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<TITLE>SECURITIES AND EXCHANGE COMMISSION</TITLE>
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<B><FONT SIZE=4><P ALIGN="CENTER">UNITED STATES</P>
</FONT><FONT SIZE=5><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
</B></FONT><P ALIGN="CENTER">Washington, D.C. 20549</P>
<P><HR></P>
<B><FONT SIZE=5><P ALIGN="CENTER">FORM 8-K</P>
<P ALIGN="CENTER">CURRENT REPORT</P>
</B></FONT><P ALIGN="CENTER">Pursuant to Section 13 OR 15(d) of The<BR>
Securities Exchange Act of 1934</P>
<P ALIGN="CENTER">Date of Report (Date of earliest event reported):  September 26, 2006</P>
<P ALIGN="CENTER">_________________</P>
<B><FONT SIZE=5><P ALIGN="CENTER">IRWIN FINANCIAL CORPORATION</FONT><FONT FACE="Arial" SIZE=4><BR>
</B></FONT>(Exact name of registrant as specified in its charter)</P>
<P>&nbsp;</P>
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<B><P ALIGN="CENTER">INDIANA<BR>
</B><BR>
(State or other jurisdiction of incorporation)</TD>
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<B><P ALIGN="CENTER">0-6835</P>
</B><P ALIGN="CENTER">(Commission File Number)</TD>
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<B><P ALIGN="CENTER">35-1286807</P>
</B><P ALIGN="CENTER">(I.R.S. Employer Identification No.)</TD>
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<B><P ALIGN="CENTER">500 Washington Street</P>
<P ALIGN="CENTER">Columbus, Indiana 47201</P>
</B></FONT><P ALIGN="CENTER">(Address of principal executive offices and Zip Code)</P>
<P ALIGN="CENTER">Registrant's telephone number, including area code: <B>(812) 376-1909</P>
</B><P>&nbsp;<FONT SIZE=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>
<P>&nbsp;</P>
</FONT><FONT FACE="Wingdings" SIZE=2><P>o</FONT><FONT SIZE=2>&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
</FONT><FONT FACE="Wingdings" SIZE=2><P>o</FONT><FONT SIZE=2>&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
</FONT><FONT FACE="Wingdings" SIZE=2><P>o</FONT><FONT SIZE=2>&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
</FONT><FONT FACE="Wingdings" SIZE=2><P>o</FONT><FONT SIZE=2>&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))</P>
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<B><P>ITEM 2.01.  COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.<BR>
<BR>
</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September 26, 2006, pursuant to an asset purchase agreement described in a Report on Form 8-K filed August 7, 2006, which agreement was amended by a letter agreement on September 18, 2006, (together, the asset purchase agreement and letter agreement are referred to as the "Asset Purchase Agreement"), Irwin Financial Corporation's (the "Corporation's") indirect subsidiary, Irwin Mortgage Corporation ("IMC"), completed the sale of substantially all of its conforming conventional first mortgage loan production assets and related contractual commitments to Freedom Mortgage Corporation of Mt. Laurel, NJ ("Freedom").  A transfer of a portion of the assets was described in a Report on Form 8-K filed September 18, 2006.<BR>
<BR>
Completion of the transaction on September 26, 2006 included the transfer of IMC's mortgage loans held for sale and associated hedges.  Among the principal ancillary agreements entered into between IMC and Freedom in connection with the Asset Purchase Agreement are agreements that provide for (i) Freedom's sublease of approximately 47 percent of the Fishers headquarters on economic terms that are ratably substantially equivalent to the terms IMC pays its landlord; (ii) mutual transition services, such as interim loan servicing, information technology support, temporary use of equipment and furnishings and similar services, generally at prescribed fees intended to pass through or cover the servicing party's costs of providing the service; and (iii) temporary use by Freedom of the "Irwin Mortgage" name and IMC's websites.<BR>
<BR>
The purchase price for the assets was approximately $275 Million in cash subject to adjustment to reflect the following:  (i) adjustments to account for changes in certain asset and liability accounts to reflect the difference between pre-closing estimates and actual closing date amounts and to give effect to the proration of utilities charges and other payables relating to periods straddling the closing date; (ii) payments by IMC to Freedom in respect of a portion of gain realized on pre-closing loan sales by IMC that remained pending at the time of closing; and (iii) future payments to IMC by Freedom based on the amount of future production through offices acquired by Freedom.  Freedom assumed a number of accounts payable and contractual obligations associated with IMC's mortgage origination activities, but IMC retains liability for pending litigation and other obligations with respect to its mortgage origination activities prior to the closing and its retained servicing operations.  <BR>
<BR>
IMC did not sell Freedom IMC's mortgage servicing platform or its portfolio of mortgage servicing rights.<BR>
<BR>
Irwin Financial Corporation and its subsidiaries have no material relationship with Freedom apart from the transactions covered by the Asset Purchase Agreement.<BR>
<BR>
The above description of the transaction is qualified in its entirety by the full text of the Asset Purchase Agreement, which is attached to this report as Exhibits 2.1 and 2.2.  A copy of the press release announcing the completion of the sale is attached to this report as Exhibit 99.1. <BR>
<BR>
</P>
<B>
<P>ITEM 8.01.  OTHER EVENTS.<BR>
<BR>
</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October 2, 2006, the Corporation announced the sale of substantially all of its conforming, conventional mortgage servicing portfolio (MSRs) for approximately $261 million.  The portfolio was sold to four independent acquirers.  Transfer of the portfolio and associated escrow deposits will begin in November and be substantially complete by January 3, 2007.  Until final transfer, the Corporation will provide interim servicing for the buyers and will retain the liquidity and the economic benefits derived from the escrow deposits.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cash consideration for the sales includes an estimate of prepayment and delinquency costs for which the Corporation contractually indemnified the purchasers for periods up to 90 days.
Final cash consideration will also include the fair value of servicing produced during the third quarter, up to the point of the sale of certain related production assets on September 18, 2006.  Reflecting anticipated sale proceeds and giving effect to gains on derivative hedges on the portfolio prior to sale date, the Corporation expects to record a pre-tax charge of approximately $11 million on the MSR disposition.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation also announced that it is in substantive discussion with a national mortgage lender for the acquisition of certain assets and the assumption of certain lease and contractual obligations related to its servicing platform.  Current negotiations contemplate a plan by the acquirer to employ a large majority of the existing servicing employees subsequent to the final MSR portfolio transfer.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the press release announcing the sale of the MSR asset and plans to sell the mortgage servicing platform is attached to this report as Exhibit 99.2.<BR>
