Security Federal Bank Mortgage Rates, Fees & Info

Aiken, SC

LEI: 5493005ES4J6H2VR7264

Tax ID: 57-0113015

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Mortgage Data

Bank Data

Review & Overview

Security Federal Bank is a smaller bank specializing in Home Purchase loans. Security Federal Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Augusta, Columbia, Atlanta, Newberry, and Orangeburg among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

Security Federal Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.65% 3/28/24
30 Year Conventional Refi 6.62% 3/28/24
30 Year Cash-out Refi 6.47% 3/28/24
30 Year FHA Purchase 7.27% 3/28/24
30 Year FHA Refi 7.49% 3/28/24
30 Year VA Purchase 6.36% 3/28/24
30 Year USDA Purchase 6.69% 3/28/24
15 Year Conventional Purchase 5.80% 3/28/24
15 Year Conventional Refi 6.01% 3/28/24
15 Year Cash-out Refi 6.01% 3/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Security Federal Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Security Federal Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

456

Origination Dollar Volume (All Markets)

$99,350,000

Employee count

241

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 364 $81,810,000 $224,753 $0 0.00%
COLUMBIA, SC (FHA|USDA|VA) 63 $11,845,000 $188,016 $0 0.00%
Outside of Metro Areas 14 $2,400,000 $171,429 $0 0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $580,000 $290,000 $0 0.00%
Newberry, SC (FHA|USDA|VA) 2 $470,000 $235,000 $0 0.00%
Orangeburg, SC (FHA|USDA|VA) 3 $415,000 $138,333 $0 0.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $350,000 $175,000 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
Seneca, SC (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
GAINESVILLE, GA (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
Greenwood, SC (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Security Federal Bank's top markets include Augusta, Columbia, Atlanta, Newberry, and Orangeburg among others.

Their top states include:
  • South Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Security Federal Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Coastal Carolina National Bank
    Similarity Rank: 592
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    S. C. STATE FEDERAL CREDIT UNION
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    FOUNDERS FEDERAL CREDIT UNION
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    FIRST CHOICE MORTGAGE, INC.
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    Grow Financial Federal Credit Union
    Similarity Rank: 1368
    SOUTH CAROLINA FEDERAL CREDIT UNION
    Similarity Rank: 1628
    SRP Federal Credit Union
    Similarity Rank: 1834

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 342 $75,840,000 $221,754 $0 0.00%
    FHA 62 $11,570,000 $186,613 $0 0.00%
    VA 38 $10,030,000 $263,947 $0 0.00%
    USDA 14 $1,910,000 $136,429 $0 0.00%

    For 2019, Security Federal Bank's most frequently originated type of loan was Conventional, with 342 originations. Their 2nd most popular type was FHA, with 62 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 300 $63,460,000 $211,533 $0 0.00%
    Refi 77 $18,575,000 $241,234 $0 0.00%
    Cash Out Refi 67 $15,845,000 $236,493 $0 0.00%
    Other 8 $1,050,000 $131,250 $0 0.00%
    Home Improvement 4 $420,000 $105,000 $0 0.00%

    For 2019, Security Federal Bank's most frequently cited loan purpose was Home Purchase, with 300 originations. The 2nd most popular reason was Refi, with 77 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 456 $99,350,000 $217,873 $0 0.00%

    For 2019, Security Federal Bank's most frequently cited loan duration was Other, with 456 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 173 $48,365,000 $279,566 $0 0.00%
    $100k-200k 157 $23,695,000 $150,924 $0 0.00%
    $100,000 or less 81 $4,785,000 $59,074 $0 0.00%
    $400k-600k 37 $16,735,000 $452,297 $0 0.00%
    $600k-1MM 8 $5,770,000 $721,250 $0 0.00%

    2019 saw Security Federal Bank place emphasis on $200k-400k loans with 173 originations, totaling $48,365,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 100 $17,280,000 $172,800 $0 0.00%
    $50k or less 89 $10,055,000 $112,978 $0 0.00%
    $100k-150k 88 $23,130,000 $262,841 $0 0.00%
    $75k-100k 83 $18,485,000 $222,711 $0 0.00%
    $150k-250k 59 $19,055,000 $322,966 $0 0.00%
    $250k+ 16 $6,290,000 $393,125 $0 0.00%

