Security Federal Bank Mortgage Rates, Fees & Info
Aiken, SCLEI: 5493005ES4J6H2VR7264
Tax ID: 57-0113015
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Bank Data
Review & 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 by origination volume include: Augusta, Columbia, Charleston, Hilton Head Island, and Atlanta among others. We have data for 14 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.65% | 4/21/24 |
| 30 Year Conventional Refi | 6.62% | 4/21/24 |
| 30 Year Cash-out Refi | 6.47% | 4/21/24 |
| 30 Year FHA Purchase | 7.27% | 4/21/24 |
| 30 Year FHA Refi | 7.49% | 4/21/24 |
| 30 Year VA Purchase | 6.36% | 4/21/24 |
| 30 Year USDA Purchase | 6.69% | 4/21/24 |
| 15 Year Conventional Purchase | 5.80% | 4/21/24 |
| 15 Year Conventional Refi | 6.01% | 4/21/24 |
| 15 Year Cash-out Refi | 6.01% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
684Origination Dollar Volume (All Markets)
$152,610,000Employee count
238Top 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) | 542 | $119,440,000 | $220,369 | $0 | 0.00% |
| COLUMBIA, SC (FHA|USDA|VA) | 89 | $20,125,000 | $226,124 | $0 | 0.00% |
| Outside of Metro Areas | 21 | $4,035,000 | $192,143 | $0 | 0.00% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 10 | $3,150,000 | $315,000 | $0 | 0.00% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 9 | $2,425,000 | $269,444 | $0 | 0.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 4 | $1,170,000 | $292,500 | $0 | 0.00% |
| Orangeburg, SC (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $0 | 0.00% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| Newberry, SC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| Boone, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
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.
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Product Mix
For 2020, Security Federal Bank's most frequently originated type of loan was Conventional, with 594 originations. Their 2nd most popular type was FHA, with 38 originations.
Loan Reason
For 2020, Security Federal Bank's most frequently cited loan purpose was Home Purchase, with 357 originations. The 2nd most popular reason was Refi, with 215 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 684 | $152,610,000 | $223,114 | $0 | 0.00% |
For 2020, Security Federal Bank's most frequently cited loan duration was Other, with 684 originations.
Loan Sizing
2020 saw Security Federal Bank place emphasis on $200k-400k loans with 272 originations, totaling $74,710,000 in origination value.
Applicant Income
Security Federal Bank lent most frequently to those with incomes in the $50k-75k range, with 146 originations. The second most popular income band? $100k-150k, with 142 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 684 | $152,610,000 | $223,114 | $0 | 0.00% |
Security Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 684 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.70%
Security Federal Bank has an average approval rate.
Pick Rate
Approvals leading to origination71.35%
Security Federal Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 684 | $152,610,000 | $223,114 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 3 | $1,445,000 | $481,667 |
| Single Family (1-4 Units):Site-Built | 681 | $151,165,000 | $221,975 |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Security National Financial Corp | Conventional home mortgage | Closing on a mortgage | 2 | 33.3% |
| Security National Financial Corp | Conventional home mortgage | Trouble during payment process | 4 | 66.7% |
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 | $50,318 |
| Security Federal Bank | 1185 Sunset Boulevard West Columbia, SC 29169 | Full Service B&M | $48,338 |
| Security Federal Bank | 1607 Walton Way Blvd Augusta, GA 30904 | Full Service B&M | $5,051 |
| Security Federal Bank | 1665 Richland Avenue Aiken, SC 29801 | Full Service B&M | $29,825 |
| Security Federal Bank | 1705 Whiskey Rd Aiken, SC 29803 | Full Service B&M | $193,990 |
| Security Federal Bank | 1790 Dutch Fork Road Irmo, SC 29063 | Full Service B&M | $16,247 |
| Security Federal Bank | 1900 Assembly Street Columbia, SC 29201 | Full Service B&M | $15,772 |
| Security Federal Bank | 238 Richland Avenue, Nw Aiken, SC 29801 | Full Service B&M | $141,121 |
| Security Federal Bank | 2587 Whiskey Road Aiken, SC 29803 | Full Service B&M | $81,982 |
| Security Federal Bank | 2812 Augusta Street Langley, SC 29834 | Full Service B&M | $32,160 |
| Security Federal Bank | 313 E. Martintown Rd. North Augusta, SC 29841 | Full Service B&M | $100,242 |
| Security Federal Bank | 4568 Jefferson Davis Hwy Clearwater, SC 29822 | Full Service B&M | $38,688 |
| Security Federal Bank | 50 Canal Street Graniteville, SC 29829 | Full Service B&M | $42,803 |
| Security Federal Bank | 5133 Washington Rd Evans, GA 30809 | Full Service B&M | $18,346 |
| Security Federal Bank | 5446 Sunset Boulevard Lexington, SC 29072 | Full Service B&M | $33,254 |
| Security Federal Bank | 636 East Main Street Ridge Spring, SC 29129 | Full Service B&M | $11,602 |
| Security Federal Bank | 7004 Evans Town Center Blvd. Evans, GA 30809 | Full Service B&M | $40,197 |
For 2020, Security Federal Bank had 17 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $37,921 |
| Net interest income | $32,973 |
| Total noninterest income | $9,563 |
| Gross Fiduciary activities income | $1,138 |
| Service charges on deposit accounts | $1,099 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $7,326 |
| Pre-tax net operating income | $9,085 |
| Securities gains (or losses, -) | $1,242 |
| Income before extraordinary items | $8,393 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $8,393 |
| Minority interest net income | $0 |
| Net income | $8,393 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $7,386 |
Security Federal Bank's gross interest income from loans was $37,921,000.
