**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION**

**Washington,        D.C. 20549**

**FORM        10-Q**

| For                the                quarterly period ended or |  September                  30, 2006 |
|-----------------------------------------------------------------|-------------------------------------------|

| Commission                  File Number: | 0-27672 |
|------------------------------------------|---------|

| NORTH                  CENTRAL BANCSHARES,                  INC. |
|------------------------------------------------------------------|

| Iowa                                                                     | 42-1449849                                                  |
|-------------------------------------------------------------------------------|-------------------------------------------------------------|
| (State or other jurisdiction of incorporation                or organization) |  (I.R.S.                  Employer Identification No.) |

| 825                    Central Avenue, Fort Dodge, Iowa   | 50501                                     |
|-----------------------------------------------------------|-------------------------------------------|
| (Address of principal executive                  offices) |   (Zip                    Code) |

|   | 515-576-7531                                                              |   |
|--------|---------------------------------------------------------------------------|--------|
|   | (Registrant's                      telephone number, including area code) |   |

| Large accelerated filer  ̈ | Accelerated                  filer  ̈ | Non-accelerated                  filer þ |
|--------------------------------|-------------------------------------------|-----------------------------------------------|

| Class                        | Outstanding                      at October 31,                      2006 |
|------------------------------|---------------------------------------------------------------------------|
| Common Stock, $.01 par value |   1,416,353                                                     |

----

| Item                1. Consolidated Condensed                   |
|-----------------------------------------------------------------|
| Financial                Statements (Unaudited)                 |
|                                                            |
| Consolidated                Condensed Statements of             |
| Financial                Condition at September 30, 2006        |
| and                December 31, 2005                            |
|                                                            |
| Consolidated                Condensed Statements of             |
| Income                for the Three and Nine Months Ended       |
| September                30, 2006 and 2005                      |
|                                                            |
| Consolidated                Condensed Statements of             |
| Cash                Flows for the Nine Months Ended             |
| September                30, 2006 and 2005                      |
|                                                            |
| Notes                to Consolidated Condensed Financial        |
| Statements                                                      |
|                                                            |
| Item                2. Management's Discussion and Analysis     |
| of                Financial Condition and Results of Operations |
|                                                            |
| Item                3. Quantitative and Qualitative Disclosures |
| About                Market Risk                                |
|                                                            |
| Item 4. Controls              and              Procedures  |

|                                                                                              |
|---------------------------------------------------------------------------------------------------|
| Item                1. Legal Proceedings                                                          |
|                                                                                              |
| Item                1A. Risk Factors                                                              |
|                                                                                              |
| Item                2. Unregistered Sales of Equity Securities and Use of                Proceeds |
|                                                                                              |
| Item                3. Defaults Upon Senior Securities                                            |
|                                                                                              |
| Item                4. Submission of Matters to a Vote of Security Holders                        |
|                                                                                              |
| Item                5. Other Information                                                          |
|                                                                                              |
| Item                6. Exhibits                                                                   |
|                                                                                              |
| Signatures                                                                                        |
|                                                                                              |
| Exhibits                                                                                          |

----

**PART      I. FINANCIAL INFORMATION**

**ITEM      1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited)**

**NORTH      CENTRAL BANCSHARES, INC. AND SUBSIDIARIES**

**CONSOLIDATED      CONDENSED STATEMENTS OF FINANCIAL CONDITION**

|                                                 |   | **September                30,**                 |        | **December                31,** |   |
|------------------------------------------------------|--------|--------------------------------------------------|-------------|---------------------------------|--------|
| **ASSETS**                                           |   | **                  2006**   |        | **2005**                   |   |
|  Cash              and due from banks:          |   |                                             |        |                            |   |
| Interest-bearing                                     |   | $                                                | 568,759     |                            | $      | 552,456 |   |
| Noninterest-bearing                                  |   |                                             | 7,222,420   |                            |   | 8,087,216 |   |
| Securities                available-for-sale         |   |                                             | 15,433,136  |                            |   | 15,457,942 |   |
| Federal                Home Loan Bank stock, at cost |   |                                             | 5,755,700   |                            |   | 5,250,100 |   |
| Loans                receivable, net                 |   |                                             | 458,038,893 |                            |   | 430,278,191 |   |
| Loans                held for sale                   |   |                                             | 726,399     |                            |   | 737,838 |   |
| Accrued                interest receivable           |   |                                             | 2,217,528   |                            |   | 2,146,102 |   |
| Foreclosed                real estate                |   |                                             | 1,534,599   |                            |   | 1,142,901 |   |
| Premises                and equipment, net           |   |                                             | 12,745,079  |                            |   | 10,962,248 |   |
| Rental                real estate                    |   |                                             | 2,614,300   |                            |   | 2,684,484 |   |
| Title                plant                           |   |                                             | 671,704     |                            |   | 925,256 |   |
| Goodwill                                             |   |                                             | 4,946,960   |                            |   | 4,970,800 |   |
| Deferred                taxes                        |   |                                             | 997,311     |                            |   | 953,676 |   |
| Prepaid                expenses and other assets     |   |                                             | 1,034,051   |                            |   | 1,041,915 |   |
| **Total                assets**                      |   | $                                                | 514,506,839 |                            | $      | 485,191,125 |   |

