DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2012

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

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

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+ Details

NORTH CENTRAL BANCSHARES INC 10-Q