-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 LNJ8puJ1MqiBBj2853LlSp0i6AhhoXxPFMXc+OT4v4NrWGwo7eICd8SzK7MfRkCy
 YQBA6KPUvbt2FKT5CuVDTw==

<SEC-DOCUMENT>0000939057-03-000189.txt : 20030725
<SEC-HEADER>0000939057-03-000189.hdr.sgml : 20030725
<ACCEPTANCE-DATETIME>20030724174507
ACCESSION NUMBER:		0000939057-03-000189
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030724
FILED AS OF DATE:		20030725

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CLARK THOMAS C
		CENTRAL INDEX KEY:			0001220986

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16120
		FILM NUMBER:		03801712

	MAIL ADDRESS:	
		STREET 1:		P O BOX 810
		CITY:			AIKEN
		STATE:			SC
		ZIP:			29802

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SECURITY FEDERAL CORPORATION
		CENTRAL INDEX KEY:			0000818677
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				570858504
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		1705 WHISKEY RD.S.
		CITY:			AIKEN
		STATE:			SC
		ZIP:			29803
		BUSINESS PHONE:		8036413070

	MAIL ADDRESS:	
		STREET 1:		PO BOX 810
		CITY:			AIKEN
		STATE:			SC
		ZIP:			29802
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>

<ownershipDocument>

    <documentType>4</documentType>

    <periodOfReport>2003-07-24</periodOfReport>


    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000818677</issuerCik>
        <issuerName>SECURITY FEDERAL CORPORATION</issuerName>
        <issuerTradingSymbol>SFDL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001220986</rptOwnerCik>
            <rptOwnerName>CLARK THOMAS C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeSecurity>
        <securityTitle>
            <value>Common Stock</value>
        </securityTitle>
        <transactionDate>
            <value>2003-07-24</value>
        </transactionDate>
        <transactionCoding>
            <transactionFormType>4</transactionFormType>
            <transactionCode>M</transactionCode>
            <equitySwapInvolved>0</equitySwapInvolved>
        </transactionCoding>
        <transactionTimeliness>
            <value></value>
        </transactionTimeliness>
        <transactionAmounts>
            <transactionShares>
                <value>1350</value>
            </transactionShares>
            <transactionValue>
                <value>5.33</value>
            </transactionValue>
            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <postTransactionAmounts>
            <sharesOwnedFollowingTransaction>
                <value>6961</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>
            <directOrIndirectOwnership>
                <value>D</value>
                <footnoteId id="F1"/>
            </directOrIndirectOwnership>
        </ownershipNature>
    </nonDerivativeSecurity>

    <derivativeSecurity>
        <securityTitle>
            <value>Stock Option</value>
        </securityTitle>
        <conversionOrExercisePrice>
            <value>5.33</value>
        </conversionOrExercisePrice>
        <transactionDate>
            <value>2003-07-24</value>
        </transactionDate>
        <transactionCoding>
            <transactionFormType>4</transactionFormType>
            <transactionCode>M</transactionCode>
            <equitySwapInvolved>0</equitySwapInvolved>
        </transactionCoding>
        <transactionTimeliness>
            <value></value>
        </transactionTimeliness>
        <transactionAmounts>
            <transactionShares>
                <value>1350</value>
            </transactionShares>
            <transactionValue>
                <value>5.33</value>
            </transactionValue>
            <transactionAcquiredDisposedCode>
                <value>D</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <exerciseDate>
            <value>2002-01-01</value>
            <footnoteId id="F2"/>
        </exerciseDate>
        <expirationDate>
            <value>2006-12-31</value>
        </expirationDate>
        <underlyingSecurity>
            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>
            <underlyingSecurityShares>
                <value>1350</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>
            <sharesOwnedFollowingTransaction>
                <value>11760</value>
                <footnoteId id="F3"/>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>
            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
    </derivativeSecurity>

    <footnotes>
        <footnote id="F1">Includes 1,545 shared held directly, 945 shared held indirectly by spouse, 1,650 shares held indirectly as custodian for children, and 1,471 shares held indirectly by the Security Federal Corp. Employee Stock Option Plan.</footnote>
        <footnote id="F2">These options were granted under the Issuer's 1987 Stock Option Plan.  All options are exercisable at a rate of 20% each year beginning January 1, 2002.</footnote>
        <footnote id="F3">Includes 6,000 options granted pursuant to Issuer's 1999 Stock Option Plan, which options are not exercisable until October, 2004.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Ruth Vance</signatureName>
        <signatureDate>2003-07-24</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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