DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2012

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

7.           DISCONTINUED OPERATIONS

In the first quarter of 2012, the Company developed and implemented a plan to sell First Iowa Title Services, Inc. ("First Iowa Title"), the Bank's wholly-owned subsidiary which provides real estate abstracting services.  The operating results of First Iowa Title are classified as discontinued operations for all periods presented in the consolidated financial statements.  For segment reporting purposes, the operations of First Iowa Title are included in All Others.  The carrying value of the assets of discontinued operations on the Consolidated Statements of Financial Condition is based on fair value.

Revenues of First Iowa Title for the three months ended March 31, 2012 and 2011 were $179,127 and $131,219, respectively.  The following table presents assets of discontinued operations and related liabilities at March 31, 2012 and December 31, 2011.

	March 31,		December 31,
	2012		2011
Title plant	$	475,704	$	475,704
Other assets		125,332		79,897
	$	601,036	$	555,601
Other liabilities	$	62,130	$	27,915