**LIABILITIES      AND STOCKHOLDERS' EQUITY**

| **LIABILITIES**                                                |   |   |        |   |   |
|----------------------------------------------------------------|--------|--------|-------------|--------|--------|
| Deposits                                                       |   | $      | 358,248,549 |   | $      | 334,337,583 |   |
| Borrowed                funds                                  |   |   | 109,514,584 |   |   | 102,443,743 |   |
| Advances                from borrowers for taxes and insurance |   |   | 1,072,724   |   |   | 1,897,511 |   |
| Dividends                payable                               |   |   | 468,057     |   |   | 438,684 |   |
| Accrued                expenses and other liabilities          |   |   | 2,195,761   |   |   | 1,795,104 |   |
|  **Total                liabilities**                     |   |   | 471,499,675 |   |   | 440,912,625 |   |

|                                                                                                                                                                                                            |   |   |        |   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|
|                                                                                                                                                                                                            |   |   |        |   |   |
| COMMITMENTS                AND CONTINGENCIES                                                                                                                                                                    |   |   |        |   |   |
|                                                                                                                                                                                                            |   |   |        |   |   |
| **STOCKHOLDERS'                EQUITY**                                                                                                                                                                         |   |   |        |   |   |
| Preferred                stock ($.01 par value, authorized 3,000,000                shares; none issued and outstanding)                                                                                        |   |   | -           |   |   | - |   |
| Common                stock ($.01 par value, authorized 15,500,000                 shares; issued and outstanding at September 30, 2006, 1,416,353;                at December 31, 2005, 1,507,703 shares) |   |   | 14,163      |   |   | 15,077 |   |
| Additional                paid-in capital                                                                                                                                                                       |   |   | 17,671,208  |   |   | 18,447,059 |   |
| Retained                earnings, substantially restricted                                                                                                                                                      |   |   | 25,088,336  |   |   | 25,847,345 |   |
| Accumulated                other comprehensive gain (loss)                                                                                                                                                      |   |   | 233,457     |   |   | (15,284 | ) |
| Unearned                shares, employee stock ownership plan                                                                                                                                                   |   |   | -           |   |   | (15,697 | ) |
| **Total                stockholders' equity**                                                                                                                                                                   |   |   | 43,007,164  |   |   | 44,278,500 |   |
| **Total                liabilities and stockholders' equity**                                                                                                                                                   |   | $      | 514,506,839 |   | $      | 485,191,125 |   |

----

**NORTH      CENTRAL BANCSHARES, INC. AND SUBSIDIARIES**

**CONSOLIDATED      CONDENSED STATEMENTS OF INCOME**

|                                                                                  |   |  **Three                  Months Ended****September                  30,** |      |  **Nine                  Months Ended****September                  30,** |   |
|---------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------|--------|
|                                                                                  |   | **2006**                                                                   |      |   **2005**                                                      |   | **2006**  |   | **2005**  |   |
| Interest                  income:                                                     |   |                                                                            |      |                                                                           |   |   |   |   |   |   |   |   |   |
| Loans                  receivable                                                     |   | $                                                                               | 6,942,650 |                                                                           | $      | 6,407,153 |   | $ | 20,167,724 |   | $ | 18,805,658 |   |
| Securities                  and cash deposits                                         |   |                                                                            | 251,008   |                                                                           |   | 216,891 |   |   | 751,942 |   |   | 714,652 |   |
|                                                                                  |   |                                                                            | 7,193,658 |                                                                           |   | 6,624,044 |   |   | 20,919,666 |   |   | 19,520,310 |   |
| Interest                  expense:                                                    |   |                                                                            |      |                                                                           |   |   |   |   |   |   |   |   |   |
| Deposits                                                                              |   |                                                                            | 2,678,721 |                                                                           |   | 2,036,841 |   |   | 7,266,614 |   |   | 5,766,677 |   |
| Borrowed                  funds                                                       |   |                                                                            | 1,297,092 |                                                                           |   | 1,224,001 |   |   | 3,823,614 |   |   | 3,472,603 |   |
|                                                                                  |   |                                                                            | 3,975,813 |                                                                           |   | 3,260,842 |   |   | 11,090,228 |   |   | 9,239,280 |   |
| Net                  interest income                                                  |   |                                                                            | 3,217,845 |                                                                           |   | 3,363,202 |   |   | 9,829,438 |   |   | 10,281,030 |   |
| Provision                  for loan losses                                            |   |                                                                            | 60,000    |                                                                           |   | 60,000 |   |   | 180,000 |   |   | 180,000 |   |
| Net                  interest income after provision for loan                  losses |   |                                                                            | 3,157,845 |                                                                           |   | 3,303,202 |   |   | 9,649,438 |   |   | 10,101,030 |   |
|  Noninterest                  income:                                            |   |                                                                            |      |                                                                           |   |   |   |   |   |   |   |   |   |
| Fees                  and service charges                                             |   |                                                                            | 996,376   |                                                                           |   | 1,629,250 |   |   | 3,297,477 |   |   | 3,450,228 |   |
| Abstract                  fees                                                        |   |                                                                            | 282,816   |                                                                           |   | 374,666 |   |   | 966,349 |   |   | 992,142 |   |
| Provision                  for impairment on available-for-sale securities            |   |                                                                            | -         |                                                                           |   | - |   |   | - |   |   | (679,500 | ) |
| Mortgage                  banking income                                              |   |                                                                            | 67,818    |                                                                           |   | 93,702 |   |   | 165,129 |   |   | 210,113 |   |
| Other                  income                                                         |   |                                                                            | 277,440   |                                                                           |   | 320,400 |   |   | 893,184 |   |   | 928,199 |   |
| Total                  noninterest income                                             |   |                                                                            | 1,624,450 |                                                                           |   | 2,418,018 |   |   | 5,322,139 |   |   | 4,901,182 |   |
|                                                                                  |   |                                                                            |      |                                                                           |   |   |   |   |   |   |   |   |   |
| Noninterest                  expense:                                                 |   |                                                                            |      |                                                                           |   |   |   |   |   |   |   |   |   |
| Compensation                  and employee benefits                                   |   |                                                                            | 1,725,358 |                                                                           |   | 1,711,284 |   |   | 5,364,825 |   |   | 4,896,488 |   |
| Premises                  and equipment                                               |   |                                                                            | 378,185   |                                                                           |   | 365,679 |   |   | 1,126,650 |   |   | 1,070,027 |   |
| Data                  processing                                                      |   |                                                                            | 177,527   |                                                                           |   | 163,194 |   |   | 503,219 |   |   | 450,867 |   |
| Other                  expenses                                                       |   |                                                                            | 948,737   |                                                                           |   | 895,316 |   |   | 2,829,768 |   |   | 2,666,391 |   |
| Total                  noninterest expense                                            |   |                                                                            | 3,229,807 |                                                                           |   | 3,135,473 |   |   | 9,824,462 |   |   | 9,083,773 |   |
|                                                                                  |   |                                                                            |      |                                                                           |   |   |   |   |   |   |   |   |   |
| Income                  before income taxes                                           |   |                                                                            | 1,552,488 |                                                                           |   | 2,585,747 |   |   | 5,147,115 |   |   | 5,918,439 |   |
|                                                                                  |   |                                                                            |      |                                                                           |   |   |   |   |   |   |   |   |   |
| Provision                  for income taxes                                           |   |                                                                            | 446,400   |                                                                           |   | 839,100 |   |   | 1,543,400 |   |   | 2,063,550 |   |
|                                                                                  |   |                                                                            |      |                                                                           |   |   |   |   |   |   |   |   |   |
| Net                  income                                                           |   | $                                                                               | 1,106,088 |                                                                           | $      | 1,746,647 |   | $ | 3,603,715 |   | $ | 3,854,889 |   |
|                                                                                  |   |                                                                            |      |                                                                           |   |   |   |   |   |   |   |   |   |
| Basic                  earnings per common share                                      |   | $                                                                               | 0.78      |                                                                           | $      | 1.14 |   | $ | 2.50 |   | $ | 2.52 |   |
|                                                                                  |   |                                                                            |      |                                                                           |   |   |   |   |   |   |   |   |   |
| Diluted                  earnings per common share                                    |   | $                                                                               | 0.77      |                                                                           | $      | 1.11 |   | $ | 2.47 |   | $ | 2.45 |   |
|                                                                                  |   |                                                                            |      |                                                                           |   |   |   |   |   |   |   |   |   |
| Dividends                  declared per common share                                  |   | $                                                                               | 0.33      |                                                                           | $      | 0.29 |   | $ | 0.99 |   | $ | 0.87 |   |
|                                                                                  |   |                                                                            |      |                                                                           |   |   |   |   |   |   |   |   |   |
| Comprehensive                  income                                                 |   | $                                                                               | 1,415,765 |                                                                           | $      | 1,568,068 |   | $ | 3,852,456 |   | $ | 4,331,066 |   |

