SFDL — what changed in the latest 10-K
A section-by-section comparison of SFDL's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-K · 2026-03-20 vs the prior 10-K · 2025-03-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| Business | Text added/removed | +5 | −9 | ~48 | 76 |
| Risk factors | Text added/removed | +3 | −3 | ~19 | 82 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| MD&A | Text added/removed | +51 | −47 | ~21 | 21 |
| Market risk (Item 7A) | Text added/removed | +1 | −2 | ~4 | 9 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
Business
Text added vs the prior filing · source: 10-K · 2026-03-20
At December 31, 2025 and 2024, the Bank had no deposit relationships greater than 5.0% of outstanding deposits.
On December 15, 2025, the Company redeemed all of its outstanding Floating Rate Junior Subordinated Deferrable Interest Debentures (the "Debentures") in accordance with the Indenture dated September 21, 2006. The Debentures were redeemed at 100% of the principal amount, plus accrued and unpaid inter…
The Bank is a member of the FHLB of Atlanta, which is one of 11 regional FHLBs that administer the home financing credit function of financial institutions. The FHLBs are subject to the oversight of the Federal Housing Finance Agency and each FHLB serves as a reserve or central bank for its members …
As a member, the Bank is required to purchase and maintain stock in the FHLB of Atlanta. At December 31, 2025, the Bank had $1.1 million in FHLB of Atlanta stock, which was in compliance with this requirement. In past years, the Bank has received dividends on its FHLB of Atlanta stock. These dividen…
On October 24, 2023, federal banking agencies, including the FDIC, issued a final rule to strengthen and modernize CRA regulations. The final rule was published with an April 1, 2024, effective date and staggered compliance dates; however, implementation of the 2023 final rule was stayed by a prelim…
Text removed vs the prior filing · source: 10-K · 2025-03-14
At December 31, 2024, the Bank had no deposit relationships greater than 5.0% of outstanding deposits. At December 31, 2023, the Bank had one deposit relationship totaling approximately 5.2% of outstanding deposits.
At December 31, 2024, the Company had $5.2 million in junior subordinated debentures. The debentures accrue and pay distributions quarterly at a floating rate of three-month Secured Overnight Financing Rate ("SOFR") as adjusted by the relevant spread adjustment of 0.26161 plus 170 basis points, resu…
The FASB has adopted a new accounting standard, referred to as Current Expected Credit Loss, or CECL. Upon adoption of CECL, a banking organization must record a one-time adjustment to its credit loss allowances as of the beginning of the fiscal year of adoption equal to the difference, if any, betw…
The Bank is a member of the FHLB of Atlanta, which is one of 11 regional FHLBs that administer the home financing credit function of financial institutions. The FHLBs are subject to the oversight of the Federal Housing Finance Agency and each FHLB serves as a reserve or central bank for its members …
As a member, the Bank is required to purchase and maintain stock in the FHLB of Atlanta. At December 31, 2024, the Bank had $1.1 million in FHLB of Atlanta stock, which was in compliance with this requirement. In past years, the Bank has received dividends on its FHLB of Atlanta stock. These dividen…
Risk factors
Text added vs the prior filing · source: 10-K · 2026-03-20
Deregistration may reduce liquidity, marketability, and investor access to information about the Company.
The Company’s securities are no longer registered under the Securities Exchange Act of 1934, and the Company’s reporting obligations were suspended upon the filing of a Form 15 with the SEC on December 12, 2025. The Company’s common stock continues to trade on the OTCID Basic Market. As a result, pu…
Our financial condition and results of operations are influenced by monetary, fiscal, and trade policies, including those of the Federal Reserve, the U.S. Treasury, and other governmental authorities. Actions by these authorities may lead to inflation, deflation, changes in interest rates, or other …
Text removed vs the prior filing · source: 10-K · 2025-03-14
Our financial condition and results of operations are affected by credit policies of monetary authorities, particularly the Federal Reserve. Actions by monetary and fiscal authorities, including the Federal Reserve, could lead to inflation, deflation, or other economic phenomena that could adversely…
If we fail to meet the expectations of our stakeholders with respect to our environmental, social and governance (“ESG”) practices, including those relating to sustainability, it may have an adverse effect on our reputation and results of operation.