<BR>
<I>About Irwin Financial<BR>
<BR>
</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irwin<FONT FACE="Lucida Console">&reg;</FONT> Financial Corporation (<U>http://www.irwinfinancial.com</U>) is a bank holding company with a history tracing to 1871.  The Corporation, through its principal lines of business provides a broad range of financial services to consumers and small businesses in selected markets in the United States and Canada. <BR>
<BR>
<I><U>About Forward-Looking Statements</I></U>  <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Report contains forward-looking statements that are based on management's expectations, estimates, projections and assumptions.  These statements involve inherent risks and uncertainties that are difficult to predict and are not guarantees of future performance.  Words that convey our beliefs, views, expectations, assumptions and estimates or similar language, or that indicate events we believe could, would, should, may or will occur (or might not occur) or are likely (or unlikely) to occur, and similar expressions, are intended to identify forward-looking statements, which include but are not limited to, statements about adjustments to the purchase price of the sale of assets to Freedom that, among other things, may result in post-closing payments; expected future action in connection with the transfer of assets associated with the MSRs; the expected financial effect of the MSR disposition on the Corporation; the expected disposition of the servicing platform; and pro formas.  Actual future results may differ materially from what is projected due to a variety of factors, including, but not limited to, a failure to realize gains on the sale of certain loans in connection with which adjustments will be made to the purchase price of assets sold to Freedom; difficulty by Freedom in achieving certain production results at offices acquired from IMC; prepayment and delinquency rates on the MSR portfolio during the period from sale to transfer date; and unforeseen difficulties the parties may experience in completing the transactions as currently contemplated.  We undertake no obligation to update publicly any of these statements in light of future events, except as required in subsequent reports we file with the Securities and Exchange Commission.<BR>
<BR>
<BR>
<B>ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.<BR>
<BR>
</B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Pro Forma Financial Information</I>  <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following unaudited condensed consolidated pro forma financial statements are based upon the historical financial statements of the Corporation, adjusted to reflect the sale of assets related to its wholly-owned subsidiary IMC. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited condensed consolidated pro forma balance sheet reflects the disposition of the majority of IMC's assets as if it occurred on June 30, 2006.  The unaudited condensed consolidated pro forma income statement for the year ended December 31, 2005, gives effect to the disposition as if it occurred on January 1, 2005.  The unaudited condensed consolidated pro forma income statement for the six-month period ended June 30, 2006 is not presented since the operations of IMC were previously reported as discontinued operations in the Corporations Quarterly Report on Form 10-Q for the period ended June 30, 2006, filed on August 2, 2006. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following unaudited condensed consolidated pro forma financial statements of the Corporation should be read in conjunction with the related notes and with the historical consolidated financial statements of the Corporation and the related notes included in previous filings with the Securities and Exchange Commission.  The unaudited condensed consolidated pro forma financial statements are provided for illustrative purposes only and are not necessarily indicative of the operating results or financial position that would have occurred had the disposition closed on June 30, 2006, for the unaudited condensed consolidated pro forma balance sheet or as of January 1, 2005, for the unaudited condensed consolidated pro forma statement of income.  All pro forma adjustments in the following schedules are based on the best available information and certain assumptions that the Corporation's management believes are reasonable. Readers should not rely on the unaudited condensed consolidated pro forma financial statements as being indicative of the historical operating results that the Corporation would have achieved or any future operating results or financial position that it will experience after the transaction closes. <BR>
<BR>
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<B><P ALIGN="CENTER">IRWIN FINANCIAL CORPORATION<BR>
CONDENSED CONSOLIDATED PRO FORMA BALANCE SHEET<BR>
AS OF JUNE 30, 2006<BR>
(UNAUDITED - AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)<BR>
</P></B></FONT>
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<FONT SIZE=1>
<B><P ALIGN="CENTER">Historical</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1>
<B><P ALIGN="CENTER">(Note 1, 2)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1>
<B><P ALIGN="CENTER">Pro Forma</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1>
<B><P ALIGN="CENTER">June 30, 2006</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1>
<B><P ALIGN="CENTER">Adjustments</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1>
<B><P ALIGN="CENTER">June 30, 2006</B></FONT></TD>
</TR>
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<TD WIDTH="47%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16><P></P></TD>
</TR>
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<FONT SIZE=2>
<B><P>Assets:</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
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<FONT SIZE=1><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154,619 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT"> $         154,619 </FONT></TD>
</TR>
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<FONT SIZE=1><P>Interest-bearing deposits with financial institutions</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">45,226 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">45,226</FONT></TD>
