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:

                                                      BROKER
                         FOR          WITHHELD      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:





            Percentage             Percentage             Percentage
                of                     of                     of
              shares                 shares                 shares     Broker Non-
   For       present     Against    present     Abstain    present        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:




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

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