Summary of SECURITY FEDERAL CORP

Item 5.07 Submission of Matters to a Vote of Security Holders

(a) The Annual Meeting of Security Federal Corporation (the "Company") was held on July 15, 2010.

(b) There were a total of 2,461,095 shares of the Company's common stock outstanding and entitled to vote at the Annual Meeting. At the Annual Meeting, 1,530,610 shares of common stock were represented in person or by proxy, therefore a quorum was present. The following proposal was submitted by the Board of Directors to a vote of stockholders:

(c)

Proposal 1. Election of Directors. The following individuals were elected as directors for three year terms:

                                                                      BROKER
                                                                       NON-
                              FOR                   WITHHELD          VOTES
                                 Percentage              Percentage
                                     of                      of
                      No. of       shares      No. of      shares     No. of
                       Votes      present      Votes      present     votes
Gasper L. Toole, III 1,512,350     98.80%       18,260     1.20%       -0-

Thomas L. Moore 1,516,810 99.10% 13,800 .90% -0- J. Chris Verenes 1,505,850 98.38% 24,760 1.62% -0-

Based on the votes set forth above, Messrs. Toole, Moore and Verenes were duly elected to serve as directors of the Company for a three year term expiring at the annual meeting of stockholders in 2013 and until their respective successors have been duly elected and qualified.

The terms of Directors Robert E. Alexander, William Clyburn, Frank M. Thomas, Jr., Timothy W. Simmons, T. Clifton Weeks and Roy G. Lindburg continued.

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

For Against Abstain Broker Non-Vote 1,501,167 28,348 1,095 -0-

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