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<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Residual interests</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">15,036 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">15,036</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Investment securities- held-to-maturity  (Fair value:  $17,245</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>     at June 30, 2006 and $17,031 at December 31, 2005)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">17,579 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">17,579</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Investment securities- available-for-sale</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">111,010 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">111,010</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Loans held for sale </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">148,561 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">148,561</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>  Loans and leases, net of unearned income </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4,909,930 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4,909,930</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>  Less: Allowance for loan and lease losses </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(66,921)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(66,921)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4,843,009 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">                       - </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4,843,009</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Servicing assets </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">33,308 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">33,308</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Accounts receivable</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">38,557 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">38,557</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Accrued interest receivable</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">21,993 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">21,993</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Premises and equipment</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">32,542 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">32,542</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Other assets</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">96,850 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">96,850</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Assets held for sale </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">957,701 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">           957,701 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P>          Total assets    </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT"> $        6,515,991 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT"> $        957,701 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT"> $      5,558,290 </FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1>
<B><P>Liabilities and Shareholders' Equity:</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Deposits</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>   Noninterest-bearing</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT"> $           801,861 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT"> $        349,138 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT"> $         452,723 </FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>   Interest-bearing</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">           1,766,501 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,766,501</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>   Certificates of deposit over $100,000</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">           1,299,991 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,299,991</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,868,353 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">           349,138 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,519,215</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Short-term borrowings </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">753,880 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">           502,418 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">251,462</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Collateralized debt</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">854,233 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">854,233</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Other long-term debt </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">249,360 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">249,360</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Other liabilities</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">173,721 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">               7,713 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">166,008</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Liabilities held for sale </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">86,863 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">             86,863 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>          Total liabilities</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5,986,410</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">946,132</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5,040,278</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Commitments and contingencies </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Shareholders' equity</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>   Preferred stock, no par value - authorized 4,000,000 shares;   none issued</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT"> </FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>   Common stock, no par value - authorized 40,000,000 shares; </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT"> </FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>      issued 29,748,973 shares as of June 30, 2006 and 29,612,080 as of</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT"> </FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>      December 31, 2005; 993,643 shares in treasury as of December 31, 2005</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">113,890 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">113,890</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>   Additional paid-in capital </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">   </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT"> </FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>   Deferred compensation</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">   </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT"> </FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>   Accumulated other comprehensive income, net of deferred income tax credit of</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT"> </FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>     $144  at June 30, 2006 and liability of $71 as of December 31, 2005        </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4,037 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4,037</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>   