Security Federal Corporation Announces Adoption of New Stock Repurchase Program
Security Federal (OTCBB: SFDL), the holding company for Security Federal Bank, has announced an expansion of its stock repurchase program. The Board of Directors has approved an additional 100,000 shares for repurchase, bringing the total to 135,276 shares when combined with the remaining 35,276 shares from the initial program.
Repurchases will be made at management's discretion, considering factors such as stock price, market conditions, and the company's financial performance. The program may be suspended, terminated, or modified at any time. Security Federal operates 19 full-service branches across South Carolina and Georgia, with its newest branch opening in downtown Augusta, Georgia, in April 2023.
Security Federal (OTCBB: SFDL), la holding per la Security Federal Bank, ha annunciato un'espansione del suo programma di riacquisto di azioni. Il Consiglio di Amministrazione ha approvato un ulteriore riacquisto di 100.000 azioni, portando il totale a 135.276 azioni, in combinazione con le rimanenti 35.276 azioni del programma iniziale.
I riacquisti saranno effettuati a discrezione della direzione, considerando fattori come il prezzo delle azioni, le condizioni di mercato e le performance finanziarie dell'azienda. Il programma può essere sospeso, terminato o modificato in qualsiasi momento. Security Federal gestisce 19 filiali a servizio completo in South Carolina e Georgia, con la sua nuova filiale che ha aperto nel centro di Augusta, Georgia, nell'aprile 2023.
Security Federal (OTCBB: SFDL), la empresa matriz de Security Federal Bank, ha anunciado una expansión de su programa de recompra de acciones. La Junta Directiva ha aprobado 100,000 acciones adicionales para la recompra, llevando el total a 135,276 acciones al combinarse con las 35,276 acciones restantes del programa inicial.
Las recompras se realizarán a discreción de la dirección, considerando factores como el precio de las acciones, las condiciones del mercado y el rendimiento financiero de la compañía. El programa puede ser suspendido, terminado o modificado en cualquier momento. Security Federal opera 19 sucursales de servicio completo en Carolina del Sur y Georgia, con su nueva sucursal abriendo en el centro de Augusta, Georgia, en abril de 2023.
Security Federal (OTCBB: SFDL), Security Federal Bank의 모회사,가 자사 주식 매입 프로그램의 확장을 발표하였습니다. 이사회는 추가로 100,000주의 매입을 승인하였습니다, 초기 프로그램에서 남은 35,276주와 결합하여 총 135,276주가 됩니다.
매입은 관리자의 재량에 따라 이루어지며, 주가, 시장 상황, 회사의 재무 성과와 같은 요소를 고려합니다. 이 프로그램은 언제든지 중단되거나 종료되거나 수정될 수 있습니다. Security Federal은 사우스캐롤라이나와 조지아에 19개의 종합 서비스 지점을 운영하며, 가장 최근 지점은 2023년 4월 조지아주 어거스타 시내에 개설되었습니다.
Security Federal (OTCBB: SFDL), la société mère de la Security Federal Bank, a annoncé une expansion de son programme de rachat d'actions. Le Conseil d'Administration a approuvé l'achat de 100 000 actions supplémentaires, portant le total à 135 276 actions lorsqu'on combine avec les 35 276 actions restantes du programme initial.
Les rachats seront effectués à la discrétion de la direction, en tenant compte de facteurs tels que le prix des actions, les conditions du marché et la performance financière de l'entreprise. Le programme peut être suspendu, résilié ou modifié à tout moment. Security Federal opère 19 agences de services complets à travers la Caroline du Sud et la Géorgie, la dernière agence ayant ouvert en avril 2023 au centre-ville d'Augusta, en Géorgie.
Security Federal (OTCBB: SFDL), die Holdinggesellschaft der Security Federal Bank, hat eine Erweiterung ihres Aktienrückkaufprogramms angekündigt. Der Vorstand hat weitere 100.000 Aktien zum Rückkauf genehmigt, wodurch die Gesamtzahl auf 135.276 Aktien steigt, wenn man die verbleibenden 35.276 Aktien aus dem ursprünglichen Programm hinzuzählt.
Die Rückkäufe werden nach Ermessen des Managements vorgenommen, unter Berücksichtigung von Faktoren wie Aktienkurs, Marktbedingungen und der finanziellen Leistung des Unternehmens. Das Programm kann jederzeit ausgesetzt, beendet oder geändert werden. Security Federal betreibt 19 vollwertige Filialen in South Carolina und Georgia, wobei die neueste Filiale im April 2023 im Stadtzentrum von Augusta, Georgia, eröffnet wurde.
- Expansion of stock repurchase program by additional 100,000 shares
- Potential to increase shareholder value through stock buybacks
- Flexibility in repurchase timing and price based on market conditions
- Recent expansion with new branch opening in Augusta, Georgia
- Potential reduction in cash reserves due to stock repurchases
- No guarantee on the exact number of shares to be repurchased
AIKEN, S.C., Aug. 19, 2024 (GLOBE NEWSWIRE) -- Security Federal Corporation (the “Company”) (OTCBB: SFDL), the holding company for Security Federal Bank (the “Bank”), today announced that its Board of Directors has approved an increase in the number of shares authorized for repurchase under the previously approved stock repurchase program.
Under the repurchase program, the Company may repurchase an additional 100,000 of the outstanding shares for a total of 135,276 shares, when combined with the remaining 35,276 shares initially approved to be repurchased.
Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities Exchange Act of 1934 and other applicable legal requirements.
The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. There is no guarantee as to the exact number of shares that will be repurchased by the Company.
Security Federal has 19 full service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. The Bank’s newest branch, located in downtown Augusta, Georgia, recently opened in April 2023. It is a full-service branch offering depository banking as well as commercial and consumer lending. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.
Forward-looking statements:
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: potential adverse impacts to economic conditions in our local market area or other aspects of the Company’s business, operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth caused by increasing oil prices and supply chain disruptions; interest rate fluctuations; economic conditions in the Company’s primary market area; demand for residential, commercial business and commercial real estate, consumer, and other types of loans; success of new products; competitive conditions between banks and non-bank financial service providers; legislative or regulatory changes that adversely affect the Company’s business including changes in regulatory policies and principles, and changes related to the Basel III requirements, the impact of the effect of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the implementing regulations, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; technology factors affecting operations; pricing of products and services; and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Accordingly, these factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company undertakes no responsibility to update or revise any forward-looking statement.
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