----

**NORTH      CENTRAL BANCSHARES, INC. AND SUBSIDIARIES**

**CONSOLIDATED      CONDENSED STATEMENTS OF CASH FLOWS**

|                                                                                                            |   | **Nine                Months Ended****September                30,** |        |
|-----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|-------------|
|                                                                                                            |   | ** ** **2006**                                        |        | ** ** **2005**  |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                                                         |   |                                                                 |        |   |   |
| Net                income                                                                                       |   | $                                                                    | 3,603,715   |   | $ | 3,854,889 |   |
| Adjustments                to reconcile net income to net cash provided by operating                activities: |   |                                                                 |        |   |   |   |   |
| Provision                for loan losses                                                                        |   |                                                                 | 180,000     |   |   | 180,000 |   |
| Depreciation                                                                                                    |   |                                                                 | 567,114     |   |   | 608,168 |   |
| Amortization                and accretion                                                                       |   |                                                                 | 365,131     |   |   | 299,099 |   |
| Stock                compensation                                                                               |   |                                                                 | 100,444     |   |   | - |   |
| Deferred                taxes                                                                                   |   |                                                                 | (191,658    | ) |   | (86,674 | ) |
| Effect                of contribution to employee stock ownership plan                                          |   |                                                                 | 59,958      |   |   | 194,760 |   |
| (Gain)                on sale of foreclosed real estate and loans, net                                          |   |                                                                 | (191,688    | ) |   | (257,083 | ) |
| Provision                for impairment of available-for-sale securities & REO                    |   |                                                                 | 82,035      |   |   | 679,500 |   |
| Loss                on disposal of equipment and other assets, net                                              |   |                                                                 | 50,836      |   |   | 26,796 |   |
| Proceeds                from sales of loans held for sale                                                       |   |                                                                 | 13,024,808  |   |   | 14,788,927 |   |
| Originations                of loans held for sale                                                              |   |                                                                 | (12,848,240 | ) |   | (14,446,775 | ) |
| Change                in assets and liabilities:                                                                |   |                                                                 |        |   |   |   |   |
|   Accrued                interest receivable                                                          |   |                                                                 | (71,426     | ) |   | (114,869 | ) |
|   Prepaid                expenses and other assets                                                    |   |                                                                 | 7,864       |   |   | (112,349 | ) |
| Accrued                expenses and other liabilities                                                           |   |                                                                 | 400,657     |   |   | 295,271 |   |
|   Net                cash provided by operating activities                                            |   |                                                                 | 5,139,550   |   |   | 5,909,660 |   |

|                                                                     |   |   |        |   |   |
|--------------------------------------------------------------------------|--------|--------|-------------|--------|--------|
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                  |   |   |        |   |   |
| Net                (increase) decrease in loans                          |   |   | 6,192,644   |   |   | (1,122,061 | ) |
| Purchase                of loans                                         |   |   | (35,382,799 | )      |   | (21,861,220 | ) |
| Proceeds                from sales of securities available-for-sale      |   |   | 860,900     |   |   | 782,000 |   |
| Purchase                of securities available-for-sale                 |   |   | (2,861,166  | )      |   | (1,810,400 | ) |
| Proceeds                from maturities of securities available-for-sale |   |   | 1,895,217   |   |   | 2,427,458 |   |
| Purchase                of premises and equipment and rental real estate |   |   | (2,303,203  | )      |   | (1,515,444 | ) |
| Proceeds                from sale of premises and equipment              |   |   | 7,954       |   |   | 9,082 |   |
| Other                                                                    |   |   | 700,212     |   |   | 645,042 |   |
|   Net                cash (used in) investing activities       |   |   | (30,890,241 | )      |   | (22,445,543 | ) |