Retained earnings</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">411,654 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">             11,569 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">400,085</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">529,581 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">11,569 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">518,012</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>   Less treasury stock, at cost</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">   </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT"> </FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>   Total shareholders' equity</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">529,581 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">11,569 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">518,012</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P>          Total liabilities and shareholders' equity</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT"> $        6,515,991 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT"> $        957,701 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT"> $      5,558,290 </FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6 HEIGHT=8>
<FONT SIZE=1><P>The accompanying notes are an integral part of this unaudited condensed consolidated pro forma balance sheet.</FONT></TD>
</TR>
</TABLE>

</div>

<P>&nbsp;</P>
<hr>
<P ALIGN="CENTER">&nbsp;</P>
<FONT SIZE=3>
<B><P ALIGN="CENTER">IRWIN FINANCIAL CORPORATION<BR>
CONDENSED CONSOLIDATED PRO FORMA INCOME STATEMENT<BR>
FOR THE YEAR ENDED DECEMBER 31, 2005<BR>
(UNAUDITED - AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)<BR>
</P></B></FONT>
<div align="center">
<TABLE CELLSPACING=1 CELLPADDING=7 WIDTH=750>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1>
<B><P ALIGN="CENTER">Historical</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1>
<B><P ALIGN="CENTER">Pro Forma</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT SIZE=1>
<B><P>For the Year Ended</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1>
<B><P ALIGN="CENTER">(Note 1,2,3)</B></FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1>
<B><P ALIGN="CENTER">For the Year Ended</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1>
<B><P>December 31, 2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1>
<B><P ALIGN="CENTER">Adjustments</B></FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1>
<B><P ALIGN="CENTER">December 31, 2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT SIZE=2><P>Interest income</FONT><FONT SIZE=1>:</FONT></B></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Loans and leases</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT"> $               312,970 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT"> $              936 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT"> $               312,034 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Loans held for sale</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">94,324 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">50,784 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">43,540</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Residual interests</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">6,948 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">0 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">6,948</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Investment securities</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">7,629 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">0 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">7,629</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Federal funds sold</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">387 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">0 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">387</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P>    Total interest income</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">422,258 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">51,720 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">370,538 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=2>
<B><P>Interest expense:</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">0 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Deposits</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">83,861 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">0 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">83,861</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Short-term borrowings</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">21,244 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">11,573 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">9,671</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Collateralized debt</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">25,587 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">0 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">25,587</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Other long-term debt</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">25,676 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">0 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">25,676</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P>    Total interest expense</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">156,368 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">11,573 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">144,795 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Net interest income</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">265,890 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">40,147 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">225,743 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Provision for loan and lease losses </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">26,852 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">(455)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">27,307</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Net interest income after provision for loan and lease losses</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">239,038 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">40,602 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">198,436 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT SIZE=2><P>Other income</FONT><FONT SIZE=1>:</FONT></B></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">0 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Loan servicing fees</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">126,609 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">86,930 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">39,679</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Amortization of servicing assets </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">(100,322)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">(69,308)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">(31,014)</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Recovery of servicing assets</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">19,625 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">18,734 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">891</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P>    Net loan administration income </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">45,912 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">36,357 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">9,555 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Gain from sales of loans</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">98,127 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">75,267 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">22,860</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P>Gains on sale of mortgage servicing assets</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">14,412 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">14,412 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">0</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Trading gains</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">3,105 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">0 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">3,105</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Derivative losses, net</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">(69,688)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">(67,588)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">(2,100)</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Other</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">28,618 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">2,767 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">25,851</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">120,486 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">61,215 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">59,271 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT SIZE=2><P>Other expense</FONT><FONT SIZE=1>:</FONT></B></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">0 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Salaries</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">167,490 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">57,017 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">110,473</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Pension and other employee benefits</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">36,377 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">10,565 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">25,812</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Office expense</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">14,094 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">5,499 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">8,595</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Premises and equipment</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">35,330 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">14,190 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">21,140</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Marketing and development</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">8,196 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">3,822 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">4,374</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Professional fees</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">13,800 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">3,384 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">10,416</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P> Other</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">56,268 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">29,711 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">26,557</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">331,555 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">124,188 </FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">207,367 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P>Income before income taxes from continuing operations</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">27,969 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">(22,372)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">50,341 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P>Provision for income taxes</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">8,982 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">(8,993)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=1><P ALIGN="RIGHT">17,975</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=1><P>Net income (loss) from continuing operations</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=1><P ALIGN="RIGHT"> $                 18,987 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=1><P ALIGN="RIGHT"> $       (13,378)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=1><P ALIGN="RIGHT"> $                 32,365 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=2>
<B><P> Earnings per share from Continuing Operations: </B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=1><P> Basic</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=1><P ALIGN="RIGHT"> $                     0.67 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=1><P ALIGN="RIGHT">$1.13</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=19>
<FONT SIZE=1><P> Diluted</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=19>
<FONT SIZE=1><P ALIGN="RIGHT"> $                     0.66 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=19>
<FONT SIZE=1><P ALIGN="RIGHT">$1.12</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=19>
<FONT SIZE=1><P> Dividends per share</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=19>
<FONT SIZE=1><P ALIGN="RIGHT"> $                     0.40 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=19>
<FONT SIZE=1><P ALIGN="RIGHT">$0.40</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT SIZE=2><P> Weighted average shares outstanding</FONT><FONT SIZE=1>: </FONT> </B></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=1><P> Basic</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=1><P ALIGN="RIGHT">                    28,518 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=1><P ALIGN="RIGHT">                    28,518 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=19>
<FONT SIZE=1><P> Diluted</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=19>
<FONT SIZE=1><P ALIGN="RIGHT">                    28,841 </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=19>
<FONT SIZE=1><P ALIGN="RIGHT">                    28,841 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6 HEIGHT=19>
<FONT SIZE=2><P>The accompanying notes are an integral part of this unaudited condensed consolidated pro forma income statement.</FONT></TD>
