**Exhibit 99**

 

**COMMUNITY FIRST BANKSHARES, INC.**

**STATEMENT RE COMPUTATION OF RATIOS**

 
|                                                                                |    | **Six Months Ended  June 30,**                    |      | **Year Ended December 31,** |   |
|-------------------------------------------------------------------------------------|---------|---------------------------------------------------|-----------|-----------------------------|--------|
|                                                                                |    | **2003**                                          |      | **2002**                    |   | **2002** |   | **2001** |   | **2000** |   | **1999** |   | **1998** |   |
|                                                                                |    | **(Dollars in thousands, except per share data)** |      |                        |   |   |   |   |   |   |   |   |   |
| **Historical Operating  Data:**                                                     |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                                     |    | $                                                 | 162,807   |                        | $      | 182,424 |   | $ | 358,183 |   | $ | 434,016 |   | $ | 477,558 |   | $ | 465,206 |   | $ | 467,270 |   |
| Interest expense                                                                    |    | 33,852                                            |      | 47,542                      |   | 89,928 |   | 162,220 |   | 210,281 |   | 185,818 |   | 194,787 |   |
| Net interest income                                                                 |    | 128,955                                           |      | 134,882                     |   | 268,255 |   | 271,796 |   | 267,277 |   | 279,388 |   | 272,483 |   |
| Provision for loan losses                                                           |    | 6,974                                             |      | 6,612                       |   | 13,262 |   | 17,520 |   | 15,781 |   | 20,184 |   | 23,136 |   |
| Net interest income after provision for  loan losses                                |    | 121,981                                           |      | 128,270                     |   | 254,993 |   | 254,276 |   | 251,496 |   | 259,204 |   | 249,347 |   |
| Noninterest income                                                                  |    | 43,065                                            |      | 39,631                      |   | 81,319 |   | 79,575 |   | 77,860 |   | 74,742 |   | 64,867 |   |
| Noninterest expense                                                                 |    | 107,876                                           |      | 108,810                     |   | 217,555 |   | 235,316 |   | 221,974 |   | 220,460 |   | 242,248 |   |
| Income from continuing operations before  income taxes                              |    | 57,170                                            |      | 59,091                      |   | 118,757 |   | 98,535 |   | 107,382 |   | 113,486 |   | 71,966 |   |
| Provision for income taxes                                                          |    | 18,683                                            |      | 19,973                      |   | 39,549 |   | 33,476 |   | 35,748 |   | 38,573 |   | 22,595 |   |
|                                                                                |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations before                                            |    | 38,487                                            |      | 39,118                      |   | 79,208 |   | 65,059 |   | 71,634 |   | 74,913 |   | 49,371 |   |
| Discontinued Operations:                                                            |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Income from discontinued operations, net  of taxes                                  |    | 0                                                 |      | 0                           |   | 0 |   | 0 |   | 0 |   | 0 |   | (2,232 | ) |
| Disposal of discontinued operations                                                 |    | 0                                                 |      | 0                           |   | 0 |   | 0 |   | 0 |   | 0 |   | (1,676 | ) |
| Net income applicable to common equity                                              |    | $                                                 | 38,487    |                        | $      | 39,118 |   | $ | 79,208 |   | $ | 65,059 |   | $ | 71,634 |   | $ | 74,913 |   | $ | 45,463 |   |
|                                                                                |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| **Earnings per common and  common equivalent share:**                               |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Basic income per share from continuing  operations                                  |    | $                                                 | 1.00      |                        | $      | 0.98 |   | $ | 2.00 |   | $ | 1.59 |   | $ | 1.55 |   | $ | 1.50 |   | $ | 0.98 |   |
| Discontinued operations                                                             |    | 0.00                                              |      | 0.00                        |   | 0.00 |   | 0.00 |   | 0.00 |   | 0.00 |   | (0.08 | ) |
| Basic net income                                                                    |    | $                                                 | 1.00      |                        | $      | 0.98 |   | $ | 2.00 |   | $ | 1.59 |   | $ | 1.55 |   | $ | 1.50 |   | $ | 0.90 |   |
|                                                                                |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Diluted income per share from continuing  operations                                |    | $                                                 | 0.99      |                        | $      | 0.96 |   | $ | 1.97 |   | $ | 1.57 |   | $ | 1.54 |   | $ | 1.48 |   | $ | 0.96 |   |
| Discontinued operations                                                             |    | 0.00                                              |      | 0.00                        |   | 0.00 |   | 0.00 |   | 0.00 |   | 0.00 |   | (0.07 | ) |
| Diluted net income                                                                  |    | $                                                 | 0.99      |                        | $      | 0.96 |   | $ | 1.97 |   | $ | 1.57 |   | $ | 1.54 |   | $ | 1.48 |   | $ | 0.89 |   |
|                                                                                |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Dividends paid                                                                      |    | 0.44                                              |      | 0.38                        |   | 0.80 |   | 0.68 |   | 0.60 |   | 0.56 |   | 0.44 |   |
|                                                                                |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Average common shares outstanding 

