UNITED STATES
                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

       Date of report (Date of earliest event reported): January 21, 2004


                          First Midwest Financial, Inc.
             (Exact name of registrant as specified in its charter)


         Delaware                         0-22140                42-1406262
(State or other jurisdiction of       (Commission File)        (IRS Employer
incorporation or organization)             Number            Identification No.)

                       Fifth at Erie, Storm Lake, IA 50588
               (Address of principal executive offices)(Zip Code)

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




                                TABLE OF CONTENTS

Item 7. Financial Statements and Exhibits.

Item 12. Results of Operations and Financial Condition.


Exhibit Index

Exhibit 99.1


Item 7. Financial Statements and Exhibits.

     (c)  Exhibits.

               The following Exhibit is being furnished herewith:

               99.1 Registrant's Press Release dated January 20, 2004.

Item 12. Results of Operations and Financial Condition.

     On January 20, 2004, the Registrant announced the results of operations and
financial position as of, and for the first quarter ended December 31, 2003. The
press release is attached hereto as Exhibit 99.1 and is incorporated herein by




     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 hereunto duly authorized.

                                          FIRST MIDWEST FINANCIAL, INC.

                                    By:   /s/ Ronald J. Walters
                                          Ronald J. Walters
                                          Senior Vice President, Secretary,
                                          Treasurer and Chief Financial Officer

Dated:  January 21, 2004


                                  Exhibit Index

Number                     Description of Exhibit
------                     ----------------------

99.1              Registrant's Press Release dated January 20, 2004

                                                                    Exhibit 99.1

                   [First Midwest Financial, Inc. Letterhead]

                                                     FOR IMMEDIATE RELEASE
                                                     Contact: Investor Relations
                                                     Telephone: 712.732.4117


(Storm Lake, Iowa - January 20, 2004) First Midwest reports net income of
$977,000, or $.39 per diluted share, for the first quarter ending December 31,
2003. This compares to earnings during the previous quarter of $745,000 or $.30
per diluted share. First quarter earnings in the 2003 fiscal year were $844,000,
or $.34 per diluted share.

Net interest income for the first quarter rose $543,000, or 13.8 percent,
compared to the same period last year. This was due, in part, to the Company's
first quarter transactional deposit balance (checking, money market, and savings
accounts) growth of more than 14 percent, total deposit growth of more than 5
percent, and loan growth exceeding 5 percent. Wider interest rate spreads also
contributed significantly to the increase in net interest income.

First Midwest announced the construction of a second Sioux Falls bank location
to be opened for business in Summer 2004. Start up costs associated with this
expansion, the recently constructed Des Moines bank main office, and the
development and centralization
 of mortgage loan operations contributed to an
increase in noninterest expense for the 2004 first quarter. These costs and
lower mortgage loan fees were more than offset by the wider interest margins and

First Midwest is also pleased to report that it had no charge-offs reported
during the 2004 first quarter. At December 31, 2003 the ratio of non-performing
assets to total assets was 0.90 percent. The increase from September 30 relates
to one $5 million loan which became non-performing during the quarter.


Shareholders of record on December 15, 2003, received a quarterly cash dividend
of 13 cents per share. This dividend was paid on January 2, 2004. The Company
has paid regular quarterly cash dividends since the first dividend paid on
January 5, 1995.

At December 31, 2003, assets of First Midwest totaled $782.7 million.
Shareholders' equity totaled $45.8 million, or $18.27 per common share
outstanding. First Midwest is the holding company for First Federal Savings Bank
of the Midwest and Security State Bank. All three companies had capital ratios
well in excess of regulatory requirements at December 31, 2003.

During this quarter, First Midwest shares traded between $21.50 and $23.75. The
stock of First Midwest Financial, Inc. trades on the Nasdaq National Market
under the symbol "CASH".

Corporate Profile: First Midwest Financial, Inc. is the holding company for
First Federal Savings Bank of the Midwest, headquartered in Storm Lake, Iowa,
and for Security State Bank, headquartered in Stuart, Iowa. First Federal
Savings Bank operates as a thrift with four divisions: First Federal Storm Lake,
Brookings Federal Bank, Iowa Savings Bank, and First Federal Sioux Falls.
Security State Bank operates as a state-chartered commercial bank. Fifteen
offices support customers throughout northwest and central Iowa, and in
Brookings and Sioux Falls, South Dakota.



                              Financial Highlights

            Consolidated Statements of Financial Condition
(In Thousands)
Assets                                                                     Dec. 31, 2003     Sept. 30, 2003
<S>                                                                     <C>                  <C>
          Cash and Cash Equivalents                                     $      14,371        $       9,757
          Investments & Mortgage-backed Securities                            356,545              366,075
          Loans, net                                                          366,938              349,692
          Other Assets                                                         44,818               46,761
                                                                        --------------       --------------
                  Total Assets                                          $     782,672        $     772,285
                                                                        ==============       ==============

         Deposits                                                       $     459,111        $     435,553
         Borrowed Money                                                       275,252              291,486
         Other Liabilities                                                      2,475                2,215
                                                                        --------------       --------------
                  Total Liabilities                                     $     736,838        $     729,254
                                                                        --------------       --------------
Shareholders' Equity                                                    $      45,834        $      43,031
                                                                        --------------       --------------
                   Total Liabilities and Shareholders' Equity           $     782,672        $     772,285
                                                                        ==============       ==============

                   Consolidated Statements of Income
                                                                                  For the 3 Months
                                                                                    Ended Dec.31:
                 (In Thousands except per share data) 2003 2002
<S>                                                                     <C>                  <C>
Interest Income                                                         $       9,054        $       8,952
Interest Expense                                                                4,586                5,027
                                                                        --------------       --------------
Net Interest Income                                                             4,468                3,925
       Provision for Loan Losses                                                  101                  175
                                                                        --------------       --------------
Net Interest Income After Provision for Loan Losses                             4,367                3,750
Other Income                                                                      675                1,013
Other Expenses                                                                  3,560                3,515
                                                                        --------------       --------------
Income Before Income Tax                                                        1,482                1,248
       Income Tax Expense                                                         505                  404
                                                                        --------------       --------------
Net Income                                                              $         977        $         844
                                                                        ==============       ==============

Earnings Per Common Share (Basic):                                              $0.39                $0.34
                                                                        ==============       ==============
Earnings Per Common Share (Diluted):                                            $0.39                $0.34
                                                                        ==============       ==============

                    Selected Financial Information

For the 3 Months Ended December 31,                                            2003                 2002
<S>                                                                             <C>                  <C>
             Return on Average Assets                                           0.50%                0.53%
             Return on Average Equity                                           8.88%                7.53%
             Average Shares Outstanding for Diluted Earnings per Share      2,534,360            2,491,606

At Period Ended:                                                               Dec. 31, 2003   Sept. 30, 2003
            Equity to Total Assets                                              5.86%                5.57%
            Book Value per Common Share Outstanding                            $18.27               $17.25
            Tangible Book Value per Common Share Outstanding                   $16.92               $15.89
            Common Shares Outstanding                                       2,508,067            2,493,949
            Non-Performing Assets to Total Assets                               0.90%                0.28%


First Midwest Financial, Inc. \ First Federal Building \ Fifth at Erie \ P.O.
Box 1307 \ Storm Lake, Iowa 50588