Profits nearly double at Iowa's First Midwest.

STORM LAKE, Iowa -- First Midwest Financial, the $267 million-asset holding company for First Federal Savings Bank of the Midwest, announced earnings for the third quarter of its fiscal year of $845,000, or 43 cents a share, up from $454,000 the previous year.

Net income for the first nine months of the fiscal year was $2.1 million, or $1.05 a share, up from $1 million for the same period the previous year.

The fiscal nine-month income includes $257,000, or 13 cents a share, resulting from a change in accounting principles. The previous year's nine-month results include the effect of a $297,000 prepayment penalty.

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