minority interest net income $0
Net income $14,110
Sale, conversion, retirement of capital stock, net $0
Net operating income $14,110

Security Federal Bank's gross interest income from loans was $37,897,000.
Security Federal Bank's net interest income from loans was $35,700,000.
Security Federal Bank's fee based income from loans was $1,119,000.
Security Federal Bank's net income from loans was $14,110,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,197
Provision for credit losses $-2,397
Total noninterest expense $32,245
Salaries and employee benefits $18,693
Premises and equipment expense $5,759
Additional noninterest expense $7,793
Applicable income taxes $3,864
Net charge-offs $-641
Cash dividends $0

Security Federal Bank's interest expense for loans was $2,197,000.
Security Federal Bank's payroll and benefits expense were $18,693,000.
Security Federal Bank's property, plant and equipment expenses $5,759,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 1.0%
HELOC loans 0.0%
All other family 1.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $1,136,375
Deposits held in domestic offices $1,136,375
Deposits by Individuals, partnerships, and corporations $1,025,205
Deposits by U.S. Government $3
Deposits by States and political subdivisions in the U.S. $110,919
Deposits by Commercial banks and other depository institutions in U.S. $248
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $399,098
Demand deposits $203,591
Nontransaction accounts $737,277
Money market deposit accounts (MMDAs) $367,531
Other savings deposits (excluding MMDAs) $212,383
Total time deposits $157,363
Total time and savings deposits $932,784
Noninterest-bearing deposits $262,111
Interest-bearing deposits $874,264
Retail deposits $1,092,175
IRAs and Keogh plan accounts $21,638
Brokered deposits $14,987
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,300,806
Cash & Balances due from depository institutions $28,724
Interest-bearing balances $20,003
Total securities $706,356
Federal funds sold & reverse repurchase $0
Net loans and leases $499,496
Loan and leases loss allowance $11,087
Trading account assets $0
Bank premises and fixed assets $26,473
Other real estate owned $130
Goodwill and other intangibles $1,200
All other assets $38,427

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,300,806
Total Liabilities $1,170,607
Total deposits $1,136,375
Interest-bearing deposits $874,264
Deposits held in domestic offices $1,136,375
% insured (estimated) $71
Federal funds purchased and repurchase agreements $26,785
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $7,447

Issued Loan Types

Type Value (in 000's)
Net loans and leases $499,496
Loan and leases loss allowance $11,087
Total loans and leases (domestic) $510,583
All real estate loans $451,724
Real estate loans in domestic offices $451,724
Construction and development loans $99,867
Residential 1-4 family construction $24,558
Other construction, all land development and other land $75,309
Loans secured by nonfarm nonresidential properties $226,952
Nonfarm nonresidential secured by owner-occupied properties $106,319
Commercial real estate & other non-farm, non-residential $120,633
Multifamily residential real estate $8,404
1-4 family residential loans $115,701
Farmland loans $800
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $37,370
To non-U.S. addressees $0
Loans to individuals $21,489
Credit card loans $2,752
Related Plans $1,636
Consumer Auto Loans $12,578
Other loans to individuals $4,523
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Security Federal Bank had $499,496,000 of loans outstanding in 2021. $451,724,000 of loans were in real estate loans. $99,867,000 of loans were in development loans. $8,404,000 of loans were in multifamily mortgage loans. $115,701,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $2,752,000 of loans were in credit card loans. $12,578,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 249 $48,965 $196,647
Nonfarm, nonresidential loans - <$100k 52 $2,021 $38,865
Nonfarm, nonresidential loans - $100-250k 84 $8,968 $106,762
Nonfarm, nonresidential loans - $250k-1MM 113 $37,976 $336,071
Commercial & Industrial, US addressed loans - <$1MM 446 $22,104 $49,561
Commercial & Industrial, US addressed loans - <$100k 357 $6,012 $16,840
Commercial & Industrial, US addressed loans - $100-250k 55 $6,033 $109,691
Commercial & Industrial, US addressed loans - $250k-1MM 34 $10,059 $295,853
Farmland loans - <$1MM 4 $202 $50,500
Farmland loans - <$100k 3 $34 $11,333
Farmland loans - $250k-1MM 1 $168 $168,000