|                                                                                                     |   |   |        |   |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|
| **CASH                FLOWS FROM FINANCING ACTIVITIES**                                                  |   |   |        |   |   |
| Net                increase in deposits                                                                  |   |   | 23,910,966  |   |   | 14,994,491 |   |
| Net                increase (decrease) in advances from borrowers for taxes and                insurance |   |   | (824,787    | )      |   | (947,427 | ) |
| Net                change in short-term borrowings                                                       |   |   | 2,100,000   |   |   | (6,000,000 | ) |
|                    Proceeds                from other borrowed funds                      |   |   | 24,500,000  |   |   | 21,000,000 |   |
| Payments                on other borrowings                                                              |   |   | (19,529,159 | )      |   | (10,524,194 | ) |
| Purchase                of common stock for retirement                                                   |   |   | (4,494,705  | )      |   | (1,295,651 | ) |
| Dividends                paid                                                                            |   |   | (1,382,542  | )      |   | (1,265,847 | ) |
| Issuance                of common stock                                                                  |   |   | 622,425     |   |   | 482,051 |   |
|     Net                cash provided by financing activities                         |   |   | 24,902,198  |   |   | 16,443,423 |   |
| Net                (decrease) in cash                                                                    |   |   | (848,493    | )      |   | (92,460 | ) |

|                                       |   |   |      |   |   |
|--------------------------------------------|--------|--------|-----------|--------|--------|
| **CASH                AND DUE FROM BANKS** |   |   |      |   |   |
| Beginning                                  |   |   | 8,639,672 |   |   | 7,918,179 |   |
| Ending                                     |   | $      | 7,791,179 |   | $      | 7,825,719 |   |

|                                                              |   |   |      |   |   |
|-------------------------------------------------------------------|--------|--------|-----------|--------|--------|
| **SUPPLEMENTAL                SCHEDULE OF CASH FLOW INFORMATION** |   |   |      |   |   |
| Cash                payments for:                                 |   |   |      |   |   |   |   |
| Interest                paid to depositors                        |   | $      | 6,867,872 |   | $      | 5,685,852 |   |
| Interest                paid on borrowings                        |   |   | 3,823,656 |   |   | 3,472,653 |   |
| Income                taxes                                       |   |   | 1,541,827 |   |   | 1,839,582 |   |

|                                                                     |   |   |
|--------------------------------------------------------------------------|--------|--------|
| See                Notes to Consolidated Condensed Financial Statements. |   |   |

----

**NORTH      CENTRAL BANCSHARES, INC. AND SUBSIDIARIES**

**NOTES      TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)**

**1.**
**SIGNIFICANT      ACCOUNTING POLICIES**

**2.**
**EARNINGS      PER SHARE**

*Employers'      Accounting for Employee Stock Ownership Plans,*

**3.**
**DIVIDENDS**

**4.**
**GOODWILL**

*Goodwill      and Other Intangible Assets*

----

**5.**
**STOCK      OPTION PLAN**

*Share-Based      Payment*
*Accounting      for Stock-Based Compensation*
*Statement      of Cash Flows*
*Accounting      for Stock Issued to Employees*

| **Options**                                             |   |  **Shares** |    | **Weighted-Average                Exercise****Price** |   | **Weighted-Average                Remaining Contractual****Term** |   | **Aggregate****Intrinsic****Value** |   |
|---------------------------------------------------------|--------|------------------|---------|-------------------------------------------------------|--------|-------------------------------------------------------------------|--------|-------------------------------------|--------|
| Outstanding                at January 1, 2006           |   |             | 102,600 |                                                  | $      | 25.90                                                             |   |                                |   |   |   |   |   |
| Granted                                                 |   |             | 23,000  |                                                  |   | 38.46                                                             |   |                                |   |   |   |   |   |
| Exercised                                               |   |             | (23,900 | )                                                     |   | 18.50                                                             |   |                                |   |   |   |   |   |
| Forfeited                or expired                     |   |             | -       |                                                  |   | -                                                                 |   |                                |   |   |   |   |   |
| Outstanding                at September 30, 2006        |   |             | 101,700 |                                                  | $      | 30.48                                                             |   |                                | 6.6    |   | $ | 1,030,542 |   |
| Vested/exercisable                at September 30, 2006 |   |             | 68,000  |                                                  | $      | 26.89                                                             |   |                                | 5.4    |   | $ | 935,125 |   |

| **Nonvested                Shares**            |   |  **Shares** |    | **Weighted-Average****Grant-Date****Fair                Value** |   |
|------------------------------------------------|--------|------------------|---------|-----------------------------------------------------------------|--------|
| Nonvested                at January 1, 2006    |   |             | 26,500  |                                                            | $      | 5.83 |   |
| Granted                                        |   |             | 23,000  |                                                            |   | 8.08 |   |
| Vested                                         |   |             | (15,800 | )                                                               |   | 6.70 |   |
| Forfeited                                      |   |             | -       |                                                            |   | - |   |
| Nonvested                at September 30, 2006 |   |             | 33,700  |                                                            |   | 6.96 |   |

*Accounting      for Stock-Based Compensation*
*Accounting      for Stock Issued to Employees*

