OPERATING SEGMENTS

3 Months Ended

Mar. 31, 2012

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.  The Bank operates as an Iowa state-chartered 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 March 31, 2012							Three Months Ended March 31, 2011
	Traditional							Traditional
	Banking		All Others			Total		Banking		All Others			Total
Interest income	$	4,805,601	$	-		$	4,805,601	$	5,175,607	$	-		$	5,175,607
Interest expense		1,083,514		22,537			1,106,051		1,578,898		27,215			1,606,113
Net interest income (loss)		3,722,087		(22,537	)		3,699,550		3,596,709		(27,215	)		3,569,494
Provision for loan losses		150,000		-			150,000		300,000		-			300,000
Net interest income (loss) after
provision for loan losses		3,572,087		(22,537	)		3,549,550		3,296,709		(27,215	)		3,269,494
Noninterest income		1,364,256		263,215			1,627,471		1,374,018		263,981			1,637,999
Securities gains (losses), net		-		-			-		-		-			-
Noninterest expense		4,410,809		279,344			4,690,153		3,663,160		292,012			3,955,172
Income (loss) before income taxes		525,534		(38,666	)		486,868		1,007,567		(55,246	)		952,321
Provision for income taxes		403,708		1,700			405,408		280,100		2,100			282,200
Income from continuing operations		121,826		(40,366	)		81,460		727,467		(57,346	)		670,121
Income from discontinued operations		-		45,075			45,075		-		20,111			20,111
Net income	$	121,826	$	4,709		$	126,535	$	727,467	$	(37,235	)	$	690,232
Inter-segment revenue (expense)	$	95,555	$	(95,555	)	$	-	$	114,156	$	(114,156	)	$	-
Total assets	$	430,417,205	$	3,352,821		$	433,770,026	$	456,147,437	$	3,460,657		$	459,608,094
Total deposits	$	361,215,118	$	-		$	361,215,118	$	367,426,237	$	-		$	367,426,237