Thomas L. Moore
About Thomas L. Moore
Thomas L. Moore (age 74 as of December 31, 2024) is an independent director of Security Federal Corporation and Security Federal Bank, serving since 1990; his term runs to 2028 following re-election in May 2025 . He owns TL Moore Consulting, LLC, a consulting and registered lobbying firm primarily serving South Carolina entities; he was President of Boiler Efficiency, Inc. (1978–2011) and previously served in the South Carolina House (1979–1981) and Senate (1981–2007), bringing political, community, and small business management experience to the board . The board classifies Moore as “independent” under Nasdaq standards applied by the company .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Boiler Efficiency, Inc. | President | 1978–2011 | Led mechanical contracting operations; small business management background |
| South Carolina House of Representatives | Representative | 1979–1981 | Political and community engagement experience |
| South Carolina Senate | Senator | 1981–2007 | Legislative experience and public policy background |
External Roles
| Organization | Role | Tenure | Description |
|---|---|---|---|
| TL Moore Consulting, LLC | Owner | Not disclosed | Provides consulting and registered lobbying services in South Carolina |
| Bank Advisory Boards (North Augusta & Midland Valley areas) | Member | Not disclosed | Local advisory committees meet quarterly; Moore received $1,750 for service in 2024 |
Board Governance
- Independence: Moore is classified “independent” with respect to board and audit committee membership under Nasdaq standards applied by the company .
- Committee leadership: Audit Committee Chairman for Security Federal; committee oversees financial reporting, internal controls, and auditor independence .
- Committee memberships (Security Federal Corporation): Executive, Audit (Chair), Compensation, Proxy, Nominating; Audit Committee met 15 times in 2024, Executive Committee met 3, Proxy and Nominating met once; Corporate-level Compensation Committee did not meet in 2024 (Bank-level committee handled compensation) .
- Committee memberships (Security Federal Bank): Executive (44 meetings in 2024), Loan (47), Audit (15), Trust (26), Investment (12); Moore is listed on these Bank committees .
- Attendance: Security Federal board held 16 regular meetings and Bank board held 15 in 2024; no director attended fewer than 75% of meetings/committees served except Mr. Clyburn (excused) .
- Annual meeting: All directors attended the 2024 annual meeting of shareholders except Mr. Clyburn .
- Shareholder vote signals: In 2025, Moore’s election received 2,252,317 “For” votes vs. 185,066 “Withheld” (broker non-votes 497,829); Say-on-Pay passed with 92% of votes present .
Committee Assignment Summary
| Committee (Entity) | Role | Meetings in 2024 | Notes |
|---|---|---|---|
| Audit (Security Federal) | Chair | 15 | Independent oversight; Cummins designated “audit committee financial expert” |
| Executive (Security Federal) | Member | 3 | Handles matters between Board meetings |
| Compensation (Security Federal) | Member | 0 | Corporate-level committee did not meet in 2024; Bank-level committee active |
| Proxy (Security Federal) | Member | 1 | Votes shareholder proxies |
| Nominating (Security Federal) | Member | 1 | Director selection and governance standards |
| Executive (Bank) | Member | 44 | Authority between Bank Board meetings |
| Loan (Bank) | Member | 47 | Oversight of loan activities |
| Audit (Bank) | Chair | 15 | Reviews audit reports; auditor relations |
| Trust (Bank) | Member | 26 | Reviews Trust division activities |
| Investment (Bank) | Member | 12 | Reviews Investments division activities |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Fees Earned or Paid in Cash ($) | 93,800 | Paid by Security Federal Bank for Board/committee service |
| All Other Compensation ($) | 1,750 | For service on North Augusta & Midland Valley advisory boards |
| Total ($) | 95,550 | Directors received no stock or option awards; non-equity/incentive columns omitted |
Director Fee Structure (Bank)
| Fee Type | Amount | Applicability |
|---|---|---|
| Director monthly fee | $2,750 per month | Bank Board service |
| Executive Committee | $2,625 per month | Committee membership (Verenes/Lindburg excluded) |
| Audit Committee | $1,508 per meeting | Committee members |
| Audit Committee Chair stipend | $367 per month | Committee chair |
| Trust Committee | $567 per month | Committee members |
| Investment Committee | $567 per month | Committee members |
| Compensation Committee | No fee | Bank Compensation Committee |
| Loan Committee | No fee | Bank Loan Committee |
Performance Compensation
| Component | 2024 Status | Terms/Performance Metrics |
|---|---|---|
| Stock awards (RSUs/PSUs) | None; columns omitted in proxy | Not applicable |
| Option awards | None; columns omitted in proxy | Not applicable |
| Non-equity incentive plan comp | None; columns omitted in proxy | Not applicable |
| Performance metrics (TSR/EBITDA/Revenue/etc.) | Not disclosed | Not applicable |
| Clawbacks/COC provisions (director) | Not disclosed | Not applicable in director compensation table |
Other Directorships & Interlocks
- The 2025 proxy provides Moore’s biography but does not disclose any other current public company directorships or specific interlocks for Moore; none are listed in the director/nominee section .
Expertise & Qualifications
- Small business leadership (President, Boiler Efficiency, Inc.), political and community engagement, and management background .
- Audit oversight expertise demonstrated through service as Audit Committee Chair; committee charter encompasses financial reporting, internal controls, and auditor independence .
- Classified “independent” under Nasdaq standards applied by the company .
Equity Ownership
| Metric | Amount | Detail |
|---|---|---|
| Total beneficial ownership (shares) | 23,104 | Less than 1% of shares outstanding |
| Trust holdings | 16,420 | Included in total |
| Spouse holdings | 2,280 (incl. 600 in trust) | Included in total |
| Ownership as % of shares outstanding | <1% | Asterisk indicates less than one percent |
| Pledged shares | Not disclosed | No pledge disclosure in proxy table |
Governance Assessment
- Strengths: Moore is classified independent and chairs the Audit Committee, which met 15 times in 2024; the board and bank operate robust committee structures with high meeting cadence, suggesting rigorous oversight .
- Engagement: Security Federal Board held 16 meetings and Bank Board 15 in 2024; no director fell below the 75% attendance threshold except Mr. Clyburn (excused), indicating strong engagement; annual meeting attendance was broad (Moore attended) .
- Shareholder support: Moore’s re-election received 2,252,317 “For” votes versus 185,066 “Withheld”; Say-on-Pay passed with 92% of votes present, signaling overall investor confidence in governance and compensation oversight .
- Alignment: Moore holds 23,104 shares (<1%); ownership includes trust and spouse holdings; director compensation is entirely cash with no equity grants, which may limit direct equity alignment compared to boards that grant annual equity to directors .
- Potential conflicts: Moore owns a registered lobbying firm; while no related-party transactions involving Moore are disclosed and the company maintains Regulation O-compliant insider lending policies, lobbying activity warrants continued monitoring for perceived conflicts given the bank’s regulatory environment .
- Refreshment consideration: Very long tenure (director since 1990) can raise questions about independence and board refreshment in some governance frameworks; however, the company affirms independence under Nasdaq standards .