TIMOTHY W. SIMMONS - Corporate Board Profile

SECURITY FEDERAL CORP

Filing Date	Source Excerpt
2001-06-18	Timothy W. Simmons has been President of the Company since 1987 and Chief Executive Officer since June 1994. Mr. Simmons was elected as President and Chief Operating Officer of the Bank in January 1987 and has served in these capacities since March 1987. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank. The Company does not compensate the members of its Board of Directors for service on the Board or committees. The Directors of the Bank receive fees of $833.33 per month. Members of the Executive Committee receive $810 per month for membership on this Committee, with the exception of Mr. Simmons, who does not receive a fee for membership on this Committee. Members of the Audit Committee receive $117 per meeting attended. No fee is paid for membership on the Bank's Compensation Committee. During the fiscal year ended March 31, 2001, the base salary of Mr. Simmons was $117,500. In addition, he was credited with $14,980 in other compensation (comprised of ESOP contribution of $2,211 and employer 401(k) contribution of $5,730 and deferred compensation pursuant to the Company's 401(k) plan of $7,038). In addition, Mr. Simmons was credited with stock options of $20,000 (total value of in-the-money options). This resulted in total compensation of $152,480.
2002-06-19	Timothy W. Simmons has been President of the Company since 1987 and Chief Executive Officer since June 1994. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank's Board of Directors. The Executive Committee, comprised of Director T. Clifton Weeks as Chairman and Directors Toole, Alexander, Simmons and Clark, meets on an as needed basis to handle matters arising between Board meetings. This Committee did not meet during fiscal 2002. The Loan Committee of the Board of Directors of the Bank is composed of T. Clifton Weeks as Chairman and Directors Toole, Alexander, Simmons and Clark. The Loan Committee is responsible for and oversees the Bank's loan activities. All actions of this Committee are reviewed and ratified by the entire Board. This Committee met 25 times during fiscal 2002. The Company does not compensate the members of its Board of Directors for service on the Board or committees. The Directors of the Bank receive fees of $860 per month. Members of the Executive Committee receive $835 per month for membership on this Committee, with the exception of Messrs. Simmons and Clark, who do not receive a fee for membership on this Committee. Members of the Audit Committee receive $121 per meeting attended. No fee is paid for membership on the Bank's Compensation or Loan Committees.
2003-06-24	Timothy W. Simmons has been President of the Company since 1987 and Chief Executive Officer since June 1994. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank's Board of Directors. During the fiscal year ended March 31, 2003, Mr. Simmons' salary was $144,840, including board fees of $10,740. In addition, he was credited with $22,350 in other compensation (comprised of ESOP contribution of $3,781, employer 401(k) contribution of $7,814 and deferred compensation pursuant to the Company's 401(k) plan of $10,755) as set forth in the preceding Summary Compensation Table. This resulted in total compensation of $167,190.
2004-06-18	During the fiscal year ended March 31, 2004, Mr. Simmons' salary was $169,000, including board fees of $12,750. In addition, he was credited with $27,218 in other compensation (comprised of ESOP contribution of $4,033, employer 401(k) contribution of $8,711 and deferred compensation pursuant to the Company's 401(k) plan of $14,474) as set forth in the preceding Summary Compensation Table. This resulted in total compensation of $196,218.
2005-06-17	Timothy W. Simmons is President, Chief Executive Officer and Director of the Company, and Chairman of the Board and Chief Executive Officer of the Bank, age 59. He serves on the Executive Committee and Loan Committee. His total compensation for fiscal year 2005 was $231,996, including salary, director's fees, and other compensation.
2006-06-16	Timothy W. Simmons has been President of the Company since 1987 and Chief Executive Officer since June 1994. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank's Board of Directors. The Company does not compensate the members of its Board of Directors for service on the Board or committees. The directors of the Bank receive fees of $1,500 per month. Members of the Executive Committee receive $1,500 per month for membership on this Committee, with the exception of Messrs. Simmons, Verenes and Lindburg, who do not receive a fee for service on this Committee. During the fiscal year ended March 31, 2006, Mr. Simmons' salary was $195,495, and he earned director's fees of $16,497. In addition, he was credited with $35,967 in other compensation (comprised of ESOP contribution of $3,094, employer 401(k) contribution of $5,882, deferred compensation pursuant to the Company's 401(k) plan of $19,474 and employer payment of insurance premiums totaling $7,517) as set forth in the preceding Summary Compensation Table. This resulted in total compensation of $247,959.
