Form 8-K - Current report

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 9, 2024

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): (803) 641-3000


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. [ ]

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 9, 2024 in a virtual format.

(b)

There were a total of 3,229,325 shares of the Company’s common stock outstanding and entitled to vote at the Annual Meeting. At the Annual Meeting, 2,352,294 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

Timothy W. Simmons		2,145,978		206,316		301,217
Harry O. Weeks, Jr.		2,207,275		145,019		301,217
Roy G. Lindburg		2,207,575		144,719		301,217

Based on the votes set forth above, Messrs. Simmons, Weeks and Lindburg were duly elected to each serve as directors of the Company for a three year term expiring at the annual meeting of shareholders in 2027, each to serve until their respective successors have been duly elected and qualified.

The terms of Directors Thomas L. Moore, J. Chris Verenes, Richard T. Harmon, Frampton W. Toole, III, Robert E. Alexander, William Clyburn, Frank M. Thomas, Jr. and Jessica T. Cummins, 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
2,181,201		93%		145,028		6%		26,065		1%		301,217

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

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 10, 2024	By:	/s/ J. Chris Verenes
		J. Chris Verenes
		Chief Executive Officer

Document and Entity Information	May 09, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 09, 2024
Entity File Number	000-16120
Entity Registrant Name	SECURITY FEDERAL CORPORATION
Entity Central Index Key	0000818677
Entity Incorporation, State or Country Code	SC
Entity Tax Identification Number	57-0858504
Entity Address, Address Line One	238 Richland Avenue Northwest
Entity Address, City or Town	Aiken
Entity Address, State or Province	SC
Entity Address, Postal Zip Code	29801
City Area Code	803
Local Phone Number	641-3000
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false