</TR>
</TABLE>

</div>

<P>&nbsp;</P><hr>
<P>&nbsp;</P>
<B><P>Notes to the Unaudited Condensed Consolidated</B> <B>Pro Forma Financial Statements<BR>
<BR>
Note 1</B>.  These adjustments reflect the disposition of substantially all of the Corporation's conforming conventional first mortgage loan production assets and related contractual commitments to Freedom Mortgage Corporation (FMC) including the transfer of IMC's mortgage loans held for sale and associated hedges.  The purchase price for the assets was approximately $275 million in cash.  As part of the transaction, FMC assumed certain liabilities associated with the on-going operations of the loan production business, and IMC retained liability for pending litigation and other obligations arising outside the ordinary course of business.  <BR>
<BR>
<B>Note 2</B>.  These adjustments reflect the sale of substantially all of the Corporation's conforming, conventional mortgage servicing portfolio (MSRs) for approximately $261 million in cash to four independent acquirers.   Transfer of the portfolio and associated escrow deposits will begin in November and be substantially complete by January 3, 2007.  Until final transfer, the Corporation will provide interim servicing for the buyers and will retain the liquidity and the economic benefits derived from the escrow deposits.<BR>
<BR>
<B>Note 3</B>.  These adjustments eliminate the operating results of IMC as if the sale to FMC and the sale of the mortgage servicing asset had occurred on January 1, 2005. In addition, these adjustments assume the mortgage servicing operation, which is currently being marketed, had been sold as of the same date as well.  </P>
<P>&nbsp;</P>
<P>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exhibits</I><BR>
</P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=750>
<TR><TD WIDTH="20%" VALIGN="TOP">
<U><P ALIGN="CENTER">Exhibit No.</U></TD>
<TD WIDTH="80%" VALIGN="TOP">
<U><P>Description</U></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">
<P ALIGN="CENTER">2.1</TD>
<TD WIDTH="80%" VALIGN="TOP">
<P>Asset Purchase Agreement among Irwin Financial Corporation, Irwin Mortgage Corporation and Freedom Mortgage Corporation., dated August 7, 2006.</TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">
<P ALIGN="CENTER">2.2</TD>
<TD WIDTH="80%" VALIGN="TOP">
<P>Letter Agreement amending the Asset Purchase Agreement among Irwin Financial Corporation, Irwin Mortgage Corporation and Freedom Mortgage Corporation, dated September 18, 2006.</TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">
<P ALIGN="CENTER">99.1</TD>
<TD WIDTH="80%" VALIGN="TOP">
<P>Press Release of Irwin Financial Corporation dated September 27, 2006.</TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">
<P ALIGN="CENTER">99.2</TD>
<TD WIDTH="80%" VALIGN="TOP">
<P>Press Release of Irwin Financial Corporation dated October 2, 2006.</TD>
</TR>
</TABLE>

<B><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">SIGNATURES</P>
</B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P>&nbsp;</P>
<div align="left">
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=807>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="45%" VALIGN="TOP">
<B><P ALIGN="CENTER">IRWIN FINANCIAL CORPORATION<BR>
</B>(Registrant)</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>Date:  October 2, 2006</TD>
<TD WIDTH="45%" VALIGN="TOP">
<P>       By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gregory F. Ehlinger<BR>
            __________________________________________</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="45%" VALIGN="TOP" HEIGHT=18>
<P ALIGN="CENTER">GREGORY F. EHLINGER<BR>
<I>Senior Vice President and Chief<BR>
Financial Officer</I></TD>
</TR>
</TABLE>

</div>

<I><P ALIGN="CENTER">&nbsp;</P>
</I>
<B><P ALIGN="CENTER">EXHIBIT INDEX</P></B>
<div align="left">
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=750>
<TR><TD WIDTH="19%" VALIGN="TOP">
<U>
<B><P ALIGN="CENTER">Exhibit No.</B></U></TD>
<TD WIDTH="81%" VALIGN="TOP">
<U>
<B><P>Description</B></U></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP">
<P ALIGN="CENTER">2.1</TD>
<TD WIDTH="81%" VALIGN="TOP">
<P>Asset Purchase Agreement among Irwin Financial Corporation, Irwin Mortgage Corporation and Freedom Mortgage Corporation, dated August 7, 2006.</TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP">
<P ALIGN="CENTER">2.2</TD>
<TD WIDTH="81%" VALIGN="TOP">
<P>Letter Agreement amending the Asset Purchase Agreement among Irwin Financial Corporation, Irwin Mortgage Corporation and Freedom Mortgage Corporation, dated September 18, 2006.</TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP">
<P ALIGN="CENTER">99.1</TD>
<TD WIDTH="81%" VALIGN="TOP">
<P>Press Release of Irwin Financial Corporation dated September 27, 2006.</TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP">
<P ALIGN="CENTER">99.2</TD>
<TD WIDTH="81%" VALIGN="TOP">
<P>Press Release of Irwin Financial Corporation dated October 2, 2006.</TD>
</TR>
</TABLE>

</div>

</BODY>
</HTML>
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{"company-data": {"conformed-name": "IRWIN FINANCIAL CORP", "cik": "0000052617", "assigned-sic": "6022", "irs-number": "351286807", "state-of-incorporation": "IN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-16691", "film-number": "061121172"}, "business-address": {"street1": "500 WASHINGTON STREET", "street2": "500 WASHINGTON STREET", "city": "COLUMBUS", "state": "IN", "zip": "47201", "phone": "8123761909"}, "mail-address": {"street1": "500 WASHINGTON STREET", "street2": "500 WASHINGTON STREET", "city": "COLUMBUS", "state": "IN", "zip": "47201"}, "former-company": [{"former-conformed-name": "IRWIN FINANCIAL CORPORATION", "date-changed": "19920703"}, {"former-conformed-name": "IRWIN UNION CORP", "date-changed": "19900919"}]}
SECURITIES AND EXCHANGE COMMISSION
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  September 26, 2006
_________________
IRWIN FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
INDIANA
(State or other jurisdiction of incorporation)
0-6835
(Commission File Number)
35-1286807
(I.R.S. Employer Identification No.)
500 Washington Street
Columbus, Indiana 47201
(Address of principal executive offices and Zip Code)
Registrant's telephone number, including area code:
(812) 376-1909
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))
ITEM 2.01.  COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.
On September 26, 2006, pursuant to an asset purchase agreement described in a Report on Form 8-K filed August 7, 2006, which agreement was amended by a letter agreement on September 18, 2006, (together, the asset purchase agreement and letter agreement are referred to as the "Asset Purchase Agreement"), Irwin Financial Corporation's (the "Corporation's") indirect subsidiary, Irwin Mortgage Corporation ("IMC"), completed the sale of substantially all of its conforming conventional first mortgage loan production assets and related contractual commitments to Freedom Mortgage Corporation of Mt. Laurel, NJ ("Freedom").  A transfer of a portion of the assets was described in a Report on Form 8-K filed September 18, 2006.
