---
schema_version: "secwatch.filing_event.v1"
accession: "0000939057-23-000157"
form_type: "8-K"
ticker: "SFDL"
cik: "0000818677"
company_name: "SECURITY FEDERAL CORP"
filed_at: "2023-05-12T23:59:59+00:00"
generated_at: "2026-06-15T03:08:58.101328+00:00"
event_type: "other"
sentiment: "neutral"
materiality_score: 0.2
calibrated_materiality_score: 0.15
confidence: "high"
source: SEC EDGAR
---

# Security Federal Corp. annual meeting re-elects directors; say-on-pay passes 94.1%; 1-year frequency wins.

## Summary
- All four director nominees elected with for votes ranging from 2.29M to 2.32M; broker non-votes of 369,912 on each.
- Say-on-pay advisory vote approved: 94.10% of shares present voted for (2,307,944 for, 134,273 against, 10,307 abstain).
- Say-on-pay frequency vote: 64.67% preferred 1 year, 23.55% for 3 years, 6.48% for 2 years; shareholders selected 1 year.
- Total shares outstanding 3,253,210; quorum of 2,452,524 shares present at virtual annual meeting on May 11, 2023.

## SEC filing metadata
- accession: 0000939057-23-000157
- form_type: 8-K
- ticker: SFDL
- cik: 0000818677
- company_name: SECURITY FEDERAL CORP
- filed_at: 2023-05-12T23:59:59+00:00
- event_type: other
- sentiment: neutral
- materiality_score: 0.2
- calibrated_materiality_score: 0.15
- confidence: high
- sec_items: 5.07
- EDGAR index: https://www.sec.gov/Archives/edgar/data/818677/000093905723000157/0000939057-23-000157-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/818677/000093905723000157/8kannualresults51123.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000939057-23-000157
- JSON: https://secwatch.observer/filing/0000939057-23-000157.json
- Plain text: https://secwatch.observer/filing/0000939057-23-000157.txt

## Key facts
- Shareholder Votes
  SECURITY FEDERAL CORP shareholders approved Advisory approval of the compensation of the Company’s named executive officers. at the 2023-05-11 meeting.
  - Proposal: say on pay
  - Outcome: passed
  - Meeting: 2023-05-11
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/818677/000093905723000157/0000939057-23-000157-index.htm
- Shareholder Votes
  SECURITY FEDERAL CORP shareholders voted on Advisory approval of the compensation of the Company’s named executive officers. at the 2023-05-11 meeting.
  - Proposal: say on pay frequency
  - Meeting: 2023-05-11
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/818677/000093905723000157/0000939057-23-000157-index.htm
- Shareholder Votes
  SECURITY FEDERAL CORP shareholders approved Election of Directors at the 2023-05-11 meeting.
  - Proposal: director election
  - Outcome: passed
  - Meeting: 2023-05-11
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/818677/000093905723000157/0000939057-23-000157-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.