2007-06-21	Timothy W. Simmons has been President of Security Federal since 1987 and Chief Executive Officer since June 1994. Mr. Simmons was elected President and Chief Operating Officer of Security Federal Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank's Board of Directors.
2009-06-22	Timothy W. Simmons has been President of Security Federal since 1987 and Chief Executive Officer since June 1994. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank's Board of Directors.
2010-06-29	Timothy W. Simmons has been President of Security Federal since 1987 and Chief Executive Officer since June 1994. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank9s Board of Directors. Mr. Simmons9 career in banking has given him expertise in all areas of banking.
2011-06-22	Timothy W. Simmons has been President of Security Federal since 1987 and Chief Executive Officer since June 1994. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank’s Board of Directors, positions he held until December 2010. Mr. Simmons’ career in banking has given him expertise in all areas of banking. The Compensation Committee makes recommendations to the Board regarding the amount of the Bank’s annual contribution to certain benefit plans and salaries for the Bank’s officers and employees. This Committee also determines certain minor administrative matters related to certain employee plans. The Trust Committee consists of Directors Toole (Chairman), T.C. Weeks, Alexander, Simmons, Verenes, Lindburg and Thomas. This Committee reviews and approves activities of Security Federal Trust, a division of the Bank. This Committee met 18 times during the fiscal year ended March 31, 2011. The Investment Committee consists of Directors Toole (Chairman), T.C. Weeks, Alexander, Simmons, Verenes, Lindburg and Thomas. This Committee reviews and approves activities of Security Federal Investments, a division of the Bank. This Committee met 12 times during the fiscal year ended March 31, 2011.
2012-06-22	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. Mr. Simmons' career in banking has given him expertise in all areas of banking. The Executive Committee, comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Verenes Lindburg and Thomas meets on an as needed basis. The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander and Weeks. The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn. The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn. Executive Committee of the Bank is composed of Directors Verenes (Chairman), Toole, Alexander, Weeks, Simmons, Lindburg and Thomas. Compensation for Timothy W. Simmons for fiscal year ended March 31, 2012 was $193,578.
2013-03-20	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. ... The Executive Committee, comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Verenes Lindburg and Thomas meets on an as needed basis to handle matters arising between Board meetings. This Committee did not meet during the transition period from April 1, 2012 through December 31, 2012. ... The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander and Weeks. ... The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn, ... The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn ... The Audit Committee, comprised of Directors Moore (Chairman), Clyburn, Alexander and Simmons ... Compensation paid to our directors for the transition period from April 1, 2012 through December 31, 2012 ... Timothy W. Simmons 65,814 Fees Earned or Paid in Cash, 36,510 All Other Compensation, Total 102,324.
