EN DE
Watch Security Federal Corporation for free: we tell you when fair value or trend changes.
Data-driven stock valuation

Security Federal Corporation (SFDL) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Security Federal Corporation stock $45.61, price $46.85, that is 2.6% below the price, quality 53 out of 100. Rating: fairly valued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

  1. Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Financial Services US

SF Security Federal Corporation logo Broad data Nov 8, 2026

Security Federal Corporation

SFDL · US
Fairly valued, in an uptrend

The stock costs about what our calculation considers fair.

Healthy Growth (revenue 5y +13.7 %/yr in USD)
Highly profitable · 25.1% net margin (TTM)
0.6% dividend yield · Low payout
Broad data
Profit last quarter +60% vs. a year ago.
Fair value $45.61 · Fairly valued
Quality 53/100
Mixed vs. peers (6/14)
Moderate moat 60/100 · thin data
Watch Security Federal Corporation for free: we tell you when fair value or trend changes. Watch for free

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$49.01 $15.61 Fair Value $45.61 Jul 2015 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range $15.61 – $49.01 · fair‑value band $34.21 – $57.02 · the $46.85 price screens above the $45.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

Follow Security Federal in your weekly email

Every Wednesday you see whether Security Federal is on track or worth a review, plus price against fair value. Free, up to 3 stocks.

We send you a confirmation link. Unsubscribe with one click.

Which stocks are undervalued right now? Check free Discover now →

Company profile

Security Federal Corporation operates as the bank holding company for Security Federal Bank that provides various banking products and services.

Show moreShow less

It provides various deposit products, such as savings and checking accounts, money market accounts, fixed interest rate certificates with varying maturities, and individual retirement accounts.

The company offers real estate loans comprising commercial real estate loans secured by non-residential commercial properties, churches, hotels, residential developments, and multi-family dwellings; one-to-four family residential real estate loans; and construction loans and loans for the acquisition, development, and construction of residential subdivisions and commercial projects.

In addition, it provides commercial and agricultural business loans secured by business equipment, furniture and fixtures, inventory, and receivables, or unsecured; and consumer loans including home improvements, residential lots, mortgage, automobiles, boats, mobile homes, recreational vehicles, and education.

The company offers trust, financial planning, and financial management services; and insurance agency services, such as auto, business, and home insurance.

Additionally, it invests in various types of liquid assets, including U.S. Treasury obligations and securities of various federal agencies, certificates of deposit at insured institutions, mutual funds, bankers' acceptances, and federal funds, as well as commercial paper and corporate debt securities.

It through branch offices in Aiken, Lexington, Richland counties in South Carolina and Columbia; and Richmond counties in Georgia. The company was founded in 1922 and is headquartered in Aiken, South Carolina.

Stock analysis

Security Federal Corporation (SFDL) currently trades at $46.85, while our model-based Fair Value estimate is $45.61, so the stock looks roughly fairly valued today (gap 2.7%).

Show more

Valuation

Bull case: the Economic Profit group reads highest at a median of $49.55 per share, and 2 of the 6 models we run sit above the $46.85 price.

Bear case: the Dividend Discount group reads lowest at $9.07, and 4 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: $34.21 (bear) to $57.02 (bull), the price of $46.85 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 53/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Security Federal Corporation reported revenue of $90.1M in FY2025 versus $48.6M in FY2021, a compound +16.7%/yr. Reported net income was $13.7M in FY2025, compounding +1.7%/yr from FY2021.

Key figures

Market cap $145M Micro · P/E ratio 12.4 · P/S ratio 2.35 · EPS (TTM) $3.77 · Dividend yield 0.6% · Net margin 25.1% · Return on equity 7.8% · Return on assets (EBIT) 1.0% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 60 out of 100 (low confidence).

What moves the price

The share trades about 4% below its 52-week high and 54% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −3%, SFDL screens cheaper than that median.