Our reputation may suffer if our diversity, equity, and inclusion (“DEI”) efforts fall short of expectations. In addition, various private third-party organizations have developed rating systems to evaluate companies on their ESG and DEI practices. These ratings may influence investors’ decisions on…
MD&A
Text added vs the prior filing · source: 10-K · 2026-03-20
Total assets increased $6.3 million or 0.4% to $1.62 billion at December 31, 2025 from $1.61 billion at December 31, 2024. This increase was primarily due to increases in investment securities and bank owned life insurance ("BOLI"), partially offset by decreases in cash and cash equivalents, net loa…
Cash and cash equivalents decreased $102.9 million or 57.7% to $75.3 million at December 31, 2025 compared to $178.3 million at December 31, 2024, due to increased investment securities and the payoff of FRB borrowings and junior subordinated debentures during the year ended December 31, 2025.
Total investment securities increased $115.5 million or 17.5% to $776.3 million at December 31, 2025 from $660.8 million at December 31, 2024 as purchases of investments exceeded maturities, sales and principal paydowns during the year. The Company purchased $228.3 million of investment securities d…
Loans receivable, net, including loans held for sale, decreased $10.9 million or 1.6% to $676.2 million at December 31, 2025 from $687.1 million at December 31, 2024. The decrease was due to a decline in construction loan balances, which was partially offset by growth in all remaining loan categorie…
Construction loans decreased $43.4 million or 39.4% to $66.6 million at December 31, 2025 from $109.9 million at December 31, 2024. The decrease in construction loans was partially offset by growth in all other loan categories. The most significant growth occurred in our residential and commercial r…
Text removed vs the prior filing · source: 10-K · 2025-03-14
Total assets increased $62.1 million or 4.0% to $1.61 billion at December 31, 2024 from $1.55 billion at December 31, 2023. This increase was primarily due to increases in net loans receivable and cash and cash equivalents, partially offset by a decrease in investment securities and other assets.
Cash and cash equivalents increased $50.0 million or 39.0% to $178.3 million at December 31, 2024 compared to $128.3 million at December 31, 2023, due to increased deposits, while certificates of deposits with other banks decreased $1.1 million or 46.8% to $1.3 million at December 31, 2024 compared …
Total investment securities decreased $39.9 million or 5.7% to $660.8 million at December 31, 2024 from $700.7 million at December 31, 2023 as maturities, sales and principal paydowns exceeded purchases of investments during the year. The Company purchased $71.9 million of investment securities duri…
Loans receivable, net, including loans held for sale, increased $64.6 million or 10.4% to $687.1 million at December 31, 2024 from $622.5 million at December 31, 2023. The increase was due to growth across all loan categories, except other consumer loans, which declined slightly in 2024 as compared …
The most significant growth occurred in our residential and commercial real estate loan portfolios. Residential mortgage loans held for investment increased $30.8 million or 17.8% to $203.7 million at December 31, 2024 from $172.9 million at December 31, 2023. Commercial real estate loans increased …
Market risk (Item 7A)
Text added vs the prior filing · source: 10-K · 2026-03-20
The Bank performs a liquidity analysis, a component of managing liquidity risk and monitoring the Bank's asset liability strategy. This analysis compares outstanding sources of liquidity to applicable policy parameters. The Bank was in compliance with policy parameters as of December 31, 2025 and 20…
Text removed vs the prior filing · source: 10-K · 2025-03-14
Change in Market Rates Maximum Allowable Change in NII Over Hypothetical Change in NII Over
The Bank performs a liquidity analysis, a component of managing liquidity risk and monitoring the Bank's asset liability strategy. This analysis compares outstanding sources of liquidity to applicable policy parameters. The Bank was in compliance with policy parameters as of December 31, 2024 and 20…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice