UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

              [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2002

             [ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15 (d)
                 OF THE SECURITIES EXCHANGE ACT OF 1934

            For the transaction period from               to
                                            --------------  --------------------

                         Commission File Number: 0-22140


                          FIRST MIDWEST FINANCIAL, INC.
             (Exact name of registrant as specified in its charter)

            Delaware                                       42-1406262
-------------------------------                ---------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
 incorporation or organization)

                      Fifth at Erie, Storm Lake, Iowa 50588
                    ----------------------------------------
                    (Address of principal executive offices)

                                 (712) 732-4117
              ----------------------------------------------------
              (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.   Yes [X]   No [ ]


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

           Class:                                   Outstanding at May 10, 2002:
Common Stock, $.01 par value                          2,446,939 Common Shares

Transitional Small Business Disclosure Format:  Yes [ ]    No [X]






                          FIRST MIDWEST FINANCIAL, INC.

                                    FORM 10-Q

                                      INDEX



                                                                        Page No.
                                                                        --------
Part I.   Financial Information
-------------------------------

  Item 1.     Financial Statements (unaudited):

              Consolidated Balance Sheets at March 31, 2002 and
                September 30, 2001                                        3

              Consolidated Statements of Income for the Three Months
                and Six Months Ended March 31, 2002 and 2001              4

              Consolidated Statements of Comprehensive Income (Loss)
                for the Three Months and Six Months Ended
                March 31, 2002 and 2001                                   5

              Consolidated Statement of Changes in Shareholders'
                Equity for the Six Months Ended March 31, 2002            6

              Consolidated Statements of Cash Flows for the
                Six Months Ended March 31, 2002 and 2001                  7

              Notes to Consolidated Financial Statements                  8

  Item 2.     Management's Discussion and Analysis of Financial
                Condition and Results of Operations                      11

  Item 3.     Quantitative and Qualitative Disclosure About Market Risk  18


Part II.  Other Information                                              20
---------------------------

      Signatures                                                         21
      ----------


2





Part I.   Financial Information
Item I.  Financial Statements

                          FIRST MIDWEST FINANCIAL, INC.
                                AND SUBSIDIARIES
                     Consolidated Balance Sheets (Unaudited)



                                                                          March 31, 2002  September 30, 2001
                                                                          --------------  ------------------
                                                                                       
Assets
Cash and due from banks                                                  $   1,067,755       $   1,016,111
Interest-bearing deposits in other financial institutions -
   short-term (cost approximates market value)                               8,428,717           7,750,194
                                                                         -------------       --------------
      Total cash and cash equivalents                                        9,496,472           8,766,305
Securities available for sale, amortized cost of $185,415,943
   at March 31, 2002 and $144,836,919 at September 30, 2001                183,627,933         145,374,339
Loans receivable - net of allowance for loan losses of
  $4,249,127 at March 31, 2002 and $3,868,664 at September 30, 2001        335,592,294         333,062,025
Foreclosed real estate, net                                                  1,061,670             940,143
Accrued interest receivable                                                  4,027,228           4,750,792
Federal Home Loan Bank stock, at cost                                        6,842,600           6,398,900
Premises and equipment, net                                                  9,469,654           9,346,788
Excess of cost over net assets acquired                                      3,403,019           3,403,019
Other assets                                                                12,336,927          11,140,752
                                                                         -------------       --------------

         Total Assets                                                    $ 565,857,797       $ 523,183,063
                                                                         =============       ==============

Liabilities and Shareholders' Equity
                    Liabilities
Deposits                                                                 $ 358,882,877       $ 338,781,878
Advances from Federal Home Loan Bank                                       114,428,540         126,351,761
Securities sold under agreements to repurchase                              38,329,550           1,992,720
Company Obligated Mandatorily Redeemable Preferred Securities
  of Subsidiary Trust Holding Solely Subordinated Debentures                10,000,000          10,000,000
Advances from borrowers for taxes and insurance                                149,273             446,397
Accrued interest payable                                                       738,410             868,281
Other liabilities                                                            1,146,863           1,014,816
                                                                         -------------       --------------

         Total Liabilities                                                 523,675,513         479,455,853
                                                                         -------------       --------------

                Shareholders' Equity
Preferred stock, 800,000 shares authorized, no shares
   issued or outstanding                                                            --                  --
Common stock, $.01 par value, 5,200,000 shares authorized,
   2,957,999 shares issued and 2,445,772 shares outstanding
   at March 31, 2002; 2,957,999 shares issued and
   2,469,727 shares outstanding at September 30, 2001                           29,580              29,580
Additional paid-in capital                                                  20,792,263          20,863,379
Retained earnings - substantially restricted                                31,310,244          31,066,643
Accumulated other comprehensive income (loss)                               (1,123,949)            338,427
Unearned Employee Stock Ownership Plan shares                                  (90,000)           (180,000)
Treasury stock, 512,227 and 488,272 common shares, at cost,
   at March 31, 2002 and September 30, 2001, respectively                   (8,735,854)         (8,390,819)
                                                                         -------------       --------------

         Total Shareholders' Equity                                         42,182,284          43,727,210
                                                                         -------------       --------------

         Total Liabilities and Shareholders' Equity                      $ 565,857,797       $ 523,183,063
                                                                         =============       =============



       The accompanying notes are an integral part of these consolidated
                              financial statements.


                                       3





                          FIRST MIDWEST FINANCIAL, INC.
                                AND SUBSIDIARIES
                  Consolidated Statements of Income (Unaudited)



                                                                           Three Months Ended                Six Months Ended
                                                                               March 31,                         March 31,
                                                                        2002             2001             2002             2001
                                                                        ----             ----             ----             ----
                                                                                                           
Interest and Dividend Income:
      Loans receivable, including fees                              $  6,409,711     $  6,798,470     $ 13,204,525     $ 13,879,786
      Securities available for sale                                    2,299,164        2,634,911        4,633,413        5,287,452
      Dividends on Federal Home Loan Bank stock                           51,265          117,569          121,487          265,773
                                                                    ------------     ------------     ------------     ------------

            Total interest and dividend income                         8,760,140        9,550,950       17,959,425       19,433,011

Interest Expense:
      Deposits                                                         3,404,532        4,496,363        7,208,537        9,016,538
      FHLB advances and other borrowings                               2,024,664        1,852,656        4,148,694        3,877,533
                                                                    ------------     ------------     ------------     ------------

            Total interest expense                                     5,429,196        6,349,019       11,357,231       12,894,071
                                                                    ------------     ------------     ------------     ------------

Net interest income                                                    3,330,944        3,201,931        6,602,194        6,538,940

Provision for loan losses                                                136,000          120,000          435,000          270,000
                                                                    ------------     ------------     ------------     ------------

Net interest income after provision for loan losses                    3,194,944        3,081,931        6,167,194        6,268,940

Noninterest income:
      Deposit service charges and other fees                             253,819          223,107          549,971          450,752
      Gain (loss) on sales of securities available for sale, net          32,552         (131,250)          39,431         (131,250)
      Gain (loss) on sales of foreclosed real estate, net                 (8,102)           7,132           (9,806)           6,675
      Brokerage commissions                                               43,507           15,041          119,163           42,904
      Other income                                                       193,544           16,951          386,239           49,779
                                                                    ------------     ------------     ------------     ------------

            Total noninterest income                                     515,320          130,981        1,084,998          418,860

Noninterest expense:
      Employee compensation and benefits                               1,919,380        1,651,614        3,770,787        3,202,187
      Occupancy and equipment expense                                    488,959          377,860          943,426          724,632
      Federal deposit insurance premium                                   15,273           15,755           31,054           31,719
      Data processing expense                                            139,712          117,552          279,457          206,273
      Other expense                                                      463,324          553,091          938,169        1,027,080
                                                                    ------------     ------------     ------------     ------------

            Total noninterest expense                                  3,026,648        2,715,872        5,962,893        5,191,891
                                                                    ------------     ------------     ------------     ------------

Income before income taxes                                               683,616          497,040        1,289,299        1,495,909

Income tax expense                                                       235,493           87,913          404,391          480,476

Net income                                                          $    448,123     $    409,127     $    884,908     $  1,015,433
                                                                    ============     ============     ============     ============

Earnings per common share:
      Basic                                                         $       0.18     $       0.17     $       0.36     $       0.42
                                                                    ------------     ------------     ------------     ------------
      Diluted                                                       $       0.18     $       0.17     $       0.36     $       0.41
                                                                    ------------     ------------     ------------     ------------




              The accompanying notes are an integral part of these
                       consolidated financial statements.


                                       4





                          FIRST MIDWEST FINANCIAL, INC.
                                AND SUBSIDIARIES
       Consolidated Statements of Comprehensive Income (Loss) (Unaudited)



                                                                 Three Months Ended            Six Months Ended
                                                                      March 31,                     March 31,
                                                                2002            2001           2002           2001
                                                                ----            ----           ----           ----

                                                                                               
Net income                                                  $   448,123     $   409,127    $   884,908     $ 1,015,433

Other comprehensive income (loss):
        Net change in net unrealized gains and losses on
          securities available for sale                      (1,277,492)      1,681,372     (2,325,430)      3,440,541
        Deferred income tax expense (benefit)                  (475,354)        625,170       (863,054)      1,279,803
                                                            -----------     -----------    -----------     -----------

        Total other comprehensive income (loss)                (802,138)      1,056,202     (1,462,376)      2,160,738
                                                            -----------     -----------    -----------     -----------

Total comprehensive income (loss)                           $  (354,015)    $ 1,465,329    $  (577,468)    $ 3,176,171
                                                            ===========     ===========    ===========     ===========



              The accompanying notes are an integral part of these
                       consolidated financial statements.


                                       5





                          FIRST MIDWEST FINANCIAL, INC.
                                AND SUBSIDIARIES
      Consolidated Statement of Changes in Shareholders' Equity (Unaudited)
                     For the Six Months Ended March 31, 2002




                                                                                                       Accumulated
                                                                                                          Other
                                                                   Additional                         Comprehensive
                                                     Common         Paid-In           Retained        Income (Loss),
                                                      Stock         Capital           Earnings          Net of Tax
                                                      -----         -------           --------          ----------

                                                                                            
Balance at September 30, 2001                   $     29,580      $ 20,863,379       $ 31,066,643       $    338,427

Cash dividends declared on common
  stock ($0.26 per share)                                 --                --           (641,307)                --

Purchase of 46,455 common shares of
  treasury stock                                          --                --                 --                 --

7,500 common shares committed to be
  released under the ESOP                                 --            10,977                 --                 --

Issuance of 22,500 common shares from
  treasury stock due to exercise of stock
  options                                                 --          (119,303)                --                 --

Tax benefit from exercise of stock options                --            37,210                 --                 --

Net change in net unrealized losses on
  securities available for sale, net of
  effect of income taxes of $(664,061)                    --                --                 --         (1,462,376)

Net income for the six months ended
  March 31, 2002                                          --                --            884,908                 --
                                                ------------      ------------       ------------       ------------
Balance at March 31, 2002                       $     29,580      $ 20,792,263       $ 31,310,244       $ (1,123,949)
                                                ============      ============       ============       ============



                                                   Unearned
                                                   Employee
                                                     Stock                               Total
                                                   Ownership        Treasury          Shareholders'
                                                  Plan Shares         Stock              Equity
                                                  -----------         -----              ------

                                                                            
Balance at September 30, 2001                     $ (180,000)     $ (8,390,819)      $ 43,727,210

Cash dividends declared on common
  stock ($0.26 per share)                                 --                --           (641,307)

Purchase of 46,455 common shares of
  treasury stock                                          --          (622,216)          (622,216)

7,500 common shares committed to be
  released under the ESOP                             90,000                --            100,977

Issuance of 22,500 common shares from
  treasury stock due to exercise of stock
  options                                                 --           277,181            157,878

Tax benefit from exercise of stock options                --                --             37,210

Net change in net unrealized losses on
  securities available for sale, net of
  effect of income taxes of $(664,061)                    --                --         (1,462,376)

Net income for the six months ended
  March 31, 2002                                          --                --            884,908
                                                  ----------      ------------       ------------
Balance at March 31, 2002                         $  (90,000)     $ (8,735,854)      $ 42,182,284
                                                  ==========      ============       ============




              The accompanying notes are an integral part of these
                       consolidated financial statements.


                                       6



                          FIRST MIDWEST FINANCIAL, INC.
                                AND SUBSIDIARIES
                Consolidated Statements of Cash Flows (Unaudited)

                                                                                         Six Months Ended March 31,
                                                                                          2002                2001
                                                                                          ----                ----
                                                                                                   
Cash flows from operating activities:

    Net income                                                                     $     884,908         $   1,015,433
    Adjustments to reconcile net income to net cash from operating activities:
       Depreciation, amoritization and accretion, net                                    798,847               496,967
       Provision for loan losses                                                         435,000               270,000
       (Gain) loss on sales of foreclosed real estate, net                                 9,806                (6,675)
       (Gain) loss on sales of securities available for sale                             (39,431)              131,250
       Proceeds from sales of loans held for sale                                     16,547,407             4,957,253
       Originations of loans held for sale                                           (16,547,407)           (4,957,253)
       Net change in accrued interest receivable                                         723,564             1,006,803
       Net change in other assets                                                       (333,122)              322,978
       Net change in accrued interest payable                                           (129,871)              205,443
       Net change in accrued expenses and other liabilities                              132,047              (258,195)
                                                                                   -------------         -------------
             Net cash from operating activities                                        2,481,748             3,184,004

Cash flows from investing activities:
    Purchase of securities available for sale                                        (60,484,078)                   --
    Proceeds from sale of securities available for sale                                1,391,023                    --
    Proceeds from maturities and principal repayments of
      securities available for sale                                                   18,213,576             5,175,181
    Net change in loans receivable                                                    11,773,893             9,479,973
    Loans purchased                                                                  (15,015,994)           (8,061,895)
    Proceeds from sales of foreclosed real estate                                        174,144               425,503
    Purchase of FHLB stock                                                              (443,700)                   --
    Purchase of shares by ESOP                                                                --              (360,000)
    Purchase of premises and equipment, net                                             (509,494)           (1,701,581)
                                                                                   -------------         -------------
             Net cash from investing activities                                      (44,900,630)            4,957,181

Cash flows from financing activities:
    Net change in noninterest-bearing demand, savings, NOW, and
      money market demand deposits                                                     9,384,074             5,113,763
    Net change in other time deposits                                                 10,716,925            15,888,188
    Proceeds from advances from Federal Home Loan Bank                               155,420,000            51,265,000
    Repayments of advances from Federal Home Loan Bank                              (167,343,221)          (69,143,520)
    Proceeds from other borrowings                                                   204,000,000                    --
    Repayments of other borrowings                                                  (167,300,000)                   --
    Net change in securities sold under agreements to repurchase                        (363,170)           (1,055,059)
    Net change in advances from borrowers for taxes and insurance                       (297,124)               20,704
    Cash dividends paid                                                                 (641,307)             (618,355)
    Proceeds from the exercise of stock options                                          195,088                    --
    Purchase of treasury stock                                                          (622,216)              (17,778)
                                                                                   -------------         -------------
             Net cash from financing activities                                       43,149,049             1,452,943
                                                                                   -------------         -------------

Net change in cash and cash equivalents                                                  730,167             9,594,128

Cash and cash equivalents at beginning of period                                       8,766,305             6,922,531
                                                                                   -------------         -------------

Cash and cash equivalents at end of period                                         $   9,496,472         $  16,516,659
                                                                                   =============         =============

Supplemental disclosure of cash flow information
Cash paid during the period for:
       Interest                                                                    $  11,487,102         $  12,668,628
       Income taxes                                                                      229,768               446,266

Supplemental schedule of non-cash investing and financing activities:
    Loans transferred to foreclosed real estate                                    $     305,477         $      34,000


              The accompanying notes are an integral part of these
                       consolidated financial statements.


                                       7





                          FIRST MIDWEST FINANCIAL, INC.
                                AND SUBSIDIARIES
             Notes to Consolidated Financial Statements (Unaudited)


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     The accounting  policies followed by First Midwest Financial,  Inc. ("First
     Midwest" or the "Company") and its consolidated subsidiaries, First Federal
     Savings  Bank  of  the  Midwest  ("First  Federal"),  Security  State  Bank
     ("Security"),  First  Services  Financial  Limited  and  Brookings  Service
     Corporation,  for interim  reporting  are  consistent  with the  accounting
     policies followed for annual financial reporting.  All adjustments that, in
     the opinion of  management,  are necessary for a fair  presentation  of the
     results for the periods  reported  have been  included in the  accompanying
     unaudited consolidated  financial statements,  and all such adjustments are
     of a normal recurring nature. The accompanying  financial statements do not
     purport to contain  all the  necessary  financial  disclosures  required by
     generally accepted accounting  principles that might otherwise be necessary
     in the  circumstances  and should be read in conjunction with the Company's
     consolidated  financial  statements,  and notes thereto, for the year ended
     September 30, 2001.

2.   EARNINGS PER SHARE

     Basic  earnings  per share is based on net income  divided by the  weighted
     average number of shares  outstanding  during the period.  Diluted earnings
     per share shows the dilutive  effect of additional  common shares  issuable
     under stock options.

     A  reconciliation  of the  numerators  and  denominators  used in the basic
     earnings  per  common  share and the  diluted  earnings  per  common  share
     computations  for the three  months and six months ended March 31, 2002 and
     2001 is presented below.



                                                 Three Months Ended                 Six Months Ended
                                                      March 31,                          March 31,
                                                      ---------                          ---------
                                               2002              2001              2002              2001
                                               ----              ----              ----              ----
                                                                                     
Basic Earnings Per Common Share:
 Numerator:
   Net Income                              $   448,123       $   409,127       $   884,908       $ 1,015,433
                                           ===========       ===========       ===========       ===========
 Denominator:
   Weighted average common
       shares outstanding                    2,456,872         2,429,727         2,461,809         2,429,727
   Less: Weighted average
       unallocated ESOP shares                 (10,000)           (3,333)          (11,895)           (1,648)
                                             ---------         ---------         ---------         ---------
   Weighted average common shares
       outstanding for basic earnings
       per share                             2,446,872         2,426,394         2,449,914         2,428,079
                                           ===========       ===========       ===========       ===========

   Basic earnings per common share         $      0.18       $      0.17       $      0.36       $      0.42
                                           ===========       ===========       ===========       ===========




                                       8







                                                  Three Months Ended              Six Months Ended
                                                       March 31,                      March 31,
                                                       ---------                      ---------
                                                 2002             2001           2002           2001
                                                 ----             ----           ----           ----
                                                                                  
