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OPERATING SEGMENTS
9 Months Ended
Sep. 30, 2011
OPERATING SEGMENTS [Abstract] 
OPERATING SEGMENTS
6.           OPERATING SEGMENTS

An operating segment is generally defined as a component of a business for which discrete financial information is available and whose results are reviewed by the chief operating decision-maker.  The Company has determined that it has two reportable segments:  a traditional banking segment and a nonbank segment.  The traditional banking segment consists of the Company's banking subsidiary, First Federal Savings Bank of Iowa (the “Bank”), and the holding company.  Following its recent conversion from a federal savings bank to an Iowa state chartered bank, the Bank operates as a state commercial bank providing deposit, loan and other related products to individuals and small businesses, primarily in the communities where their offices are located.  The nonbank segment, which is set forth under the caption “All Others” below, consists of the operations of the subsidiaries under the Bank, and includes real estate abstracting services, insurance and investment services, and ownership of low-income housing tax credit apartment complexes.
 
Transactions between affiliates, the resulting revenues of which are shown in the inter-segment revenue category, are conducted at market prices that would be paid if the companies were not affiliates.
 
   
Three Months Ended September 30, 2011
  
Nine Months Ended September 30, 2011
 
   
Traditional
        
Traditional
       
   
Banking
  
All Others
  
Total
  
Banking
  
All Others
  
Total
 
                    
Interest income
 $4,986,912  $-  $4,986,912  $15,282,408  $-  $15,282,408 
Interest expense
  1,308,084   26,636   1,334,720   4,383,237   80,778   4,464,015 
Net interest income (loss)
  3,678,828   (26,636)  3,652,192   10,899,171   (80,778)  10,818,393 
Provision for loan losses
  350,000   -   350,000   1,135,000   -   1,135,000 
Net interest income (loss) after provision for loan losses
  3,328,828   (26,636)  3,302,192   9,764,171   (80,778)  9,683,393 
Noninterest income
  1,528,845   431,757   1,960,602   4,149,373   1,284,875   5,434,248 
Securities gains, net
  85,614   -   85,614   115,655   -   115,655 
Noninterest expense
  3,593,532   405,811   3,999,343   11,044,296   1,232,291   12,276,587 
Income (loss) before income taxes
  1,349,755   (690)  1,349,065   2,984,903   (28,194)  2,956,709 
Provision for income taxes
  318,500   6,500   325,000   676,400   18,200   694,600 
Net income (loss)
 $1,031,255  $(7,190) $1,024,065  $2,308,503  $(46,394) $2,262,109 
Inter-segment revenue (expense)
 $153,012  $(153,012) $-  $428,072  $(428,072) $- 
Total assets
 $426,207,491  $3,512,127  $429,719,618  $426,207,491  $3,512,127  $429,719,618 
Total deposits
 $347,025,034  $-  $347,025,034  $347,025,034  $-  $347,025,034 

   
Three Months Ended September 30, 2010
  
Nine Months Ended September 30, 2010
 
   
Traditional
        
Traditional
       
   
Banking
  
All Others
  
Total
  
Banking
  
All Others
  
Total
 
                    
Interest income
 $5,476,474  $-  $5,476,474  $16,858,095  $-  $16,858,095 
Interest expense
  1,914,529   27,770   1,942,299   5,844,982   83,876   5,928,858 
Net interest income (loss)
  3,561,945   (27,770)  3,534,175   11,013,113   (83,876)  10,929,237 
Provision for loan losses
  168,000   -   168,000   2,578,000   -   2,578,000 
Net interest income (loss) after provision for loan losses
  3,393,945   (27,770)  3,366,175   8,435,113   (83,876)  8,351,237 
Noninterest income
  1,787,587   410,481   2,198,068   4,462,737   1,274,235   5,736,972 
Securities gains, net
  -   -   -   7,652   -   7,652 
Noninterest expense
  3,499,150   388,221   3,887,371   10,601,520   1,241,777   11,843,297 
Income (loss) before taxes
  1,682,382   (5,510)  1,676,872   2,303,982   (51,418)  2,252,564 
Provision for income taxes
  503,400   8,500   511,900   583,700   4,300   588,000 
Net income
 $1,178,982  $(14,010) $1,164,972  $1,720,282  $(55,718) $1,664,564 
Inter-segment revenue (expense)
 $172,138  $(172,138) $-  $525,334  $(525,334) $- 
Total assets
 $451,792,043  $3,582,560  $455,374,603  $451,792,043  $3,582,560  $455,374,603 
Total deposits
 $349,147,741  $-  $349,147,741  $349,147,741  $-  $349,147,741