Fair Value models

Bear $34.21 Fair Value $45.61 Bull $57.02
Price $46.85 · Downside -2.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($2.98 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $49.06 $49.55 $53.12 76
Gordon GGM $5.45 $9.70 $13.22 68
DDM Multi-Stage $5.45 $8.44 $10.38 67
All 6 models by family
Dividend Discount
Gordon GGM $5.45 $9.70 $13.22 68
DDM Multi-Stage $5.45 $8.44 $10.38 67
Multiples
P/E Multiple $43.10 $57.46 $71.83 63
P/B Multiple $25.32 $33.76 $42.20 55
Asset-Based
NCAV (Graham) $32.21 $43.16 $64.42 54
Economic Profit
Residual Income $49.06 $49.55 $53.12 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 53/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 26
How much profit the company makes from its sales and capital
Quality Growth 67
Are margins and returns getting better?
Cashflow 47
Do the profits arrive as real cash?
Financial strength 3
Debt, balance sheet and risk of trouble
Investment 70
Does it invest with discipline instead of growing at any price?
Low Volatility 90
How calm the share price moves, does not count
Price momentum 81
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 96
Distance to the 52-week high, does not count
New shares 96
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, no officer or director bought or sold shares on the open market.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.7%
Start year 2020 (pandemic). Over 10 years: +9.9% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+13.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.7%
Dividend (yield on the price)0.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.12.7% vs 8.6%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.18% → 19%
Pace: the 5-year rate starts in 2020 (pandemic)

Watch SFDL, get fair value alerts →

Compare Security Federal Corporation with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 996 stocks

Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside −2.6% · Above median
Profitability
Return on equity (12 months) 7.8% · Below median
Return on assets 0.8% · Below median
Net margin (12 months) 25.1% · Below median
Operating margin (12 months) 31.9% · Below median
Growth and dividend
Revenue growth (quarter YoY) 11.3% · Above median
Dividend yield (12 months) 0.6% · Bottom 25%
Balance sheet
Debt / equity 0.18× · Below median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 12.4× · Pricier than median
P/B 0.72× · Cheapest 25%
P/S (12 months) 2.35× · Cheapest 25%
Price / free cash flow (fiscal year) 16.5× · Priciest 25%
EV/EBITDA 7.5× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)30 · sector 8
FUTURE (revenue growth)57 · sector 47
PAST (return on equity)31 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)13 · sector 53

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs SFDL
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs SFDL
BNP Paribas SA BNP €91.93 €106.01 +15% vs SFDL
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs SFDL
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs SFDL
UniCredit S.p.A UCG €76.80 €50.44 −34% vs SFDL
Mizuho Financial Group MFG $9.40 $5.89 −37% vs SFDL
DBS Group D05 69.72 SGD 40.39 SGD −42% vs SFDL
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs SFDL
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs SFDL

Explore undervalued stocks

More undervalued Financial Services stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend StocksUndervalued 52-Week Low Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Free calculator Peter Lynch Fair Value Formula &…Free calculator
Run the numbers yourself: free valuation calculators
DCF CalculatorP/E Ratio CalculatorPEG Ratio CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorIntrinsic ValueIntrinsic vs Extrinsic ValueP/E Ratio by Sector
For bloggers & editors: embed code + live data

For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.

Security Federal Corporation: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Security Federal Corporation Fair Value". https://www.fairvalue-calculator.com/stock/SFDL