                                           |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                               |    | 38,485,552                                        |      | 39,877,633                  |   | 39,564,912 |   | 40,905,545 |   | 46,219,120 |   | 50,061,972 |   | 50,272,551 |   |
| Diluted                                                                             |    | 39,019,638                                        |      | 40,579,858                  |   | 40,243,135 |   | 41,471,404 |   | 46,578,750 |   | 50,670,559 |   | 51,114,703 |   |
|                                                                                |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| **Historical Operating  Ratios and Other Data:**                                    |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Return on average assets                                                            |    | 1.37                                              | %         | 1.40                        | %      | 1.40 | % | 1.11 | % | 1.16 | % | 1.20 | % | 0.75 | % |
| Return on average common shareholders’  equity                                 |    | 20.73                                             | %         | 22.16                       | %      | 21.76 | % | 18.66 | % | 19.90 | % | 18.07 | % | 11.03 | % |
| Net interest margin                                                                 |    | 5.13                                              | %         | 5.42                        | %      | 5.33 | % | 5.23 | % | 4.90 | % | 5.06 | % | 5.12 | % |
| Dividend payout ratio                                                               |    | 44.44                                             | %         | 39.58                       | %      | 40.61 | % | 43.31 | % | 38.96 | % | 37.84 | % | 49.44 | % |
| Net charge-offs to average loans                                                    |    | 0.51                                              | %         | 0.33                        | %      | 0.33 | % | 0.39 | % | 0.34 | % | 0.66 | % | 0.43 | % |
| Ratio of earnings to fixed charges (2):                                             |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Excluding interest on deposits                                                      |    | 9.82                                              |      | 9.00                        |   | 9.27 |   | 5.16 |   | 3.62 |   | 4.27 |   | 3.58 |   |
| Including interest on deposits                                                      |    | 2.69                                              |      | 2.24                        |   | 2.32 |   | 1.61 |   | 1.51 |   | 1.61 |   | 1.37 |   |
| **Historical Financial  Condition Data:**                                           |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Assets                                                                              |    | $                                                 | 5,586,126 |                        | $      | 5,603,955 |   | $ | 5,827,170 |   | $ | 5,772,326 |   | $ | 6,089,729 |   | $ | 6,302,235 |   | $ | 6,239,772 |   |
| Loans                                                                               |    | 3,425,902                                         |      | 3,652,749                   |   | 3,577,893 |   | 3,736,692 |   | 3,738,202 |   | 3,690,353 |   | 3,537,537 |   |
| Investment securities (3)                                                           |    | 1,670,388                                         |      | 1,470,347                   |   | 1,752,610 |   | 1,513,831 |   | 1,787,732 |   | 2,011,765 |   | 2,097,443 |   |
| Deposits                                                                            |    | 4,461,248                                         |      | 4,527,470                   |   | 4,669,746 |   | 4,750,813 |   | 5,019,891 |   | 4,909,863 |   | 5,101,065 |   |
| Short-term borrowings                                                               |    | 459,573                                           |      | 406,220                     |   | 453,490 |   | 342,639 |   | 409,710 |   | 724,425 |   | 435,726 |   |
| Long-term debt                                                                      |    | 112,500                                           |      | 132,847                     |   | 127,500 |   | 136,841 |   | 123,957 |   | 75,622 |   | 93,524 |   |
| Company-obligated mandatorily redeemable  preferred securities of subsidiary trusts |    | 120,000                                           |      | 120,000                     |   | 120,000 |   | 120,000 |   | 120,000 |   | 120,000 |   | 120,000 |   |
| Common shareholders’ equity                                                    |    | 381,960                                           |      | 370,185                     |   | 378,449 |   | 356,705 |   | 345,431 |   | 407,269 |   | 424,656 |   |
| Book value per common share                                                         |    | 9.98                                              |      | 9.35                        |   | 9.78 |   | 8.86 |   | 8.25 |   | 8.12 |   | 8.49 |   |
| Tangible book value per common share                                                |    | 7.51                                              |      | 6.91                        |   | 7.32 |   | 6.44 |   | 5.50 |   | 5.60 |   | 5.83 |   |
| **Historical Financial  Condition Ratios:**                                         |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Nonperforming assets to total loans and  OREO                                       |    | 0.94                                              | %         | 0.66                        | %      | 0.81 | % | 0.64 | % | 0.70 | % | 0.88 | % | 0.78 | % |