    Security Federal Bank lent most frequently to those with incomes in the $50k-75k range, with 100 originations. The second most popular income band? $50k or less, with 89 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 456 $99,350,000 $217,873 $0 0.00%

    Security Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 456 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 310 $71,320,000 $230,065 $0 0.00%
    Black 97 $18,255,000 $188,196 $0 0.00%
    Not provided 25 $4,815,000 $192,600 $0 0.00%
    Not applicable 13 $3,295,000 $253,462 $0 0.00%
    Asian 8 $1,150,000 $143,750 $0 0.00%
    Native Hawaiian or Islander 2 $420,000 $210,000 $0 0.00%
    American Indian 1 $95,000 $95,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.98%

    Security Federal Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.26%

    Security Federal Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 456 $99,350,000 $217,873

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $1,775,000 $591,667
    Single Family (1-4 Units):Manufactured 3 $295,000 $98,333
    Single Family (1-4 Units):Site-Built 450 $97,280,000 $216,178

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Security National Financial Corp FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    Security National Financial Corp Other type of mortgage Trouble during payment process 1 33.3%
    Security National Financial Corp VA mortgage Closing on a mortgage 1 33.3%

    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 $45,984
    Security Federal Bank 1185 Sunset Boulevard West Columbia, SC 29169 Full Service B&M $40,873
    Security Federal Bank 1665 Richland Avenue Aiken, SC 29801 Full Service B&M $26,749
    Security Federal Bank 1705 Whiskey Rd Aiken, SC 29803 Full Service B&M $175,448
    Security Federal Bank 1790 Dutch Fork Road Irmo, SC 29063 Full Service B&M $9,975
    Security Federal Bank 1900 Assembly Street Columbia, SC 29201 Full Service B&M $12,793
    Security Federal Bank 238 Richland Avenue, Nw Aiken, SC 29801 Full Service B&M $111,243
    Security Federal Bank 2587 Whiskey Road Aiken, SC 29803 Full Service B&M $75,704
    Security Federal Bank 2812 Augusta Street Langley, SC 29834 Full Service B&M $29,037
    Security Federal Bank 313 E. Martintown Rd. North Augusta, SC 29841 Full Service B&M $87,652
    Security Federal Bank 4568 Jefferson Davis Hwy Clearwater, SC 29822 Full Service B&M $34,244
    Security Federal Bank 50 Canal Street Graniteville, SC 29829 Full Service B&M $38,531
    Security Federal Bank 5133 Washington Rd Evans, GA 30809 Full Service B&M $35,878
    Security Federal Bank 5446 Sunset Boulevard Lexington, SC 29072 Full Service B&M $26,030
    Security Federal Bank 636 East Main Street Ridge Spring, SC 29129 Full Service B&M $8,068
    Security Federal Bank 7004 Evans Town Center Blvd. Evans, GA 30809 Full Service B&M $32,475

    For 2019, Security Federal Bank had 16 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $36,725
    Net interest income $29,248
    Total noninterest income $8,831
    Gross Fiduciary activities income $1,061
    Service charges on deposit accounts $1,221
    Trading account gains and fees $0
    Additional Noninterest Income $6,549
    Pre-tax net operating income $9,538
    Securities gains (or losses, -) $819
    Income before extraordinary items $8,492
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $8,492
    Minority interest net income $0
    Net income $8,492
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,820

    Security Federal Bank's gross interest income from loans was $36,725,000.
    Security Federal Bank's net interest income from loans was $29,248,000.
    Security Federal Bank's fee based income from loans was $1,221,000.
    Security Federal Bank's net income from loans was $8,492,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,477
    Provision for credit losses $375
    Total noninterest expense $28,166
    Salaries and employee benefits $16,438
    Premises and equipment expense $4,956
    Additional noninterest expense $6,772
    Applicable income taxes $1,865
    Net charge-offs $321
    Cash dividends $6,400

    Security Federal Bank's interest expense for loans was $7,477,000.
    Security Federal Bank's payroll and benefits expense were $16,438,000.
    Security Federal Bank's property, plant and equipment expenses $4,956,000.