Frequently asked questions

Is Security Federal Corporation (SFDL) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $45.61 versus a price of $46.85, about 3% lower (fairly valued).
What is the fair value of SFDL?
Our model-based fair value for Security Federal Corporation is $45.61 (as of Nov 8, 2026), built from audited fundamentals. The current price: $46.85.
What is the quality score of SFDL?
Security Federal Corporation has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Security Federal Corporation (SFDL)?
Our model-based price target is the fair value of $45.61 (as of Nov 8, 2026) from 6 valuation models. Cautious scenario $34.21, optimistic scenario $57.02. It is a calculation from audited fundamentals, not an analyst target.
What is the Security Federal Corporation stock forecast for 2026?
Our models put fair value at $45.61, about 3% lower versus a price of $46.85 (fairly valued). Cautious scenario $34.21, optimistic scenario $57.02. The calculation is refreshed regularly with new filings.
What is the revenue of Security Federal Corporation (SFDL)?
Security Federal Corporation reported trailing-twelve-month revenue of about $61.8M (latest available figure, as of Nov 8, 2026).
Does Security Federal Corporation pay a dividend?
Security Federal Corporation currently shows a dividend yield of 0.64% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Security Federal Corporation (SFDL) and when is the ex-dividend date?
Security Federal Corporation pays a dividend of $0.3 per share a year, a dividend yield of 0.6%. The last ex-dividend date was Sep 30, 2026. A dividend has been paid every year since at least 2003. The payout ratio is 8.0% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Security Federal Corporation (SFDL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Security Federal Corporation it is $45.61 per share (as of Nov 8, 2026), against a price of $46.85. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Security Federal Corporation stock overvalued or undervalued in 2026?
As of Nov 8, 2026, SFDL trades above its calculated fair value: price $46.85, fair value $45.61, a gap of about −3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SFDL?
No. The price is what the market pays today ($46.85); the fair value is what the company's own numbers justify ($45.61). For Security Federal Corporation the two are $1.24 per share apart. That gap is exactly why we show both numbers side by side.
How much is Security Federal Corporation worth?
The market values Security Federal Corporation at about $145M (market capitalisation, as of Nov 8, 2026). Per share that is $46.85; our models calculate a fair value of $45.61 per share.
What do the bullish and bearish scenarios say about SFDL?
Our models span a range for Security Federal Corporation: cautious scenario $34.21, base $45.61, optimistic $57.02 per share (as of Nov 8, 2026, price $46.85). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SFDL?
Security Federal Corporation trades at a price-to-earnings ratio of 12.4 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $45.61 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 10.3. Other multiples: P/B 0.7, P/S 2.4, EV/EBITDA 7.5.
How solid is the balance sheet of Security Federal Corporation (SFDL)?
Balance-sheet figures for Security Federal Corporation (as of Nov 8, 2026): return on equity 7.8%, debt of 0.18 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is SFDL from its 52-week high?
Security Federal Corporation trades at $46.85, about 4% below its 52-week high of $49.01 and 54% above the low of $30.43 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $45.61 is for.
Which stocks are comparable to Security Federal Corporation?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Security Federal Corporation stock attractive at the current price?
The data as of Nov 8, 2026: price $46.85, calculated fair value $45.61 (−3%), Quality Score 53/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SFDL calculated?
We run Security Federal Corporation through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $45.61 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Security Federal Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Security Federal Corporation (SFDL)?
The closing price on Nov 6, 2026 was $46.85. Our model-based fair value is $45.61, about 3% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Security Federal Corporation right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Security Federal Corporation (SFDL) come from?
Earnings per share at Security Federal Corporation grew +6.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.6 %, EBIT margin −3.3 %, tax rate +0.8 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Security Federal Corporation

How large is the market capitalisation of Security Federal Corporation (SFDL)?
The market capitalisation of Security Federal Corporation is $145M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Security Federal Corporation (SFDL)?
The price-to-sales ratio of Security Federal Corporation is 2.35 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Security Federal Corporation (SFDL)?
Earnings per share at Security Federal Corporation are $3.77 (price ÷ EPS = P/E 12.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Security Federal Corporation (SFDL)?
The dividend yield of Security Federal Corporation is 0.6% (payout 8.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Security Federal Corporation (SFDL)?
The net margin of Security Federal Corporation is 25.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Security Federal Corporation (SFDL)?
The return on equity (ROE) of Security Federal Corporation is 7.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Security Federal Corporation (SFDL)?
On an EBIT basis the return on assets of Security Federal Corporation is 1.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Security Federal Corporation (SFDL)?
The operating margin of Security Federal Corporation is 31.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Security Federal Corporation (SFDL)?
Revenue at Security Federal Corporation is growing +11.3% versus a year earlier (3y avg +21.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Security Federal Corporation (SFDL)?
Earnings per share at Security Federal Corporation are growing +59.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Security Federal Corporation (SFDL) generate?
The free cash flow of Security Federal Corporation is $8.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Security Federal Corporation (SFDL) carry?
The net debt of Security Federal Corporation is $24.3M (fiscal year 2025, ≈ 2.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed

Watch Security Federal Corporation in the live analysis

One click puts Security Federal Corporation on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.