Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

(a) On December 15, 2011, Security Federal Corporation's ("Company") Board of Directors amended its bylaws to provide for the appointment of directors emeriti, to increase the number of directors from nine (9) to ten (10) and to clarify certain other provisions as deemed necessary. A copy of the Company's amended and restated bylaws are attached hereto as Exhibit 3.2.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibit is being filed herewith and this list shall constitute the exhibit index.

3.2 Amended and Restated Bylaws of Security Federal Corporation

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