Current Report Filing (8-k)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 11, 2023
SECURITY FEDERAL CORPORATION
(Exact name of registrant as specified in its charter)
South Carolina		000-16120		57-0858504
(State or other jurisdiction		(Commission		(IRS Employer
of incorporation)		File Number)		Identification No.)
238 Richland Avenue Northwest, Aiken, South Carolina				29801
(Address of principal executive offices)				(Zip Code)
Registrant's telephone number (including area code):  [phone]
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

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Item 5.07  Submission of Matters to a Vote of Security Holders

(a)	The Annual Meeting of Security Federal Corporation (“Company”) was held on May 11, 2023 in a virtual format.

(b)

There were a total of 3.253,210 shares of the Company’s common stock outstanding and entitled to vote at the Annual Meeting. At the Annual Meeting, 2,452,524 shares of common stock were represented in person or by proxy, therefore a quorum was present. The following proposals were submitted by the Board of Directors to a vote of shareholders:

Proposal 1.  Election of Directors.  The following individuals were elected as directors:

	FOR		WITHHELD		BROKER NON-VOTES
	No. of votes		No. of votes		No. of votes
Robert E. Alexander	2,309,363		143,161		369,912
William Clyburn	2,311,788		140,736		369,912
Frank M. Thomas, Jr.	2,318,221		134,303		369,912
Jessica T. Cummins	2,285,406		167,118		369,912

Based on the votes set forth above, Messrs. Alexander, Clyburn, Thomas and Ms. Jessica T. Cummins were duly elected to each serve as directors of the Company for a three year term expiring at the annual meeting of shareholders in 2026, each to serve until their respective successors have been duly elected and qualified.

The terms of Directors Timothy W. Simmons, Harry O. Weeks, Jr., Roy G. Lindburg, Thomas L. Moore, J. Chris Verenes, Richard T. Harmon and Frampton W. Toole, III, continued.

Proposal 2.  Advisory approval of the compensation of the Company’s named executive officers.  This proposal received the following votes:

For		Percentage of shares present		Against		Percentage of shares present		Abstain		Percentage of shares present		Broker Non- Votes
2,307,944		94.10%		134,273		5.48%		10,307		0.42%		369,912

Based on the votes set forth above, the compensation of the Company’s named executive officers was approved by shareholders.

Proposal 3.  Advisory approval of the compensation of the Company’s named executive officers.  This proposal received the following votes:

One Year		Percentage of shares present		Two Years		Percentage of shares present		Three Years		Percentage of shares present		Abstain		Percentage of shares present		Broker Non- Votes
1,586,729		64.67%		158,803		6.48%		577,457		23.55%		130,143		5.30%		369,912

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	SECURITY FEDERAL CORPORATION
Date: May 12, 2023	By:	/s/J. Chris Verenes
		J. Chris Verenes
		Chief Executive Officer

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