Diluted Earnings Per Common Share:
  Numerator:
   Net Income                                 $  448,123      $  409,127      $  884,908      $1,015,433
                                              ==========      ==========      ==========      ==========
  Denominator:
   Weighted average common
       shares outstanding for basic
       earnings per common share               2,446,872       2,426,394       2,449,914       2,428,079
   Add: Dilutive effects of assumed
       exercise of stock options, net
       of tax benefits                            38,556          45,672          38,909          38,825
                                              ----------      ----------      ----------      ----------
   Weighted average common and
       dilutive potential common
       shares outstanding                      2,485,428       2,472,066       2,488,823       2,466,904
                                              ==========      ==========      ==========      ==========

       Diluted earnings per common share      $     0.18      $     0.17      $     0.36      $     0.41
                                              ==========      ==========      ==========      ==========



3.   COMMITMENTS

     At March 31, 2002 and  September  30,  2001,  the  Company had  outstanding
     commitments  to originate  and purchase  loans  totaling  $23.0 million and
     $29.7 million,  respectively,  excluding  undisbursed  portions of loans in
     process.  It is expected that  outstanding  loan commitments will be funded
     with existing liquid assets.

4.   INTANGIBLE ASSETS

     On October 1, 2001,  the Company  elected  early  adoption of  Statement of
     Financial  Accounting  Standards No. 141, "Business  Combinations," and No.
     142,  "Goodwill and Other  Intangible  Assets" (SFAS 141 and 142). SFAS 141
     addresses financial accounting and reporting for business  combinations and
     replaces APB Opinion No. 16, "Business  Combinations" (APB 16). SFAS 141 no
     longer  allows  the  pooling  of  interests   method  of   accounting   for
     acquisitions,  provides new recognition  criteria for intangible assets and
     carries forward without  reconsideration  the guidance in APB 16 related to
     the  application of the purchase  method of accounting.  SFAS 142 addresses
     financial   accounting  and  reporting  for  acquired  goodwill  and  other
     intangible  assets and  replaces APB Opinion No. 17,  "Intangible  Assets."
     SFAS 142 addresses how intangible assets should be accounted for upon their
     acquisition and after they have been initially  recognized in the financial
     statements.  The new  standards  provide  specific  guidance  on  measuring
     goodwill for impairment  annually using a two-step process.  The first step
     identifies  potential impairment and the second step measures the amount of
     goodwill impairment loss to be recognized.

     As of October  1, 2001,  the  Company  has  undertaken  to  identify  those
     intangible  assets that remain  separable  under the  provisions of the new
     standard  and those that are to be included in goodwill  and has  concluded
     that all amounts  should be included in goodwill.  In the year of adoption,
     SFAS 142  requires  the first step of the  goodwill  impairment  test to be
     completed  within the first six  months and the final step to be  completed
     within  twelve  months of adoption.  The Company has completed the goodwill
     impairment  test and has  determined  that there has been no  impairment of
     goodwill.


                                       9





     Had the  provisions  of SFAS 141 and 142 been  applied in fiscal year 2001,
     the  Company's  net  income  and net  income  per share  would have been as
     follows:



                                             Three Months Ended                              Six Months Ended
                                                March 31, 2001                                March 31, 2001
                                                --------------                                --------------

                                                    Basic       Diluted                           Basic         Diluted
                                                  earnings     earnings                          earnings     earnings per
                                   Net Income     per share    per share        Net Income       per share       share
                                   ----------     ---------    ---------        ----------       ---------       -----
                                                                                               
Net Income:
  As reported                       $409,127        $ .17        $ .17          $1,015,433        $ .42          $ .41
  Add:  Goodwill
            amortization              92,187          .04          .03             184,374          .07            .08
                                    --------         ----         ----          ----------         ----           ----

 Pro forma net income               $501,314         $.21         $.20          $1,199,807         $.49           $.49
                                    ========         ====         ====          ==========         ====           ====


     As of  September  30, 2001 and March 31, 2002,  the Company had  intangible
     assets of  $3,403,019,  all of which has been  determined  to be  goodwill.
     There was no goodwill  impairment loss or amortization  related to goodwill
     during the three months and six months ended March 31, 2002.


                                       10





Part I. Financial Information

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations





                          FIRST MIDWEST FINANCIAL, INC.
                                AND SUBSIDIARIES

GENERAL

First  Midwest  Financial,  Inc.  ("First  Midwest" or the  "Company") is a bank
holding  company  whose  primary  assets are First  Federal  Savings Bank of the
Midwest ("First Federal") and Security State Bank ("Security").  The Company was
incorporated  in 1993 as a  unitary  non-diversified  savings  and loan  holding
company and, on September  20, 1993,  acquired all of the capital stock of First
Federal in connection with First Federal's  conversion from mutual to stock form
of ownership.  On September 30, 1996, the Company became a bank holding  company
in conjunction with the acquisition of Security.

The following discussion focuses on the consolidated  financial condition of the
Company and its subsidiaries, at March 31, 2002, compared to September 30, 2001,
and the  consolidated  results of operations for the three months and six months
ended  March 31,  2002,  compared to the same  period in 2001.  This  discussion
should  be  read  in  conjunction  with  the  Company's  consolidated  financial
statements, and notes thereto, for the year ended September 30, 2001.

FINANCIAL CONDITION

Total assets increased by $42.7 million, or 8.2%, to $565.9 million at March 31,
2002, from $523.2 million at September 30, 2001.

The  portfolio of securities  available for sale  increased  $38.2  million,  or
26.3%, to $183.6 million at March 31, 2002, from $145.4 million at September 30,
2001. The increase  resulted from the purchase of securities  available for sale
in an amount greater than  maturities and principal  repayments  received during
the period.

The portfolio of net loans  receivable  increased by $2.5  million,  or 0.8%, to
$335.6 million at March 31, 2002, from $333.1 million at September 30, 2001. The
increase was due to increases in commercial and  multi-family  real estate loans
and  commercial  business  loans,  which were  partially  offset by decreases in
single-family residential mortgage loans, consumer loans and agricultural loans.

Deposit balances increased by $20.1 million, or 5.9%, to $358.9 million at March
31, 2002,  from $338.8  million at September  30, 2001.  The increase in deposit
balances  resulted  from  increases in checking  accounts,  money market  demand
accounts,  savings accounts,  and certificates of deposit in the amounts of $3.6
million, $4.5 million, $2.6 million, and $9.4 million, respectively.

