EXHIBIT 99

To our shareholders,

We are pleased to report record quarterly net income of $16,137,000, or $1.95 per diluted share, compared to $12,880,000, or $1.59 per diluted share, in second quarter 2005. Return on average equity was 17.74% in second quarter 2006 compared to 16.51% in second quarter 2005, return on average assets was 1.38% versus 1.22%, and efficiency ratio improved to 58.64% versus 64.05%.

Quarterly Results

Net interest income of $45,964,000 in second quarter 2006 was $5,092,000 more than second quarter 2005. The net interest margin of 4.42% increased 1 basis point over the same period last year. Compared to first quarter 2006, net interest margin decreased 17 basis points. Net interest margin has declined compared to the prior quarter due to increased growth of higher cost deposits and the effects of the flat yield curve which has caused long-term and short-term interest rates to converge. Second quarter 2006 average loans grew $359,948,000, or 13%, while quarterly average deposits grew $192,450,000, or 6%, due mainly to demand deposit growth, over the same period last year. The provision for loan losses of $2,578,000 was $1,213,000, or 89%, higher than second quarter 2005 primarily as a result of the downgrade of loans to a residential real estate developer.

Noninterest income of $20,059,000 was $2,320,000, or 13%, higher than second quarter 2005. Components of the increase were technology services revenue, financial services revenue, gain on sale of assets and debit card revenue increases of $617,000, $463,000, $455,000 and $304,000, respectively. Gain on sale of assets increased as a result of a $446,000 loss on sale of securities recorded in second quarter 2005 with no such loss recorded in second quarter 2006.

Noninterest expense of $38,717,000 was $1,175,000, or 3%, higher than the comparable quarter in 2005. Salary and benefits expense increased $2,450,000, or 13%, as compared to second quarter 2005 primarily due to inflationary wage increases and higher incentive bonus and profit sharing accruals. Also contributing to the increase in salary and benefits was the implementation of a new accounting standard which required us to record $460,000 of expense in second 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, a $150,000 mortgage servicing impairment was recorded in second quarter 2005 compared to a $217,000 impairment reversal for the second quarter of 2006. Further offsetting the increases, a $290,000 expense reversal was recorded in second quarter 2006 relating to the anticipated redemption level of credit card rewards due to changes in our reward program.

On July 11, 2006, we paid a $.58 dividend per common share. The Board of Directors passed a resolution on July 27, 2006, to increase future quarterly dividends to $.61 per common share until further notice.

Year to Date

On a year to date basis, net income of $32,271,000, or $3.90 per diluted share, was $7,432,000, or 30%, higher than net income in the first two quarters of 2005 of $24,839,000, or $3.06 per diluted share. Return on average equity was 18.07% in the first two quarters of 2006 compared to 16.03% last year, return on average assets was 1.41% versus 1.19%, and efficiency ratio was 58.82% versus 64.32%.

Financial Highlights

Three Months ended June 30

(unaudited)	2006		2005		% Change
(in thousands except per share data)
OPERATING RESULTS
Net income	$	16,137	$	12,880		25.3	%
Diluted earnings per share		1.95		1.59		22.6	%
Dividends per share		0.58		0.48		20.8	%
PERIOD END BALANCES
Assets		4,780,673		4,277,608		11.8	%
Loans		3,256,500		2,891,674		12.6	%
Investment Securities		1,000,808		895,456		11.8	%
Deposits		3,539,581		3,310,372		6.9	%
Common Stockholders’ Equity		365,464		326,120		12.1	%
Common Shares Outstanding		8,109		7,981		1.6	%
QUARTERLY AVERAGES
Assets		4,700,962		4,250,589		10.6	%
Loans		3,190,310		2,830,362		12.7	%
Investment Securities		1,029,513		864,639		19.1	%
Deposits		3,486,560		3,294,110		5.8	%
Common Stockholders’ Equity		364,804		312,917		16.6	%

When comparing the year to date performance of 2006 to 2005, there are some items that affect comparability. One such item is loss on sale of securities. In conjunction with a restructuring of our investment portfolio in 2005, losses of $1,130,000 were recognized in 2005 compared to losses of $4,000 in 2006. Also, in the first two quarters of 2005, we recorded $897,000 of expenses related to the closure of Wal-Mart branches compared to $23,000 in the first two quarters of 2006.