----

|                                                                                                                                                                                          |   | **Three                Months Ended****September                30, 2005** |      | **Nine                Months Ended****September                30, 2005** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------|--------|
|                                                                                                                                                                                          |   |                                                                       |      |                                                                      |   |
| Net                income, as reported                                                                                                                                                        |   | $                                                                          | 1,746,647 |                                                                      | $      | 3,854,889 |   |
| Deduct:                Total stock-based employee compensation  expense                determined under fair value basedmethod                for all awards, net of related tax effects |   |                                                                       | (2,742    | )                                                                         |   | (36,614 | ) |
| **Pro                forma net income**                                                                                                                                                       |   | $                                                                          | 1,743,905 |                                                                      | $      | 3,818,275 |   |
|                                                                                                                                                                                          |   |                                                                       |      |                                                                      |   |   |   |
| Earnings                per common share - basic:                                                                                                                                             |   |                                                                       |      |                                                                      |   |   |   |
| As                reported                                                                                                                                                                    |   | $                                                                          | 1.14      |                                                                      | $      | 2.52 |   |
| Pro                forma                                                                                                                                                                      |   |                                                                       | 1.14      |                                                                      |   | 2.50 |   |
|                                                                                                                                                                                          |   |                                                                       |      |                                                                      |   |   |   |
| Earnings                per common share - assuming dilution:                                                                                                                                 |   |                                                                       |      |                                                                      |   |   |   |
| As                reported                                                                                                                                                                    |   | $                                                                          | 1.11      |                                                                      | $      | 2.45 |   |
| Pro                forma                                                                                                                                                                      |   |                                                                       | 1.11      |                                                                      |   | 2.43 |   |

**6.**
**RECENT      ACCOUNTING PRONOUNCEMENTS**

*,      Accounting for Certain Hybrid Financial Instruments*
*Accounting*
*for      Derivative Instruments and Hedging Activities, *
*Accounting      for Transfers and Servicing of Financial Assets and Extinguishments of      Liabilities. *

*Accounting      for Servicing of Financial Assets.*

*Accounting      for Uncertainty in Income Taxes-an interpretation of FASB Statement No.      109*

**7.**
**RECLASSIFICATIONS**

----

**ITEM      2.**

**MANAGEMENT'S      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATIONS**

**EXPLANATORY      NOTE**

**Executive      Overview **

|   | • | The                Company has effectively managed its capital since the Company’s inception                in 1996. Annual dividends per share have increased from $0.25 per                share in                1997 to $1.16 per share in 2005. In 2006, the Company increased its                quarterly dividend 13.8%, to $0.33 per share. An active stock repurchase                program has also been consistently used by the Company to manage                capital                and increase earnings per share. The Company repurchased 13,000 and                115,250 shares during the three and nine months ended September 30,                2006.                As of September 30, 2006, the Company has repurchased 2,900,804 shares                at                a cost of $58.6 million, since its                inception. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The                Bank has opened new offices in market areas where population growth                trends                are positive. New offices were opened in Ankeny, Iowa in February                2003 and                in Clive, Iowa in March 2004. In August 2006, the Bank opened its                Jordan                Creek Town Center office in West Des Moines, Iowa. With the opening                of the                West Des Moines office, the Bank has eleven full service locations,                including three in the Des Moines metro area, which is Iowa’s largest                metropolitan area. The Company will continue to analyze de novo branch                opportunities in the Des Moines metropolitan area. Noninterest expenses                have increased during the three and nine months ended September 30,                2006                and the years ended December 31, 2005, 2004 and 2003 in part due                to the                Company’s strategy of opening de novo branch offices. We believe that this                strategy will result in loan and deposit growth for the Company,                but will                negatively impact net earnings until each de novo branch achieves                profitability. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | • | On                January 1, 2006, the Company adopted Statement                of Financial Accounting Standards                No. 123(R), *Share-Based                Payment*.                SFAS No. 123(R) requires that all share-based compensation now be                measured                at fair value and recognized as expense in the income statement.                Upon                adoption of SFAS No. 123(R), the Company used the modified prospective                transition method. The modified prospective transition method                requires that compensation expense be recorded for all non-vested                options                beginning with the first quarter after adoption. Share-based compensation                for the three and nine months ended September 30, 2006 was $12,703                and                $100,444, respectively. |
|--------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The                Company’s exposure to interest rate risk has increased from the prior                year. This is primarily due to the growth of interest-bearing liabilities                in higher cost certificates of deposit and borrowed funds. Also                contributing to the increase of the cost of funds is the shift of                lower                cost non-maturing deposits into higher cost short-term certificates                of                deposit. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Noninterest                income for the quarter ended September 30, 2006, decreased primarily                due                to a decrease in loan prepayment fees. During the quarter ended September                30, 2006, the Company recorded $45,000 in loan prepayment fees, compared                to $705,000 for the quarter ended September 30, 2005. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Management                believes that the allowance for loan losses is adequate. The allowance                for                loan losses to nonaccrual loans was 545% at September 30, 2006. Net                annualized chargeoffs as of September 30, 2006 were 0.02% of total                loans                and have averaged 0.05% of total loans for the past five years. During                the                nine months ended September 30, 2006, the Company’s net loan portfolio                increased $27.7 million, or 6.5%. A significant portion of this increase                consisted of increases in commercial real estate, multi-family real                estate                and consumer loans. The Company’s provision for loan losses for the three                and nine months ended September 30, 2006 was $60,000 and $180,000,                respectively. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Purchases                of out of state real estate loans remain an integral part of the                Company’s                business plan. The Company has continued to purchase out of state                real                estate loans to supplement local mortgage loan originations and to                diversify its mortgage loan portfolio                geographically. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**FINANCIAL      CONDITION**

----

|                               |   | **Amount**                       |   | **Percentage                of Assets**  |   |
|------------------------------------|--------|---------------------------------------|--------|-----------------------------------------------|--------|
|                               |   | (Dollars                in thousands) |   |
| Tangible                capital:   |   |                                  |   |                                          |   |   |   |
| Capital                level  |   | $                                     | 35,950 |                                          |   | 7.04 | % |
| Less                Requirement    |   |                                  | 7,656  |                                          |   | 1.50 | % |
| Excess                             |   | $                                     | 28,294 |                                          |   | 5.54 | % |
|                               |   |                                  |   |                                          |   |   |   |
| Core                capital:       |   |                                  |   |                                          |   |   |   |
| Capital                level       |   | $                                     | 35,950 |                                          |   | 7.04 | % |
| Less                Requirement    |   |                                  | 20,415 |                                          |   | 4.00 | % |
| Excess                             |   | $                                     | 15,535 |                                          |   | 3.04 | % |
|                               |   |                                  |   |                                          |   |   |   |
| Risk-based                capital: |   |                                  |   |                                          |   |   |   |
| Capital                level       |   | $                                     | 39,764 |                                          |   | 11.24 | % |
| Less                Requirement    |   |                                  | 28,291 |                                          |   | 8.00 | % |
| Excess                             |   | $                                     | 11,473 |                                          |   | 3.24 | % |