The balance in advances  from the  Federal  Home Loan Bank of Des Moines  (FHLB)
decreased by $12.0 million,  or 9.5%, to $114.4 million at March 31, 2002,  from
$126.4  million at September  30,  2001.  The balance in  securities  sold under
agreements  to  repurchase  increased by $36.3 million to $38.3 million at March
31, 2002,  from $2.0 million at September  30, 2001.  The increase in securities
sold under  agreements to repurchase  reflects the use of alternative  borrowing
sources at  comparatively  lower costs to fund balance  sheet growth  during the
quarter.

Total shareholders'  equity decreased $1.5 million, or 3.4%, to $42.2 million at
March 31,  2002,  from $43.7  million at  September  30,  2001.  The decrease in
shareholders'  equity during the period was due to an increase


                                       11





in the unrealized loss on securities  available for sale in accordance with SFAS
115 and, to a lesser extent,  was due to the repurchase of common shares held as
Treasury stock.

NON-PERFORMING ASSETS AND ALLOWANCE FOR LOAN LOSSES

Generally,  when a loan  becomes  delinquent  90  days  or  more,  or  when  the
collection of principal or interest becomes doubtful, the Company will place the
loan on non-accrual  status and, as a result of this action,  previously accrued
interest income on the loan is taken out of current income. The loan will remain
on non-accrual  status until the loan has been brought  current,  or until other
circumstances  occur  that  provide  adequate  assurance  of full  repayment  of
interest and principal.

At March 31, 2002,  the Company had loans  delinquent  30 days and over totaling
$14.9  million,  or 4.4% of total loans  compared to $15.1  million,  or 4.5% of
total loans at September 30, 2001.

At March 31, 2002,  commercial and multi-family  real estate loans delinquent 30
days and over  totaled  $10.4  million,  or 3.1% of the total loan  portfolio as
compared  to $11.3  million,  or 3.4% of  total  loans at  September  30,  2001.
Multi-family  and commercial real estate loans generally  present a higher level
of risk than loans secured by one- to four-family residences.  This greater risk
is due to several factors, including the concentration of principal in a limited
number of loans and  borrowers,  the effect of general  economic  conditions  on
income  producing  properties  and the increased  difficulty  of evaluating  and
monitoring  these  types of loans.  The  majority  of the  Company's  delinquent
commercial   and   multi-family   real  estate  loans  have  been  purchased  as
participations with other lenders, are serviced by other lenders and are secured
by properties  outside the Company's  primary market area. These loans are being
closely  monitored by  management,  however,  there can be no assurance that all
loans will be fully collectible.

At March 31, 2002,  agricultural  operating  loans  delinquent  30 days and over
totaled $2.9 million,  or 0.84% of the total loan  portfolio as compared to $1.6
million,  or 0.48% of total loans at September  30, 2001.  Agricultural  lending
involves a greater degree of risk than one- to four-family  residential mortgage
loans because of the typically  larger loan  amounts.  In addition,  payments on
loans are  dependent  on the  successful  operation  or  management  of the farm
property  securing  the loan or for which an  operating  loan is  utilized.  The
success of the loan may also be affected  by factors  outside the control of the
agricultural  borrower,  such as the  weather  and grain and  livestock  prices.
Although management believes the Company's portfolio of agricultural real estate
and operating loans is well structured and adequately  secured,  there can be no
assurance that all loans will be fully collectible.

The table below sets forth the amounts and categories of  non-performing  assets
in the  Company's  loan  portfolio.  The  Company's  restructured  loans  (which
involved  forgiving a portion of the interest or principal on the loan or making
loans at a rate materially less than market rates) are included in the table and
were  performing as agreed at the date shown.  Foreclosed  assets include assets
acquired in settlement of loans.


                                       12







                                                March 31, 2002    September 30, 2001
                                                --------------    ------------------
                                                     (Dollars in Thousands)
                                                                  
Non-accruing loans:
     One-to four family                              $  100             $  168
     Commercial and multi-family                      4,926                464
     Agricultural real estate                            --                 --
     Consumer                                            12                 33
     Agricultural operating                             464                569
     Commercial business                                539                369
                                                     ------             ------
       Total non-accruing loans                       6,041              1,603

Accruing loans delinquent 90 days or more                --                 --
                                                     ------             ------
       Total non-performing loans                     6,041              1,603
                                                     ------             ------
Restructured loans:
     Consumer                                            10                 10
     Agricultural operating                              --                 14
     Commercial business                                390                 --
                                                     ------             ------
       Total  restructured loans                        400                 24
                                                     ------             ------

Foreclosed assets:
     Commercial real estate                             889                889
     One-to-four family                                 102                 --
     Consumer                                            71                 51
                                                     ------             ------
     Total foreclosed assets                          1,062                940
     Less: Allowance for losses                          --                 --
                                                     ------             ------
       Total foreclosed assets, net                   1,062                940
                                                     ------             ------
Total non-performing assets                          $7,503             $2,567
                                                     ======             ======
Total as a percentage of total assets                  1.33%              0.49%
                                                     ======             ======




The  increase in  non-accruing  loans at March 31, 2002 as compared to September
30, 2001 was  primarily  due to the transfer of a $4.5 million  commercial  real
estate participation loan secured by a hotel to non-accrual status.

Classified Assets.  Federal  regulations provide for the classification of loans
and other assets as "substandard",  "doubtful" or "loss",  based on the level of
weakness  determined  to be  inherent in the  collection  of the  principal  and
interest.  When loans are  classified  as either  substandard  or doubtful,  the
Company may  establish  general  allowances  for loan losses in an amount deemed
prudent by management.  General allowances  represent loss allowances which have
been  established  to  recognize  the  inherent  risk  associated  with  lending
activities,  but which, unlike specific  allowances,  have not been allocated to
particular  problem  loans.  When assets are  classified as loss, the Company is
required either to establish a specific  allowance for loan losses equal to 100%
of that portion of the loan so  classified,  or to charge-off  such amount.  The
Company's  determination as to the classification of its loans and the amount of
its valuation  allowances are subject to review by its  regulatory  authorities,
whom may require  the  establishment  of  additional  general or  specific  loss
allowances.

On the basis of management's  review of its loans and other assets, at March 31,
2002,  the  Company  had  classified  a total of $13.0  million of its assets as
substandard,   $115,000   as   doubtful   and  none  as  loss  as   compared  to
classifications  at  September  30, 2001 of $7.2  million  substandard,  $49,000
doubtful and none as loss.