Second quarter 2006 has continued our trend of stronger than expected loan growth. Net interest margin, however, has declined due to increased pressure to raise deposit rates while asset yields have increased at a more measured pace. The corporate efficiency initiative remains a high priority for management and employees while at the same time keeping a focus on providing our customers with the high level of service they have come to expect. To our team of employees, officers, directors and advisory directors, thank you for a remarkable 2006 second quarter.

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

Second Quarter 2006

Condensed Consolidated Statements of Income

	Three Months Ended				Six Months Ended
	June 30				June 30
(unaudited)	2006		2005		2006		2005
(in thousands, except per share data)
Total interest income	$	71,558	$	55,544	$	138,527	$	107,511
Total interest expense		25,594		14,672		46,948		27,306
Net interest income		45,964		40,872		91,579		80,205
Provision for loan losses		2,578		1,365		4,331		2,990
Net interest income after provision for loan losses		43,386		39,507		87,248		77,215
Noninterest income		20,059		17,739		39,179		34,585
Noninterest expense		38,717		37,542		76,911		73,835
Income before taxes		24,728		19,704		49,516		37,965
Income taxes		8,591		6,824		17,245		13,126
Net income	$	16,137	$	12,880	$	32,271	$	24,839
COMMON SHARE DATA:
Diluted EPS		1.95		1.59		3.90		3.06
Dividends		0.58		0.48		1.08		.90
Book value						45.07		40.86
Tangible book value						40.46		36.18
Appraised value						74.50		63.50
Selected Ratios

	Three Months Ended						Six Months Ended
	June 30						June 30
(unaudited)	2006			2005			2006			2005
PERFORMANCE
Return on avg common equity		17.74	%		16.51	%		18.07	%		16.03	%
Return on avg common equity excl. market adj of securities		17.32	%		16.02	%		17.66	%		15.73	%
Return on avg assets		1.38	%		1.22	%		1.41	%		1.19	%
Net interest margin, FTE		4.42	%		4.41	%		4.50	%		4.40	%
Efficiency ratio		58.64	%		64.05	%		58.82	%		64.32	%
CREDIT QUALITY (Period End)
Annualized provision for loan losses to average loans								0.28	%		0.22	%
Annualized net charge offs to average loans								0.07	%		0.13	%
Allowance for loan losses to loans								1.40	%		1.50	%
Allowance for loan losses to non-accruing loans								294.76	%		223.04	%
CAPITAL ADEQUACY & LIQUIDITY
Leverage capital ratio								8.10	%		7.69	%
Avg loans to avg deposits								89.68	%		85.12	%

committeed to the spirit

of Montana and Wyoming

Condensed Consolidated Balance Sheet

	June 30
(unaudited)	2006		2005
(In thousands)
ASSETS
Cash and due from banks	$	208,351	$	199,645
Federal funds sold		31,564		32,000
Interest bearing deposits		4,585		4,136
Investment securities		1,000,808		895,456
Loans		3,256,500		2,891,674
Less: allowance for loan losses		45,721		43,368
Net loans		3,210,779		2,848,306
Premises & equipment, net		120,278		118,157
Accrued interest receivable		29,809		23,944
Goodwill		37,380		37,390
Mortgage servicing rights		23,453		18,473
Company owned life insurance		63,579		61,473
Other assets		50,087		38,628
Total Assets	$	4,780,673	$	4,277,608
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits	$	3,539,581	$	3,310,372
Federal funds purchased		87,810		0
Securities sold under repurchase agreements		610,220		499,404
Other liabilities		39,235		33,226
Other borrowed funds		43,197		7,568
Long — term debt		53,928		59,680
Subordinated debenture		41,238		41,238
Total Liabilities		4,415,209		3,951,490
Common stockholders’ equity		365,464		326,120
Total Liabilities and Stockholders’ Equity	$	4,780,673	$	4,277,608