**LIQUIDITY      AND CAPITAL RESOURCES**

----

**RESULTS      OF OPERATIONS**

***Net      Income***
*.*

***Net      Interest Income***

***Interest      Income***

***Interest      Expense***

----

|                                                                                                                                      |   |                **For                the Three Months Ended September 30,** |    |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|---------|
|                                                                                                                                      |   | **2006**                                                                        |    | **2005** |   |
|                                                                                                                                      |   | **Average****Balance**                                                          |    | **Interest** |   | **Average****Yield/Cost** |   | **Average****Balance** |   | **Interest** |   | **Average****Yield/Cost** |   |
|                                                                                                                                      |   | (Dollars                in thousands)                                           |    |
| Assets:                                                                                                                                   |   |                                                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning                assets:                                                                                                   |   |                                                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                                                                                                                |   | $                                                                               | 448,778 |   | $ | 6,943 |   |   | 6.19 | % | $ | 431,631 |   | $ | 6,407 |   |   | 5.94 | % |
| Securities                available-for-sale                                                                                         |   |                                                                            | 21,117  |   |   | 243 |   |   | 4.59 |   |   | 22,315 |   |   | 210 |   |   | 3.76 |   |
| Interest-bearing                cash                                                                                                 |   |                                                                            | 722     |   |   | 8 |   |   | 4.65 |   |   | 1,114 |   |   | 7 |   |   | 2.58 |   |
| Total                interest-earning assets                                                                                         |   |                                                                            | 470,617 |   |   | 7,194 |   |   | 6.11 | % |   | 455,060 |   | $ | 6,624 |   |   | 5.82 | % |
| Noninterest-earning                assets                                                                                            |   |                                                                            | 30,398  |   |   |   |   |   |   |   |   | 28,879 |   |   |   |   |   |   |   |
| Total                assets                                                                                                          |   | $                                                                               | 501,015 |   |   |   |   |   |   |   | $ | 483,939 |   |   |   |   |   |   |   |
|                                                                                                                                      |   |                                                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                and Equity:                                                                                                    |   |                                                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                liabilities:                                                                                              |   |                                                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW                and money market savings                                                                                               |   | $                                                                               | 83,511  |   | $ | 272 |   |   | 1.29 | % | $ | 95,791 |   | $ | 285 |   |   | 1.18 | % |
| Passbook                savings                                                                                                      |   |                                                                            | 25,939  |   |   | 22 |   |   | 0.33 |   |   | 28,666 |   |   | 23 |   |   | 0.32 |   |
| Certificates                of deposit                                                                                               |   |                                                                            | 222,298 |   |   | 2,385 |   |   | 4.26 |   |   | 192,909 |   |   | 1,729 |   |   | 3.56 |   |
| Borrowed                funds                                                                                                        |   |                                                                            | 108,015 |   |   | 1,297 |   |   | 4.76 |   |   | 104,899 |   |   | 1,224 |   |   | 4.63 |   |
| Total                interest-bearing liabilities                                                                                    |   |                                                                            | 439,763 |   | $ | 3,976 |   |   | 3.59 | % |   | 422,265 |   | $ | 3,261 |   |   | 3.06 | % |
| Noninterest-bearing                liabilities                                                                                       |   |                                                                            | 18,605  |   |   |   |   |   |   |   |   | 17,608 |   |   |   |   |   |   |   |
| Total                liabilities                                                                                                     |   |                                                                            | 458,368 |   |   |   |   |   |   |   |   | 439,873 |   |   |   |   |   |   |   |
| Equity                                                                                                                               |   |                                                                            | 42,647  |   |   |   |   |   |   |   |   | 44,066 |   |   |   |   |   |   |   |
| Total                liabilities and equity                                                                                          |   | $                                                                               | 501,015 |   |   |   |   |   |   |   | $ | 483,939 |   |   |   |   |   |   |   |
|                                                                                                                                      |   |                                                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                interest income                                                                                                   |   |                                                                            |    |   | $ | 3,218 |   |   |   |   |   |   |   | $ | 3,363 |   |   |   |   |
| Net                interest rate spread                                                                                              |   |                                                                            |    |   |   |   |   |   | 2.52 | % |   |   |   |   |   |   |   | 2.75 | % |
| Net                interest margin                                                                                                   |   |                                                                            |    |   |   |   |   |   | 2.74 | % |   |   |   |   |   |   |   | 2.96 | % |
| Ratio                of average interest-earning assets                 to                average interest-bearing liabilities  |   |                                                                            |    |   |   |   |   |   | 107.02 | % |   |   |   |   |   |   |   | 107.77 | % |