                                       13





Allowance  for Loan  Losses.  The Company  establishes  its  provision  for loan
losses, and evaluates the adequacy of its allowance for loan losses based upon a
systematic  methodology  consisting  of a number  of  factors  including,  among
others, historic loss experience, the overall level of non-performing loans, the
composition of its loan portfolio and the general  economic  environment  within
which the Bank and its borrowers operate.

Current economic  conditions in the agricultural  sector of the Company's market
area indicate potential  weakness due to low commodity prices.  Price levels for
grain crops have generally been depressed since mid-1998 and currently remain at
historically  low  levels.  Grain  crop  prices  are not  expected  to  increase
significantly in the near term.  Livestock prices have recently weakened and are
being monitored as to their potential  impact to the Company.  The  agricultural
economy is accustomed to commodity price  fluctuations  and is generally able to
handle such  fluctuations  without  significant  problem.  Although  the Company
underwrites  its  agricultural  loans  based on the current  level of  commodity
prices, an extended period of low commodity prices or adverse growing conditions
could result in weakness in the  agricultural  loan portfolio and could create a
need for the Company to increase its allowance for loan losses through increased
charges to the provision for loan losses.

At March 31, 2002,  the Company has  established  an  allowance  for loan losses
totaling $4.2 million. The allowance  represents  approximately 70% of the total
non-performing  loans  at  March  31,  2002  as  compared  to  an  allowance  of
approximately 240% of the total non-performing loans at September 30, 2001.

The  following  table sets forth an  analysis of the  activity in the  Company's
allowance  for loan losses for the  six-month  periods  ended March 31, 2002 and
2001:

                                                 2002                2001
                                                 ----                ----
                                                     (In Thousands)
        Balance, September 30,                 $ 3,869             $ 3,590
            Charge-offs                            (87)               (145)
            Recoveries                              32                  31
            Additions charged to operations        435                 270
                                               -------             -------
        Balance, March 31,                     $ 4,249             $ 3,746
                                               =======             =======

The allowance for loan losses  reflects  management's  best estimate of probable
losses  inherent in the  portfolio  based on  currently  available  information.
Future  additions to the  allowance for loan losses may become  necessary  based
upon changing  economic  conditions,  increased  loan balances or changes in the
underlying collateral of the loan portfolio.

RESULTS OF OPERATIONS

General.  For the three months ended March 31,  2002,  the Company  recorded net
income of $448,000  compared  to net income of  $409,000  for the same period in
2001. For the six months ended March 31, 2002, net income was $885,000  compared
to $1,015,000 for the same period in 2001. Both periods reflect increases in net
interest  income  and  noninterest  income.  In  addition,  noninterest  expense
increased in both periods  primarily due to start-up costs  associated  with the
opening of two new offices.

Net  income  for the three  months  and six  months  ended  March  31,  2002 was
positively  impacted  by the  adoption  of  Statement  of  Financial  Accounting
Standards  No. 141 and 142 (SFAS 141 and 142) related to business  combinations,
goodwill  and  other  intangible  assets.  The  adoption  of SFAS 141 and 142 on
October 1, 2001 eliminated  goodwill  amortization,  which increased earnings by
$92,000, or $.04 per diluted share,


                                       14





and  $184,000,  or $.08 per diluted  share,  for the three months and six months
ended March 31, 2002, respectively, as compared to the same periods in 2001.

Net Interest  Income.  Net interest  income  increased by $129,000,  or 4.0%, to
$3,331,000  for the three  months ended March 31, 2002 from  $3,202,000  for the
same period in 2001.  For the six months  ended  March 31,  2002,  net  interest
income  increased  $63,000,  or 1.0%, to $6,602,000 from $6,539,000 for the same
period in 2001. The increase in net interest income for both periods reflects an
increase in the net  interest  rate spread  between  earning  assets and costing
liabilities.  For the three months ended March 31, 2002,  the net interest  rate
spread  was 2.37%  compared  to 2.25% for the same  period in 2001.  For the six
months ended March 31, 2002,  the net interest rate spread was 2.36% compared to
2.32% for the same period in 2001.

Provision  for Loan  Losses.  For the three  months  ended March 31,  2002,  the
provision for loan losses was $136,000  compared to $120,000 for the same period
in 2001.  For the six months ended March 31, 2002, the provision for loan losses
was  $435,000  compared  to  $270,000  for the same  period in 2001.  Management
believes  that,  based on a detail review of the loan  portfolio,  historic loan
losses,  current economic  conditions,  and other factors,  the current level of
provision  for loan losses,  and the  resulting  level of the allowance for loan
losses, reflects an adequate allowance against currently anticipated losses from
the loan portfolio.

Noninterest  Income.  Noninterest  income  increased  $384,000,  or  293.1%,  to
$515,000 for the three  months  ended March 31, 2002 from  $131,000 for the same
period in 2001.  For the six months  ended March 31,  2002,  noninterest  income
increased  $666,000,  or 158.9%, to $1,085,000 from $419,000 for the same period
in 2001. The increase for both periods  reflects an increase in service  charges
collected  on deposit  accounts,  increased  commissions  received  through  the
Company's brokerage subsidiary, and the accretion of income from bank owned life
insurance  purchased in August 2001. In addition,  noninterest income during the
comparable  2001 periods was reduced due to the  write-down in carrying value of
an investment security as a result of a permanent decline in its market value.

Noninterest  Expense.  Noninterest  expense  increased  $311,000,  or 11.5%,  to
$3,027,000  for the three months ended March 31, 2002,  from  $2,716,000 for the
same  period in 2001.  For the six  months  ended  March 31,  2002,  noninterest
expense increased $771,000, or 14.8%, to $5,963,000 from $5,192,000 for the same
period in 2001. The increase for both periods reflects the costs associated with
opening a new office in Sioux Falls,  South  Dakota,  which moved into its newly
constructed  facilities in April 2001. In addition, the Company opened its third
Des Moines, Iowa, location in November 2001.  Noninterest expense also increased
as a result  of the  Company's  on-going  effort to  maintain  and  enhance  its
technology  systems for the efficient delivery of products and customer service.
This includes internet  banking,  which became available to customers in January
2002.

Income Tax  Expense.  Income tax expense was $235,000 for the three months ended
March 31, 2002  compared to $88,000  for the same period in 2001.  The  increase
reflects  higher taxable income  between the  comparable  periods.  In addition,
income  tax  expense  was  reduced  for the  2001  period  due to the  favorable
resolution  of a tax  contingency  in the net  amount of  $117,000.  For the six
months  ended  March 31,  2001,  income tax  expense  was  $404,000  compared to
$480,000 for the same period in 2001. The decrease  reflects the decrease in the
level of taxable income between the comparable periods.