2014-03-28	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank’s Board of Directors, positions he held until December 2010. Mr. Simmons’ career in banking has given him expertise in all areas of banking. The Executive Committee, comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Verenes Lindburg and Thomas meets on an as needed basis to handle matters arising between Board meetings. The Committee met four times during the year ended December 31, 2013. The Audit Committee, comprised of Directors Moore (Chairman), Clyburn, Alexander and Simmons assists the Board in fulfilling its oversight responsibilities. This Committee is responsible for reviewing our annual audited financial statements and any financial statements submitted to the public, appointment of the independent auditor and monitoring the independence and performance of our independent auditor and internal auditing department. The Board of Directors has determined that there is no “audit committee financial expert,” as defined by the SEC; however, the Board believes that the current members of the Audit Committee are qualified to serve based on their collective experience and background. Each member of the Audit Committee is “independent,” as defined under the rules of The Nasdaq Stock Market LLC (“Nasdaq”), with the exception of Mr. Simmons. Although Security Federal’s common stock is not listed on Nasdaq, it has chosen to apply Nasdaq’s definition of independence, as permitted by the SEC. This Committee met 12 times during the year ended December 31, 2013. The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander and Weeks. This Committee meets on an as needed basis and makes recommendations to the Board regarding annual contributions to certain benefit plans and salaries for officers and employees. This Committee also determines certain minor administrative matters related to certain employee benefit plans. Each member of the Committee is “independent,” as defined by Nasdaq, with the exception of Mr. Simmons. This Committee met three times during the year ended December 31, 2013. The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn, is responsible for voting the proxies of Security Federal’s shareholders. The Committee met once during the year ended December 31, 2013. The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn was formed to ensure that we maintain the highest standards and best practices in all critical areas relating to the management of our business. This Committee also selects nominees for the election of directors and develops a list of nominees for board vacancies. Each member of the Committee is “independent,” as defined by Nasdaq, with the exception of Mr. Simmons. The Committee met twice during the year ended December 31, 2013. The following table shows the compensation paid to our directors for the year ended December 31, 2013, except for those who are our named executive officers. Compensation for Directors J. Chris Verenes, Roy G. Lindburg and Frank M. Thomas, Jr., who are the named executive officers of Security Federal, is included in the section below entitled “Executive Compensation.” The non-employee directors did not receive any stock or option awards, nor do they have any non-equity incentive plan compensation, change in pension value or non-qualified deferred compensation earnings; therefore, these columns have been omitted from the table below. Timothy W. Simmons received total compensation of $138,480 for the year ended December 31, 2013.
2015-03-23	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. Mr. Simmons’ career in banking has given him expertise in all areas of banking. The Executive Committee, comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Verenes Lindburg, Harmon and Thomas meets on an as needed basis. The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander and Weeks. The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn. The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn. The Audit Committee, comprised of Directors Moore (Chairman), Clyburn, Alexander, Simmons and Thomas. Compensation paid to Timothy W. Simmons for the year ended December 31, 2014 was $142,480.
2016-03-21	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank’s Board of Directors, positions he held until December 2010. Mr. Simmons’ career in banking has given him expertise in all areas of banking. The Executive Committee, comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Verenes Lindburg, Harmon and Thomas. The Audit Committee, comprised of Directors Moore (Chairman), Clyburn, Alexander, Simmons and Thomas. The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander and Weeks. The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn. The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn. The Executive Committee is composed of Directors Verenes (Chairman), Toole, Alexander, Weeks, Simmons, Lindburg, Harmon and Thomas. The Loan Committee is composed of Directors Verenes (Chairman), Toole, Alexander, Weeks Simmons, Lindburg and Thomas. The Trust Committee consists of Directors Toole (Chairman), Verenes, Alexander, Simmons, Thomas and Harmon. The Investment Committee consists of Directors Toole (Chairman), Verenes, Alexander, Simmons, Thomas and Harmon. Timothy W. Simmons received $145,780 in total compensation for the year ended December 31, 2015.
2017-03-20	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank's Board of Directors, positions he held until December 2010. Mr. Simmons' career in banking has given him expertise in all areas of banking. The Executive Committee, comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Verenes Lindburg, Harmon and Thomas... The Audit Committee, comprised of Directors Moore (Chairman), Clyburn, Alexander, Simmons and Thomas... The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander and Weeks... The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn... The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn... The Trust Committee consists of Directors Toole (Chairman), Verenes, Alexander, Simmons, Thomas and Harmon... The Investment Committee consists of Directors Toole (Chairman), Verenes, Alexander, Simmons, Thomas and Harmon... Payments received pursuant to Salary Continuation Agreement.
2018-03-28	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. The Executive Committee, comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Verenes Lindburg, Harmon and Thomas meets on an as needed basis. The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander and Weeks. The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn. The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn. The Audit Committee, comprised of Directors Moore (Chairman), Clyburn, Alexander, Simmons and Thomas. Compensation paid to Timothy W. Simmons for the year ended December 31, 2017 was $152,880.
