Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  HURT MARGARET A
 2. Date of Event Requiring Statement (Month/Day/Year)
04/19/2007		 3. Issuer Name and Ticker or Trading Symbol
SECURITY FEDERAL CORP [SFDL]
(Last)
(First)
(Middle)
P.O.BOX 810		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Controller
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

AIKEN, SC 29802		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, par value $0.01 per share 1,255
I
Employee Stock Ownership Plan
Common Stock, par value $0.01 per share 600
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option Grant (Right to Buy) (1) 10/01/2004 09/30/2009 Common Stock 900 $ 16.67 D  
Stock Option Grant (Right to Buy) (2) 01/01/2009 01/01/2019 Common Stock 1,000 $ 24.22 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
HURT MARGARET A
P.O.BOX 810
AIKEN, SC 29802		       Controller  

Signatures

/s/Beverly S. Bradham, Attorney-In-Fact 04/24/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Options for 1,500 shares were granted under the Issuer's 1999 Stock Option Plan on October 19, 1999, which vest over a 10 year period beginning on October 1, 2004. A total of 600 options have been exercised and the remaining options became exercisable on March 16, 2006.
(2) These options were granted under the Issuer's 1999 Stock Option Plan on January 1, 2004 and became exercisable on March 16, 2006.

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