LIQUIDITY AND CAPITAL RESOURCES

The Company's primary sources of funds are deposits,  borrowings,  principal and
interest  payments on loans,  investments and  mortgage-backed  securities,  and
funds provided by operations. While scheduled payments on loans, mortgage-backed
securities and short-term  investments  are  relatively  predictable  sources of
funds,


                                       15





deposit  flows and early  loan  repayments  are  greatly  influenced  by general
interest rates, economic conditions and competition.

The Company uses its capital resources  principally to meet ongoing  commitments
to fund  maturing  certificates  of deposits and loan  commitments,  to maintain
liquidity,  and to meet operating  expenses.  At March 31, 2002, the Company had
commitments to originate and purchase loans totaling $23.0 million.  The Company
believes that loan repayment and other sources of funds will be adequate to meet
its foreseeable short- and long-term liquidity needs.

During July 2001,  the  Company's  trust  subsidiary,  First  Midwest  Financial
Capital  Trust  I,  sold $10  million  in  floating  rate  cumulative  preferred
securities. Proceeds from the sale were used to purchase subordinated debentures
of First Midwest,  which mature in the year 2031, and are redeemable at any time
after five years. The Company used the proceeds for general corporate purposes.

Regulations  require First Federal and Security to maintain  minimum amounts and
ratios of total risk-based  capital and Tier 1 capital to risk-weighted  assets,
and a  leverage  ratio  consisting  of Tier 1 capital  to  average  assets.  The
following  table sets forth First  Federal's and  Security's  actual capital and
required  capital  amounts  and ratios at March 31,  2002  which,  at that date,
exceeded the capital adequacy requirements:



                                                                                                          Minimum Requirement
                                                                                                              To Be Well
                                                                              Minimum Requirement          Capitalized Under
                                                                             For Capital Adequacy          Prompt Corrective
                                                              Actual               Purposes                Action Provisions
                                                             ------                --------                ------------------
At March 31, 2002                                      Amount      Ratio     Amount         Ratio          Amount       Ratio
-----------------                                      ------      -----     ------         -----          ------       -----
                                                                                                      
(Dollars in Thousands)
Total Capital (to risk weighted assets):
        First Federal                                 $45,847       13.0%   $28,280           8.0%        $35,350       10.0%
        Security                                        4,486       14.8      2,431           8.0           3,038       10.0
Tier 1 (Core) Capital (to risk weighted assets):
        First Federal                                  41,887       11.8     14,140           4.0          21,210        6.0
        Security                                        4,184       13.8      1,215           4.0           1,823        6.0
Tier 1 (Core) Capital (to adjusted total assets):
        First Federal                                  41,887        8.2     20,340           4.0          25,425        5.0
        Security                                        4,184        8.3      2,024           4.0           2,530        5.0
Tier 1 (Core) Capital (to average assets):
        First Federal                                  41,887        8.5     19,669           4.0          24,586        5.0




The Federal  Deposit  Insurance  Corporation  Improvement  Act of 1991  (FDICIA)
established  five  regulatory  capital  categories  and  authorized  the banking
regulators to take prompt  corrective  action with respect to institutions in an
undercapitalized  category.  At March  31,  2002,  First  Federal  and  Security
exceeded minimum requirements for the well-capitalized category.

Forward-Looking Statements

The Company, and its wholly-owned subsidiaries,  First Federal and Security, may
from time to time make written or oral "forward-looking  statements,"  including
statements contained in its filings with the Securities and Exchange Commission,
in its reports to  shareholders,  and in other  communications  by the  Company,
which  are


                                       16





made in good faith by the Company  pursuant to the "safe  harbor"  provisions of
the Private Securities Litigation Reform Act of 1995.

These  forward-looking   statements  include  statements  with  respect  to  the
Company's beliefs, expectations,  estimates, and intentions, that are subject to
significant risks and uncertainties,  and are subject to change based on various
factors, some of which are beyond the Company's control. Such statements address
the following subjects: future operating results; customer growth and retention;
loan and other product demand;  earnings growth and  expectations;  new products
and  services;  credit  quality and  adequacy of reserves;  technology;  and our
employees.  The  following  factors,  among  others,  could cause the  Company's
financial performance to differ materially from the expectations, estimates, and
intentions  expressed in such  forward-looking  statements:  the strength of the
United  States  economy in general and the  strength of the local  economies  in
which the Company  conducts  operations;  the effects of, and changes in, trade,
monetary,  and fiscal policies and laws, including interest rate policies of the
Federal  Reserve  Board;   inflation,   interest  rate,   market,  and  monetary
fluctuations;  the timely  development  of and  acceptance  of new  products and
services of the Company and the perceived  overall  value of these  products and
services  by users;  the  impact of  changes  in  financial  services'  laws and
regulations;  technological changes; acquisitions;  changes in consumer spending
and saving habits; and the success of the Company at managing the risks involved
in the foregoing.

The foregoing list of factors is not exclusive. Additional discussion of factors
affecting  the  Company's  business and  prospects is contained in the Company's
periodic  filings with the SEC. The Company does not  undertake,  and  expressly
disclaims any intent or  obligation,  to update any  forward-looking  statement,
whether  written or oral,  that may be made from time to time by or on behalf of
the Company.


                                       17





Part I. Financial Information
Item 3. Quantitative and Qualitative Disclosure About Market Risk


Market Risk

The Company is exposed to the impact of interest rate changes and changes in the
market value of its investments.

The Company currently focuses lending efforts toward  originating and purchasing
competitively priced  adjustable-rate loan products and fixed-rate loan products
with relatively  short terms to maturity.  This allows the Company to maintain a
portfolio  of loans that will be  sensitive  to changes in the level of interest
rates while  providing a reasonable  spread to the cost of  liabilities  used to
fund the loans.

The Company's primary  objective for its investment  portfolio is to provide the
liquidity  necessary to meet loan funding  needs.  This portfolio is used in the
ongoing  management  of  changes to the  Company's  asset/liability  mix,  while
contributing  to  profitability  through  earnings flow.  The investment  policy
generally  calls for funds to be invested  among various  categories of security
types and  maturities  based upon the Company's  need for  liquidity,  desire to
achieve a proper balance between  minimizing risk while  maximizing  yield,  the
need  to  provide  collateral  for  borrowings,  and to  fulfill  the  Company's
asset/liability management goals.