Security Federal Bank's net interest income from loans was $32,973,000.
Security Federal Bank's fee based income from loans was $1,099,000.
Security Federal Bank's net income from loans was $8,393,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $4,948 |
| Provision for credit losses | $3,600 |
| Total noninterest expense | $29,851 |
| Salaries and employee benefits | $17,524 |
| Premises and equipment expense | $5,451 |
| Additional noninterest expense | $6,876 |
| Applicable income taxes | $1,934 |
| Net charge-offs | $-17 |
| Cash dividends | $0 |
Security Federal Bank's interest expense for loans was $4,948,000.
Security Federal Bank's payroll and benefits expense were $17,524,000.
Security Federal Bank's property, plant and equipment expenses $5,451,000.
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 | $941,257 |
| Deposits held in domestic offices | $941,257 |
| Deposits by Individuals, partnerships, and corporations | $875,660 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $65,151 |
| Deposits by Commercial banks and other depository institutions in U.S. | $446 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $294,474 |
| Demand deposits | $291,621 |
| Nontransaction accounts | $646,783 |
| Money market deposit accounts (MMDAs) | $293,568 |
| Other savings deposits (excluding MMDAs) | $173,518 |
| Total time deposits | $179,697 |
| Total time and savings deposits | $649,636 |
| Noninterest-bearing deposits | $200,793 |
| Interest-bearing deposits | $740,464 |
| Retail deposits | $887,406 |
| IRAs and Keogh plan accounts | $23,275 |
| Brokered deposits | $20,977 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,171,207 |
| Cash & Balances due from depository institutions | $18,856 |
| Interest-bearing balances | $884 |
| Total securities | $607,578 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $479,167 |
| Loan and leases loss allowance | $12,843 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $26,170 |
| Other real estate owned | $499 |
| Goodwill and other intangibles | $1,200 |
| All other assets | $37,737 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,171,207 |
| Total Liabilities | $1,047,392 |
| Total deposits | $941,257 |
| Interest-bearing deposits | $740,464 |
| Deposits held in domestic offices | $941,257 |
| % insured (estimated) | $77 |
| Federal funds purchased and repurchase agreements | $13,117 |
| Trading liabilities | $0 |
| Other borrowed funds | $83,700 |
| Subordinated debt | $0 |
| All other liabilities | $9,318 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $479,167 |
| Loan and leases loss allowance | $12,843 |
| Total loans and leases (domestic) | $492,010 |
| All real estate loans | $405,452 |
| Real estate loans in domestic offices | $405,452 |
| Construction and development loans | $72,316 |
| Residential 1-4 family construction | $24,062 |
| Other construction, all land development and other land | $48,254 |
| Loans secured by nonfarm nonresidential properties | $209,344 |
| Nonfarm nonresidential secured by owner-occupied properties | $96,713 |
| Commercial real estate & other non-farm, non-residential | $112,631 |
| Multifamily residential real estate | $5,783 |
| 1-4 family residential loans | $117,506 |
| Farmland loans | $503 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $63,985 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $22,573 |
| Credit card loans | $2,674 |
| Related Plans | $1,798 |
| Consumer Auto Loans | $11,546 |
| Other loans to individuals | $6,555 |
| 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 | $19,647 |
| 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 $479,167,000 of loans outstanding in 2020. $405,452,000 of loans were in real estate loans. $72,316,000 of loans were in development loans. $5,783,000 of loans were in multifamily mortgage loans. $117,506,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $2,674,000 of loans were in credit card loans. $11,546,000 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 | 291 | $54,644 | $187,780 |
| Nonfarm, nonresidential loans - <$100k | 68 | $2,783 | $40,926 |
| Nonfarm, nonresidential loans - $100-250k | 105 | $11,224 | $106,895 |
| Nonfarm, nonresidential loans - $250k-1MM | 118 | $40,637 | $344,381 |
| Commercial & Industrial, US addressed loans - <$1MM | 1,408 | $54,969 | $39,040 |
| Commercial & Industrial, US addressed loans - <$100k | 1,221 | $24,378 | $19,966 |
| Commercial & Industrial, US addressed loans - $100-250k | 137 | $15,085 | $110,109 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 50 | $15,506 | $310,120 |
| Farmland loans - <$1MM | 3 | $250 | $83,333 |
| Farmland loans - <$100k | 2 | $45 | $22,500 |
| Farmland loans - $250k-1MM | 1 | $205 | $205,000 |