2019-03-25	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank's Board of Directors, positions he held until December 2010. Mr. Simmons' career in banking has given him expertise in all areas of banking. The Executive Committee, comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Verenes Lindburg, Harmon, Thomas and Cummins, meets on an as needed basis to handle matters arising between Board meetings. This Committee did not meet during the year ended December 31, 2018. The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander and Weeks. This Committee meets on an as needed basis and makes recommendations to the Board regarding annual contributions to certain benefit plans and salaries for officers and employees. This Committee also determines certain minor administrative matters related to certain employee benefit plans. Each member of the Committee is "independent," as defined by Nasdaq, with the exception of Mr. Simmons. This Committee met once during the year ended December 31, 2018. The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn, is responsible for voting the proxies of Security Federal's shareholders. The Committee met once during the year ended December 31, 2018. The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore and Clyburn was formed to ensure that we maintain the highest standards and best practices in all critical areas relating to the management of our business. This Committee also selects nominees for the election of directors and develops a list of nominees for board vacancies. Each member of the Committee is "independent," as defined by Nasdaq. The Committee met twice during the year ended December 31, 2018.
2020-03-24	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank’s Board of Directors, positions he held until December 2010. Mr. Simmons’ career in banking has given him expertise in all areas of banking. The Executive Committee, comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Verenes Lindburg, Harmon, Thomas, Cummins, Clyburn and Moore. The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas and Harmon. The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn and Thomas. The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas and Harmon. The Audit Committee: Thomas L. Moore, Chairman William Clyburn Robert E. Alexander Timothy W. Simmons Frank M. Thomas, Jr. Frampton W. Toole III Richard T. Harmon. The following table shows the compensation paid to our directors for the year ended December 31, 2019, except for those who are our named executive officers. Timothy W. Simmons: Fees Earned or Paid in Cash ($) 111,500, All Other Compensation ($) 48,680.
2021-03-29	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank9s Board of Directors, positions he held until December 2010. Mr. Simmons9 career in banking has given him expertise in all areas of banking. The Executive Committee, comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Verenes Lindburg, Harmon, Thomas, Cummins, Clyburn and Moore, meets on an as needed basis to handle matters arising between Board meetings. This Committee did not meet during the year ended December 31, 2020. The Audit Committee, comprised of Directors Moore (Chairman), Clyburn, Alexander, Simmons, Thomas, Toole, Harmon and Cummins assists the Board in fulfilling its oversight responsibilities. The Board of Directors has determined that there is no audit committee financial expert, as defined by the SEC; however, the Board believes that the current members of the Audit Committee are qualified to serve based on their collective experience and background. Directors Moore, Clyburn, Alexander, Thomas and Toole are independent, pursuant to the rules of The Nasdaq Stock Market LLC (Nasdaq) governing audit committee membership. Director Simmons is not independent for purposes of audit committee membership and Directors Harmon and Cummins are not independent directors. Although Security Federal9 common stock is not listed on Nasdaq, it has chosen to apply Nasdaq9 definition of independence, as permitted by the SEC. This Committee met four times during the year ended December 31, 2020. The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Harmon and Cummins. This Committee meets on an as needed basis and makes recommendations to the Board regarding annual contributions to certain benefit plans. Each member of the Committee is independent, as defined by Nasdaq, with the exception of Mr. Simmons, Mr. Harmon and Ms. Cummins. This Committee did not meet during the year ended December 31, 2020, as compensation decisions are made primarily by Security Federal Bank9 Compensation Committee because all employees are employed by the Bank. The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Cummins and Harmon is responsible for voting the proxies of Security Federal9 shareholders. The Committee met once during the year ended December 31, 2020. The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Harmon and Cummins was formed to ensure that we maintain the highest standards and best practices in all critical areas relating to the management of our business. This Committee also selects nominees for the election of directors and develops a list of nominees for board vacancies. Each member of the Committee is independent, as defined by Nasdaq, with the exception of Mr. Harmon and Ms. Cummins. The Committee met once during the year ended December 31, 2020. Compensation paid to Timothy W. Simmons for the year ended December 31, 2020 was $163,676.