The  Company's  cost of funds  responds to changes in interest  rates due to the
relatively short-term nature of its deposit portfolio. Consequently, the results
of  operations  are generally  influenced  by the level of  short-term  interest
rates.  The Company  offers a range of  maturities  on its  deposit  products at
competitive rates and monitors the maturities on an ongoing basis.

The Company  emphasizes and promotes its savings,  money market,  demand and NOW
accounts  and,  subject  to market  conditions,  certificates  of  deposit  with
maturities of six months through five years, principally from its primary market
area. The savings and NOW accounts tend to be less  susceptible to rapid changes
in interest rates.

In managing its  asset/liability  mix, the Company,  at times,  depending on the
relationship  between long- and short-term interest rates, market conditions and
consumer  preference,  may place somewhat greater emphasis on maximizing its net
interest margin than on strictly  matching the interest rate  sensitivity of its
assets and liabilities.  Management believes that the increased net income which
may result from an  acceptable  mismatch in the actual  maturity or repricing of
its asset and liability  portfolios  can,  during periods of declining or stable
interest rates,  provide sufficient returns to justify the increased exposure to
sudden and  unexpected  increases in interest rates which may result from such a
mismatch.  The Company  has  established  limits,  which may change from time to
time, on the level of acceptable  interest rate risk. There can be no assurance,
however,  that in the event of an adverse change in interest rates the Company's
efforts to limit interest rate risk will be successful.


Net Portfolio Value The Company uses a Net Portfolio  Value ("NPV")  approach to
the  quantification  of  interest  rate  risk.  This  approach   calculates  the
difference  between the present value of expected cash flows from assets and the
present  value of expected  cash flows from  liabilities,  as well as cash flows
from  off-balance-sheet  contracts.  Management  of  the  Company's  assets  and
liabilities is performed within the context of the marketplace,  but also within
limits established by the Board of Directors on the amount of change in NPV that
is acceptable given certain interest rate changes.


                                       18





Presented  below, as of March 31, 2002 and September 30, 2001, is an analysis of
the  Company's  interest  rate  risk  as  measured  by  changes  in  NPV  for an
instantaneous  and  sustained  parallel  shift in the yield curve,  in 100 basis
point increments, up and down 200 basis points. As illustrated in the table, the
Company's  NPV at March 31, 2002 is somewhat more  sensitive to increasing  rate
changes than declining rates. This occurs primarily because,  as rates rise, the
market value of the Company's  fixed-rate loans and  mortgage-backed  securities
declines  due both to the  interest  rate  increase  and the related  slowing of
prepayments.  When rates decline,  the Company does not experience a significant
rise in market  value for these  loans and  mortgage-backed  securities  because
borrowers prepay at relatively higher rates. The value of the Company's deposits
and borrowings change in approximately the same proportion in rising and falling
interest  rate  scenarios.  At September  30, 2001,  the  Company's NPV was more
sensitive to declining interest rates than to increasing interest rates.



                                                          At March 31, 2002           At September 30, 2001
     Change in Interest Rates     Board Limit          ---------------------          ---------------------
     (Basis Points)                % Change            $ Change     % Change          $ Change     % Change
     --------------                --------            --------     --------          --------     --------
                                                                      (Dollars in Thousands)
                                                                                        
           +200 bp                    (40)%            $ (7,754)       (17)%          $ (2,472)        (6)%
           +100 bp                    (25)               (3,363)        (7)               (698)        (2)
              0 bp                     --                   --          --                  --         --
           -100 bp                    (10)                  258          1              (4,336)       (11)
           -200 bp                    (15)               (2,501)        (6)            (11,377)       (29)



Certain  shortcomings  are  inherent in the method of analysis  presented in the
foregoing table.  For example,  although certain assets and liabilities may have
similar maturities or periods to repricing,  they may react in different degrees
to changes in market interest  rates.  Also, the interest rates on certain types
of assets and liabilities may fluctuate in advance of changes in market interest
rates,  while  interest  rates on other  types may lag behind  changes in market
rates. Additionally, certain assets such as adjustable-rate mortgage loans, have
features which restrict changes in interest rates on a short-term basis and over
the life of the  asset.  Further,  in the event of a change in  interest  rates,
prepayments and early withdrawal  levels would likely deviate from those assumed
in  calculating  the tables.  Finally,  the ability of some borrowers to service
their debt may decrease in the event of an interest rate  increase.  The Company
considers all of these factors in monitoring its exposure to interest rate risk.


                                       19





                          FIRST MIDWEST FINANCIAL, INC.

                           PART II - OTHER INFORMATION

                                    FORM 10-Q

Item 4.   Submission of Matters to a Vote of Security Holders

          The Company  held its Annual  Meeting of  Shareholders  on January 28,
          2002. At the meeting, shareholders of the Company considered and voted
          upon the following matter:

          1. The  election  of the  following  individuals  as  directors  for a
             three-year term:

                              E. Thurman Gaskill
                              Rodney G. Muilenburg

          The results of the election of directors are as follows:

                                                              Votes
                                                              -----
                                                   In Favor           Withheld
                                                   --------           --------
                E. Thurman Gaskill                 2,132,148          129,059
                Rodney G. Muilenburg               2,132,448          128,759

          There were no broker non-votes or abstentions on this proposal.

          The following directors' terms of office continued after the meeting:

                              James S. Haahr
                              G. Mark Mickelson
                              Jeanne Partlow
                              E. Wayne Cooley
                              J. Tyler Haahr

Item 6.   Exhibits and Reports on Form 8-K

          (a)  Exhibits:                                           None

          (b)  Reports on Form 8-K:                                None



All other items have been  omitted as not required or not  applicable  under the
instructions.


                                       20





                          FIRST MIDWEST FINANCIAL, INC.

                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                               FIRST MIDWEST FINANCIAL, INC.



Date:    May 14, 2002          By:    /s/ James S. Haahr
                                      ------------------------------------------
                                      James S. Haahr, Chairman of the Board,
                                        President and Chief Executive Officer



Date:    May 14, 2002          By:    /s/ Donald J. Winchell
                                      ------------------------------------------
                                      Donald J. Winchell, Senior Vice President,
                                        Treasurer and Chief Financial Officer


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