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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 BwB+pb6oHys6+Q5xST6+/G53FqWS2nzh+fk54rCaG29UnPtA1eQN9HLQFdVjEja4
 8cQhm65VUitfZM1nYyJf8w==

<SEC-DOCUMENT>0000939057-04-000096.txt : 20040406
<SEC-HEADER>0000939057-04-000096.hdr.sgml : 20040406
<ACCEPTANCE-DATETIME>20040406121924
ACCESSION NUMBER:		0000939057-04-000096
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040101
FILED AS OF DATE:		20040406

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HAUERWAS JANICE
		CENTRAL INDEX KEY:			0001285945

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16120
		FILM NUMBER:		04719702

	MAIL ADDRESS:	
		STREET 1:		PO BOX 810
		CITY:			AIKENS
		STATE:			SC
		ZIP:			29802
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-01-01</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001285945</rptOwnerCik>
            <rptOwnerName>HAUERWAS JANICE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PO BOX 810</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>AIKENS</rptOwnerCity>
            <rptOwnerState>SC</rptOwnerState>
            <rptOwnerZipCode>29802</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>VP</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option Grant (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>16.67</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2004-10-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2009-09-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These options were granted under the 1999 Stock Option Incentive Plan of the Registrant on 10/19/99 and will expire on 9/30/09.  All options are exercisable at a rate of 20% each year beginning 10/01/04.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Ruth Vance</signatureName>
        <signatureDate>2004-04-06</signatureDate>
    </ownerSignature>
</ownershipDocument>

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