|                                                                                                                                             |   | **For                  the Nine Months Ended September 30,** |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|---------|
|                                                                                                                                             |   | **2006**                                                     |    | **2005** |   |
|                                                                                                                                             |   | **Average****Balance**                                       |    | **Interest** |   | **Average****Yield/Cost** |   | **Average****Balance** |   | **Interest** |   | **Average****Yield/Cost** |   |
|                                                                                                                                             |   | (Dollars                  in thousands)                      |    |
| Assets:                                                                                                                                          |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning                  assets:                                                                                                        |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                                                                                                                       |   | $                                                            | 442,462 |   | $ | 20,167 |   |   | 6.08 | % | $ | 421,470 |   | $ | 18,806 |   |   | 5.95 | % |
| Securities                  available-for-sale                                                                                              |   |                                                         | 21,400  |   |   | 718 |   |   | 4.47 |   |   | 22,934 |   |   | 690 |   |   | 4.01 |   |
| Interest-bearing                  cash                                                                                                      |   |                                                         | 1,067   |   |   | 34 |   |   | 4.23 |   |   | 1,279 |   |   | 24 |   |   | 2.55 |   |
| Total                  interest-earning assets                                                                                              |   |                                                         | 464,929 |   |   | 20,919 |   |   | 6.00 | % |   | 445,683 |   | $ | 19,520 |   |   | 5.84 | % |
| Noninterest-earning                  assets                                                                                                 |   |                                                         | 29,314  |   |   |   |   |   |   |   |   | 28,795 |   |   |   |   |   |   |   |
| Total                  assets                                                                                                               |   | $                                                            | 494,243 |   |   |   |   |   |   |   | $ | 474,478 |   |   |   |   |   |   |   |
|                                                                                                                                             |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                  and Equity:                                                                                                         |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                  liabilities:                                                                                                   |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW                  and money market savings                                                                                                    |   | $                                                            | 86,231  |   | $ | 785 |   |   | 1.22 | % | $ | 96,860 |   | $ | 792 |   |   | 1.09 | % |
| Passbook                  savings                                                                                                           |   |                                                         | 26,734  |   |   | 64 |   |   | 0.32 |   |   | 29,133 |   |   | 68 |   |   | 0.31 |   |
| Certificates                  of deposit                                                                                                    |   |                                                         | 212,305 |   |   | 6,417 |   |   | 4.04 |   |   | 187,174 |   |   | 4,907 |   |   | 3.50 |   |
| Borrowed                  funds                                                                                                             |   |                                                         | 108,314 |   |   | 3,824 |   |   | 4.72 |   |   | 101,110 |   |   | 3,472 |   |   | 4.59 |   |
| Total                  interest-bearing liabilities                                                                                         |   |                                                         | 433,584 |   | $ | 11,090 |   |   | 3.42 | % |   | 414,277 |   | $ | 9,239 |   |   | 2.98 | % |
| Noninterest-bearing                  liabilities                                                                                            |   |                                                         | 17,751  |   |   |   |   |   |   |   |   | 17,103 |   |   |   |   |   |   |   |
| Total                  liabilities                                                                                                          |   |                                                         | 451,335 |   |   |   |   |   |   |   |   | 431,380 |   |   |   |   |   |   |   |
| Equity                                                                                                                                      |   |                                                         | 42,908  |   |   |   |   |   |   |   |   | 43,098 |   |   |   |   |   |   |   |
| Total                  liabilities and equity                                                                                               |   | $                                                            | 494,243 |   |   |   |   |   |   |   | $ | 474,478 |   |   |   |   |   |   |   |
|                                                                                                                                             |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  interest income                                                                                                        |   |                                                         |    |   | $ | 9,829 |   |   |   |   |   |   |   | $ | 10,281 |   |   |   |   |
| Net                  interest rate spread                                                                                                   |   |                                                         |    |   |   |   |   |   | 2.58 | % |   |   |   |   |   |   |   | 2.86 | % |
| Net                  interest margin                                                                                                        |   |                                                         |    |   |   |   |   |   | 2.82 | % |   |   |   |   |   |   |   | 3.08 | % |
| Ratio                  of average interest-earning assets                    to                  average interest-bearing liabilities  |   |                                                         |    |   |   |   |   |   | 107.23 | % |   |   |   |   |   |   |   | 107.58 | % |

----

***Provision      for Loan Losses***
**.      **

***Noninterest      Income***
*.*

***Noninterest      Expense***
*.*

***Income      Taxes***
*.      *

**OFF      BALANCE SHEET ARRANGEMENTS**

**CRITICAL      ACCOUNTING POLICIES **

**ITEM      3.**

**QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**ITEM      4.**

**CONTROLS      AND PROCEDURES**

----

**PART      II. OTHER INFORMATION**

**Item      1. Legal Proceedings**

**Item      1A. Risk Factors**

**Item      2. Unregistered Sales of Equity Securities and Use of      Proceeds**

| Period                                                                |   | Total                Number ofShares                Purchased |   | Average                Price PaidPer                Share |   | Total                Number of Shares                Purchased asPart                of PubliclyAnnounced                Plans |   | Maximum                Number ofShares                that May YetBe                Purchased UnderThe                Plan |   |
|-----------------------------------------------------------------------|--------|---------------------------------------------------------------|--------|-----------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                  |   |                                                          |   |                                                      |   |                                                                                                                           |   |                                                                                                                       |   |
| July                1, 2006 to July                31, 2006           |   |                                                          | -      |                                                      |   | -                                                                                                                              |   |                                                                                                                       | -      |   |   | 97,750 |   |
|                                                                  |   |                                                          |   |                                                      |   |                                                                                                                           |   |                                                                                                                       |   |   |   |   |   |
| August                1, 2006 to August                31, 2006       |   |                                                          | 9,000  |                                                      | $      | 39.95                                                                                                                          |   |                                                                                                                       | 9,000  |   |   | 88,750 |   |
|                                                                  |   |                                                          |   |                                                      |   |                                                                                                                           |   |                                                                                                                       |   |   |   |   |   |
| September                1, 2006 to September                30, 2006 |   |                                                          | 4,000  |                                                      | $      | 40.00                                                                                                                          |   |                                                                                                                       | 4,000  |   |   | 84,750 |   |
| Total                                                                 |   |                                                          | 13,000 |                                                      |   |                                                                                                                           |   |                                                                                                                       | 13,000 |   |   |   |   |