| Allowance for loan losses to total loans                                            |    | 1.58                                              | %         | 1.52                        | %      | 1.57 | % | 1.47 | % | 1.40 | % | 1.32 | % | 1.47 | % |
| Allowance for loan losses to nonperforming  loans                                   |    | 210                                               | %         | 252                         | %      | 245 | % | 261 | % | 221 | % | 188 | % | 228 | % |
| Average shareholders’ equity to average  loans                                 |    | 6.60                                              | %         | 6.32                        | %      | 6.45 | % | 5.95 | % | 5.83 | % | 6.64 | % | 6.83 | % |
| **Regulatory capital  ratios:**                                                     |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Tier 1 capital                                                                      |    | 9.77                                              | %         | 9.16                        | %      | 8.98 | % | 8.67 | % | 8.13 | % | 10.01 | % | 9.44 | % |
| Total capital                                                                       |    | 11.63                                             | %         | 11.35                       | %      | 11.04 | % | 11.11 | % | 10.73 | % | 12.45 | % | 12.09 | % |
| Leverage ratio                                                                      |    | 6.98                                              | %         | 6.79                        | %      | 6.52 | % | 6.51 | % | 5.94 | % | 7.16 | % | 6.47 | % |
| Efficiency ratio                                                                    |    | 62.13                                             | %         | 60.39                       | %      | 60.89 | % | 63.32 | % | 62.86 | % | 60.12 | % | 67.16 | % |
|                                                                                |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Income  from continuing operations before income taxes                              |    | $                                                 | 57,170    |                        | $      | 59,091 |   | $ | 118,757 |   | $ | 98,535 |   | $ | 107,382 |   | $ | 113,486 |   | $ | 71,966 |   |
| Add:   fixed charges                                                           |    | 33,852                                            |      | 47,542                      |   | 89,928 |   | 162,220 |   | 210,281 |   | 185,818 |   | 194,787 |   |
| Earnings including interest expense on  deposits                                    | **(a)** | 91,022                                            |      | 106,633                     |   | 208,685 |   | 260,755 |   | 317,663 |   | 299,304 |   | 266,753 |   |
| Less: interest expense on deposits                                                  |    | (27,369                                           | )         | (40,158                     | )      | (75,572 | ) | (138,542 | ) | (169,281 | ) | (151,138 | ) | (166,873 | ) |
| Earnings excluding interest expense on  deposits                                    | **(b)** | $                                                 | 63,653    |                        | $      | 66,475 |   | $ | 133,113 |   | $ | 122,213 |   | $ | 148,382 |   | $ | 148,166 |   | $ | 99,880 |   |
|                                                                                |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                                                      |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense on deposits                                                        |    | $                                                 | 27,369    |                        | $      | 40,158 |   | $ | 75,572 |   | $ | 138,542 |   | $ | 169,281 |   | $ | 151,138 |   | $ | 166,873 |   |
| Interest expense on borrowings                                                      |    | 6,483                                             |      | 7,384                       |   | 14,356 |   | 23,678 |   | 41,000 |   | 34,680 |   | 27,914 |   |
| Fixed charges including interest expense  on deposits                               | **(c)** | 33,852                                            |      | 47,542                      |   | 89,928 |   | 162,220 |   | 210,281 |   | 185,818 |   | 194,787 |   |
| Less: interest expense on deposits                                                  |    | (27,369                                           | )         | (40,158                     | )      | (75,572 | ) | (138,542 | ) | (169,281 | ) | (151,138 | ) | (166,873 | ) |
| Fixed charges excluding interest expense  on deposits                               | **(d)** | $                                                 | 6,483     |                        | $      | 7,384 |   | $ | 14,356 |   | $ | 23,678 |   | $ | 41,000 |   | $ | 34,680 |   | $ | 27,914 |   |
|                                                                                |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| **Earnings to combined  fixed charges:**                                            |    |                                              |      |                        |   |   |   |   |   |   |   |   |   |   |   |
| Excluding interest on deposits  (b) / (d)                                      |    | 9.82                                              |      | 9.00                        |   | 9.27 |   | 5.16 |   | 3.62 |   | 4.27 |   | 3.58 |   |
| Including interest on deposits  (a) / (c)                                      |    | 2.69                                              |      | 2.24                        |   | 2.32 |   | 1.61 |   | 1.51 |   | 1.61 |   | 1.37 |   |

 

1

----