2022-04-08	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. The Audit Committee, comprised of Directors Moore (Chairman), Clyburn, Alexander, Simmons, Thomas, Toole, Harmon and Cummins assists the Board in fulfilling its oversight responsibilities. The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Harmon and Cummins. The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Cummins and Harmon is responsible for voting the proxies of Security Federal’s shareholders. The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Harmon and Cummins was formed to ensure that we maintain the highest standards and best practices in all critical areas relating to the management of our business. The following table shows the compensation paid to our directors for the year ended December 31, 2021, Timothy W. Simmons received $118,500 in fees and $48,680 in other compensation totaling $167,180.
2023-04-07	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. Mr. Simmons was elected President and Chief Operating Officer of the Bank in January 1987 and served in these capacities from March 1987 to December 2001. In May 1988, Mr. Simmons became Chief Executive Officer of the Bank and in January 2002, he was elected Chairman of the Bank’s Board of Directors, positions he held until December 2010. Mr. Simmons’ career in banking has given him expertise in all areas of banking.
2024-04-08	Timothy W. Simmons has served as Chairman of the Board since October 2011. He served as President and Chief Executive Officer of Security Federal from 1987 and 1994, respectively, until his retirement on January 1, 2012. Mr. Simmons’ career in banking has given him expertise in all areas of banking. The Executive Committee, comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Verenes Lindburg, Harmon, Thomas, Cummins, Clyburn and Moore, meets on an as needed basis to handle matters arising between Board meetings. The Audit Committee, comprised of Directors Moore (Chairman), Clyburn, Alexander, Simmons, Thomas, Toole, Harmon and Cummins assists the Board in fulfilling its oversight responsibilities. The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Harmon and Cummins. The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Cummins and Harmon. The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Harmon and Cummins. Security Federal’s Bank Board of Directors Executive Committee is composed of Directors Verenes (Chairman), Toole, Alexander, Weeks, Simmons, Lindburg, Moore, Clyburn, Harmon, Thomas and Cummins. The Loan Committee is composed of Directors Verenes (Chairman), Toole, Alexander, Weeks Simmons, Lindburg, Thomas, Moore, Clyburn, Harmon and Cummins. The Compensation Committee is comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Harmon and Cummins. The Trust Committee consists of Directors Verenes (Chairman), Alexander, Simmons, Thomas, Moore, Clyburn, Toole, Harmon, Lindburg and Cummins. The Investment Committee consists of Directors Verenes (Chairman), Alexander, Simmons, Thomas, Moore, Clyburn, Toole, Harmon, Lindburg and Cummins. The following table shows the compensation paid to our directors for the year ended December 31, 2023, except for those who are our named executive officers. Timothy W. Simmons: $128,000 fees earned or paid in cash, $48,680 other compensation, total $176,680.
2025-04-07	Timothy W. Simmons Age: 79 Role: Chairman of the Board of Security Federal and Director of the Bank Committees: Executive Committee (Chairman), Audit Committee, Compensation Committee (Chairman), Proxy Committee (Chairman), Nominating Committee (Chairman), Trust Committee, Investment Committee Compensation: $182,480 Excerpt: 'The Executive Committee, comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Verenes Lindburg, Harmon, Thomas, Cummins, Clyburn and Moore... The Audit Committee, comprised of Directors Moore (Chairman), Clyburn, Alexander, Simmons, Thomas, Toole, Harmon and Cummins... The Compensation Committee, which also serves as the Stock Option Committee, is comprised of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Harmon and Cummins... The Proxy Committee, which is composed of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Cummins and Harmon... The Nominating Committee, consisting of Directors Simmons (Chairman), Toole, Alexander, Weeks, Moore, Clyburn, Thomas, Harmon and Cummins... Compensation: $182,480 (Fees Earned or Paid in Cash $133,800 + All Other Compensation $48,680)'}},{