**Item      3. Defaults Upon Senior Securities**

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

**Item      5. Other Information**

----

**Item      6. Exhibits**

|  **Exhibit                No.** |  **Description**                                                                                                                                                                                                                                    |  **Reference                No.** |
|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|
| 3.1                                  | Articles                of Incorporation of North Central Bancshares, Inc.                                                                                                                                                                               | (1)                                    |
| 3.2                                  | Bylaws                of North Central Bancshares, Inc.                                                                                                                                                                                                  | (1)                                    |
| 3.3                                  | Bylaws                of North Central Bancshares, Inc., as amended                                                                                                                                                                                      | (2)                                    |
| 4.1                                  | Federal                Stock Charter of First Federal Savings Bank of Iowa (formerly known                as                First Federal Savings Bank of Fort Dodge)                                                                                    | (1)                                    |
| 4.2                                  | Bylaws                of First Federal Savings Bank of Iowa (formerly known as First Federal                Savings Bank of Fort Dodge)                                                                                                                  | (1)                                    |
| 4.3                                  | Specimen                Stock Certificate of North Central Bancshares, Inc.                                                                                                                                                                              | (1)                                    |
| 4.4                                  | Bylaws                of First Federal Savings Bank of Iowa, as amended                                                                                                                                                                                  | (2)                                    |
| 10.1                                 | Employee                Stock Ownership Plan of First Federal Savings Bank of Iowa (formerly                known                as First Federal Savings Bank of Fort Dodge) and ESOP Trust Agreement                (incorporating Amendments 1 and 2) |  (6)                              |
| 10.1A                                | Amendment                #1 to Employee Stock Ownership Plan of First Federal Savings Bank                of Iowa                (formerly known as First Federal Savings Bank of Fort Dodge) and                ESOP                Trust Agreement     |  (8)                              |
| 10.1B                                | Amendment                #2 to Employee Stock Ownership Plan of First Federal Savings Bank                of Iowa                (formerly known as First Federal Savings Bank of Fort Dodge) and                ESOP                Trust Agreement     |  (8)                              |
| 10.2                                 | ESOP                Loan Documents, dated September 3, 1996                                                                                                                                                                                              | (5)                                    |
| 10.3                                 | Employee                Retention Agreements between First Federal Savings Bank of Fort Dodge                and                certain executive officers                                                                                               | (3)                                    |
| 10.4                                 | Employment                Agreement between First Federal Savings Bank of Iowa (formerly known                as                First Federal Savings Bank of Fort Dodge) and David M. Bradley, effective                as of August 31, 1994           |  (1)                              |
| 10.6                                 | Form                of Employment Agreement between North Central Bancshares, Inc. and                David                M. Bradley                                                                                                                    | (1)                                    |
| 10.8                                 | North                Central Bancshares, Inc. 1996 Stock Option Plan                                                                                                                                                                                     | (4)                                    |
| 10.9                                 | Amendment                No. 1 to the North Central Bancshares, Inc. 1996 Stock Option                Plan                                                                                                                                               | (6)                                    |
| 10.10                                | Supplemental                Retirement and Deferred Compensation Plan of First Federal Savings                Bank of                Iowa                                                                                                                | (8)                                    |
| 10.11                                | Form                of Employment Agreement between First Federal Savings Bank of Iowa                and C.                Thomas Chalstrom                                                                                                             | (7)                                    |
| 10.12                                | Form                of Employment Agreement between First Federal Savings Bank of Iowa                and                Kirk A. Yung                                                                                                                    | (7)                                    |
| 10.13                                | Tax                Allocation Agreement between North Central Bancshares, Inc. and                Subsidiaries                                                                                                                                           | (2)                                    |
| 10.14                                | North                Central Bancshares, Inc. 2006 Stock Incentive Plan                                                                                                                                                                                  | (9)                                    |
| 10.15                                | North                Central Bancshares, Inc. 2006 Incentive Award Plan                                                                                                                                                                                  | (10)                                   |
| 31                                   | Rule                13a-14(a)/15d-14(a) Certifications                                                                                                                                                                                                   |                                   |
| 32                                   | Section                1350 Certifications                                                                                                                                                                                                          |                                   |

----

| (1) | Incorporated                herein by reference to Registration Statement No. 33-80493 on Form                S-1 of                North Central Bancshares, Inc. (the "Registrant") filed with the                Securities and Exchange Commission, (the "Commission") on December                18,                1995, as amended. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Incorporated                herein by reference to the Exhibits to the Annual Report on Form                10-K of                the Registrant filed with the Commission on March 22,                2004. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Incorporated                herein by reference to the Exhibits to the Annual Report on Form                10-K of                the Registrant for fiscal year 1995, filed with the Commission on                March                29, 1996. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Incorporated                herein by reference to the Amended Schedule 14A of the Registrant                filed                with the Commission on August 19,                1996. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Incorporated                herein by reference to the Annual Report on Form 10-K of the Registrant                filed with the Commission on March 31,                1997. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Incorporated                herein by reference to the Annual Report on Form 10-K of the Registrant                filed with the Commission on March 31,                1998. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Incorporated                herein by reference to the Annual Report on Form 10-K of the Registrant                filed with the Commission on March 31,                2006. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Incorporated                herein by reference to the Annual Report on Form 10-K of the Registrant                filed with the Commission on March 29,                2002. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Incorporated                herein by reference to the Proxy Statement on Schedule 14A of the                Registrant filed with the Commission on March 20,                2006. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Incorporated                herein by reference to the Exhibits to the Form 10-Q of the Registrant                filed with the Commission on August 11,                2006. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |                             | NORTH                CENTRAL BANCSHARES, INC. |
|--------|----------------------------------|-----------------------------------------------|
| DATE:  | November                10, 2006 |                                          |   |   |
|   |                             |                                          |   |   |
|   |                             |                                          | By: | /s/                David M. Bradley |
|   |                             |                                          |   |   |
|   |                             |                                          |   | David                M. Bradley, Chairman, President and Chief                Executive Officer |
|   |                             |                                          |
|   |                             |                                          |
| DATE:  | November                10, 2006 |                                          |   |   |
|   |                             |                                          |   |   |
|   |                             |                                          | By: | /s/                David W. Edge |
|   |                             |                                          |   |   |
|   |                             |                                          |   | David                W. Edge, Chief Financial Officer andTreasurer |