EXHIBIT 99

To our shareholders,

We are pleased to report record quarterly net income of $16,134,000, or $1.95 per diluted share, compared to $11,959,000, or $1.48 per diluted share, in first quarter 2005. Return on average equity was 18.41% in first quarter 2006 compared to 15.53% in first quarter 2005, return on average assets was 1.44% versus 1.17%, and efficiency ratio improved to 59.00% versus 64.60%.

Quarterly Results

Net interest income of $45,614,000 in first quarter 2006 was $6,281,000 more than first quarter 2005. The net interest margin of 4.59% increased 20 basis points over the same period last year. Compared to fourth quarter 2006, net interest margin increased 10 basis points. In spite of an increasingly competitive environment, our net interest margin has improved due largely to growth of low cost deposits in conjunction with strong loan growth. First quarter 2006 average loans grew $318,893,000, or 12%, while quarterly average deposits grew $231,830,000, or 7%, due mainly to demand deposit growth, over the same period last year.

Noninterest income of $19,120,000 was $2,171,000, or 13%, higher than first quarter 2005. Components of the increase were gain on sale of assets, debit card revenue, technology services revenue and financial services revenue increases of $739,000, $361,000, $325,000 and $169,000, respectively. Gain on sale of assets increased as a result of a $692,000 loss on sale of securities recorded in first quarter 2005 with no such loss recorded in first quarter 2006.

Noninterest expense of $38,194,000 was $1,798,000, or 5%, higher than the comparable quarter in 2005. In first quarter 2005, we recorded a $463,000 mortgage servicing impairment reversal compared to a $170,000 impairment reversal for the first quarter of 2006. In addition, salary and benefits expense increased $1,768,000, or 9%, as compared to first quarter 2005 primarily due to inflationary wage increases and higher incentive bonus accruals. Also contributing to the increase in salary and benefits was the implementation of a new accounting standard, SFAS 123R, which required us to record $187,000 of expense in first quarter 2006 for stock option awards; this expense was not recognized in prior years under the prior accounting standards applicable to stock options. Partially offsetting those expense increases, first quarter 2005 contained other losses of $878,000 compared to $99,000 in first quarter 2006. During first quarter 2005, we announced our strategic decision to exit our Wal-Mart locations. In January 2006, three of our four remaining Wal-Mart branches were merged into other First Interstate branches and the fourth and final Wal-Mart branch was sold. The previously mentioned other losses recorded in 2005 were primarily related to occupancy cost and expenses connected with exiting our Wal-Mart locations.

Financial Highlights
Three Months ended March 31

(unaudited)	2006		2005		% Change
(in thousands except per share data)
OPERATING RESULTS
Net income	$	16,134	$	11,959		34.9	%
Diluted earnings per share		1.95		1.48		32.0	%
Dividends per share		0.50		0.42		19.0	%
PERIOD END BALANCES
Assets		4,632,647		4,201,211		10.3	%
Loans		3,116,927		2,769,056		12.6	%
Investment Securities		995,861		834,941		19.3	%
Deposits		3,512,581		3,272,388		7.3	%
Common Stockholders’ Equity		359,647		310,951		15.7	%
Common Shares Outstanding		8,108		7,980		1.6	%
QUARTERLY AVERAGES
Assets		4,548,963		4,160,025		9.3	%
Loans		3,059,385		2,740,492		11.6	%
Investment Securities		966,262		859,152		12.5	%
Deposits		3,482,337		3,250,507		7.1	%
Common Stockholders’ Equity		355,327		312,227		13.8	%
Common Shares Outstanding		8,108		7,970		1.7	%

On April 7, 2006, the Company paid a $.58 dividend per common share.

First quarter 2006 has shown stronger than expected growth in both loans and deposits. Net interest margin continued to show steady improvement, in spite of competitive pressure on deposits and loans. We believe the quality of our loan portfolio remains high. Maintaining our net interest margin and high loan quality remains a top priority for the Company during the remainder of 2006. Our continued success reflects the talents and values of our team of employees, officers, directors and advisory directors for the achievement of another record in quarterly earnings.

Lyle R. Knight	Terrill R. Moore
President	Executive Vice President
Chief Executive Officer	Chief Financial Officer

First Quarter 2006

Condensed Consolidated Statements of Income

	Three Months Ended
	March 31
(unaudited)	2006		2005
(in thousands, except per share data)
Total interest income	$	66,969	$	51,967
Total interest expense		21,354		12,634
Net interest income		45,615		39,333
Provision for loan losses		1,753		1,625
Net interest income after provision for loan losses		43,862		37,708
Noninterest income		19,120		16,949
Noninterest expense		38,194		36,396
Income before taxes		24,788		18,261
Income taxes		8,654		6,302
Net income	$	16,134	$	11,959
COMMON SHARE DATA:
Diluted EPS		1.95		1.48
Dividends		.50		.42
Book value		44.36		39.02
Tangible book value		39.75		34.33
Appraised value		71.00		63.00

Selected Ratios

	Three Months Ended
	March 31
(unaudited)	2006			2005
PERFORMANCE
Return on avg common equity		18.41	%		15.53	%
Return on avg common equity excl. market adj of securities		18.02	%		15.43	%
Return on avg assets		1.44	%		1.17	%
Net interest margin, FTE		4.59	%		4.39	%
Efficiency ratio		59.00	%		64.60	%
CREDIT QUALITY (Period End)
Annualized provision for loan losses to average loans		0.23	%		0.24	%
Annualized net charge offs to average loans		0.08	%		0.16	%
Allowance for loan losses to loans		1.40	%		1.54	%
Allowance for loan losses to nonaccruing loans		273.58	%		263.51	%
CAPITAL ADEQUACY & LIQUIDITY
Leverage capital ratio		8.11	%		7.67	%
Avg loans to avg deposits		87.85	%		84.31	%

improving the places

we live and love.

Condensed Consolidated Balance Sheet

	March 31
(unaudited)	2006		2005
(In thousands)
ASSETS
Cash and due from banks	$	197,400	$	184,559
Federal funds sold		37,713		121,890
Interest bearing deposits		11,916		31,158
Investment securities		995,861		834,941
Loans		3,116,927		2,769,056
Less: allowance for loan losses		43,633		42,660
Net loans		3,073,294		2,726,396
Premises & equipment, net		120,086		119,181
Accrued interest receivable		27,686		22,109
Goodwill and core deposit intangibles		38,340		39,354
Mortgage servicing rights		22,721		18,275
Company owned life insurance		63,058		61,066
Other assets		44,572		42,282
Total Assets	$	4,632,647	$	4,201,211
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits	$	3,512,581	$	3,272,388
Securities sold under repurchase agreements		618,307		478,448
Other liabilities		45,941		34,142
Other borrowed funds		642		4,001
Long-term debt		54,291		60,043
Subordinated debenture		41,238		41,238
Total Liabilities		4,273,000		3,890,260
Common stockholders’ equity		359,647		310,951
Total Liabilities and Stockholders’ Equity	$	4,632,647	$	4,201,211