    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 2.0%
    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 $797,380
    Deposits held in domestic offices $797,380
    Deposits by Individuals, partnerships, and corporations $751,302
    Deposits by U.S. Government $19
    Deposits by States and political subdivisions in the U.S. $46,059
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $177,286
    Demand deposits $134,898
    Nontransaction accounts $620,094
    Money market deposit accounts (MMDAs) $256,234
    Other savings deposits (excluding MMDAs) $135,159
    Total time deposits $228,701
    Total time and savings deposits $662,482
    Noninterest-bearing deposits $117,600
    Interest-bearing deposits $679,780
    Retail deposits $720,657
    IRAs and Keogh plan accounts $22,846
    Brokered deposits $34,605
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $962,701
    Cash & Balances due from depository institutions $13,486
    Interest-bearing balances $2,013
    Total securities $433,892
    Federal funds sold & reverse repurchase $0
    Net loans and leases $452,859
    Loan and leases loss allowance $9,226
    Trading account assets $0
    Bank premises and fixed assets $26,866
    Other real estate owned $648
    Goodwill and other intangibles $1,200
    All other assets $33,750

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $962,701
    Total Liabilities $855,752
    Total deposits $797,380
    Interest-bearing deposits $679,780
    Deposits held in domestic offices $797,380
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $11,580
    Trading liabilities $0
    Other borrowed funds $38,138
    Subordinated debt $0
    All other liabilities $8,654

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $452,859
    Loan and leases loss allowance $9,226
    Total loans and leases (domestic) $462,085
    All real estate loans $418,245
    Real estate loans in domestic offices $418,245
    Construction and development loans $83,686
    Residential 1-4 family construction $28,648
    Other construction, all land development and other land $55,038
    Loans secured by nonfarm nonresidential properties $201,120
    Nonfarm nonresidential secured by owner-occupied properties $130,921
    Commercial real estate & other non-farm, non-residential $70,199
    Multifamily residential real estate $7,673
    1-4 family residential loans $124,798
    Farmland loans $968
    Loans held in foreign offices $0
    Farm loans $1
    Commercial and industrial loans $21,173
    To non-U.S. addressees $0
    Loans to individuals $22,665
    Credit card loans $2,956
    Related Plans $2,038
    Consumer Auto Loans $9,980
    Other loans to individuals $7,691
    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 $21,173
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $728
    Non 1-4 family restructured loans & leases $728
    Total loans and leases (foreign) $0

    Security Federal Bank had $452,859,000 of loans outstanding in 2019. $418,245,000 of loans were in real estate loans. $83,686,000 of loans were in development loans. $7,673,000 of loans were in multifamily mortgage loans. $124,798,000 of loans were in 1-4 family mortgage loans. $1,000 of loans were in farm loans. $2,956,000 of loans were in credit card loans. $9,980,000 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 316 $63,556 $201,127
    Nonfarm, nonresidential loans - <$100k 76 $3,140 $41,316
    Nonfarm, nonresidential loans - $100-250k 114 $13,485 $118,289
    Nonfarm, nonresidential loans - $250k-1MM 126 $46,931 $372,468
    Commercial & Industrial, US addressed loans - <$1MM 270 $16,843 $62,381
    Commercial & Industrial, US addressed loans - <$100k 202 $4,026 $19,931
    Commercial & Industrial, US addressed loans - $100-250k 35 $3,960 $113,143
    Commercial & Industrial, US addressed loans - $250k-1MM 33 $8,857 $268,394
    Farmland loans - <$1MM 3 $125 $41,667
    Farmland loans - <$100k 3 $125 $41,667
    Agriculture operations loans - <$1MM 1 $1 $1,000
    Agriculture operations loans - <$100k 1 $1 $1,000