Completion of the transaction on September 26, 2006 included the transfer of IMC's mortgage loans held for sale and associated hedges.  Among the principal ancillary agreements entered into between IMC and Freedom in connection with the Asset Purchase Agreement are agreements that provide for (i) Freedom's sublease of approximately 47 percent of the Fishers headquarters on economic terms that are ratably substantially equivalent to the terms IMC pays its landlord; (ii) mutual transition services, such as interim loan servicing, information technology support, temporary use of equipment and furnishings and similar services, generally at prescribed fees intended to pass through or cover the servicing party's costs of providing the service; and (iii) temporary use by Freedom of the "Irwin Mortgage" name and IMC's websites.
The purchase price for the assets was approximately $275 Million in cash subject to adjustment to reflect the following:  (i) adjustments to account for changes in certain asset and liability accounts to reflect the difference between pre-closing estimates and actual closing date amounts and to give effect to the proration of utilities charges and other payables relating to periods straddling the closing date; (ii) payments by IMC to Freedom in respect of a portion of gain realized on pre-closing loan sales by IMC that remained pending at the time of closing; and (iii) future payments to IMC by Freedom based on the amount of future production through offices acquired by Freedom.  Freedom assumed a number of accounts payable and contractual obligations associated with IMC's mortgage origination activities, but IMC retains liability for pending litigation and other obligations with respect to its mortgage origination activities prior to the closing and its retained servicing operations.
IMC did not sell Freedom IMC's mortgage servicing platform or its portfolio of mortgage servicing rights.
Irwin Financial Corporation and its subsidiaries have no material relationship with Freedom apart from the transactions covered by the Asset Purchase Agreement.
The above description of the transaction is qualified in its entirety by the full text of the Asset Purchase Agreement, which is attached to this report as Exhibits 2.1 and 2.2.  A copy of the press release announcing the completion of the sale is attached to this report as Exhibit 99.1.
ITEM 8.01.  OTHER EVENTS.
On October 2, 2006, the Corporation announced the sale of substantially all of its conforming, conventional mortgage servicing portfolio (MSRs) for approximately $261 million.  The portfolio was sold to four independent acquirers.  Transfer of the portfolio and associated escrow deposits will begin in November and be substantially complete by January 3, 2007.  Until final transfer, the Corporation will provide interim servicing for the buyers and will retain the liquidity and the economic benefits derived from the escrow deposits.
The cash consideration for the sales includes an estimate of prepayment and delinquency costs for which the Corporation contractually indemnified the purchasers for periods up to 90 days.
Final cash consideration will also include the fair value of servicing produced during the third quarter, up to the point of the sale of certain related production assets on September 18, 2006.  Reflecting anticipated sale proceeds and giving effect to gains on derivative hedges on the portfolio prior to sale date, the Corporation expects to record a pre-tax charge of approximately $11 million on the MSR disposition.
The Corporation also announced that it is in substantive discussion with a national mortgage lender for the acquisition of certain assets and the assumption of certain lease and contractual obligations related to its servicing platform.  Current negotiations contemplate a plan by the acquirer to employ a large majority of the existing servicing employees subsequent to the final MSR portfolio transfer.
A copy of the press release announcing the sale of the MSR asset and plans to sell the mortgage servicing platform is attached to this report as Exhibit 99.2.
About Irwin Financial
Irwin
®
Financial Corporation (
http://www.irwinfinancial.com
) is a bank holding company with a history tracing to 1871.  The Corporation, through its principal lines of business provides a broad range of financial services to consumers and small businesses in selected markets in the United States and Canada.
About Forward-Looking Statements
This Report contains forward-looking statements that are based on management's expectations, estimates, projections and assumptions.  These statements involve inherent risks and uncertainties that are difficult to predict and are not guarantees of future performance.  Words that convey our beliefs, views, expectations, assumptions and estimates or similar language, or that indicate events we believe could, would, should, may or will occur (or might not occur) or are likely (or unlikely) to occur, and similar expressions, are intended to identify forward-looking statements, which include but are not limited to, statements about adjustments to the purchase price of the sale of assets to Freedom that, among other things, may result in post-closing payments; expected future action in connection with the transfer of assets associated with the MSRs; the expected financial effect of the MSR disposition on the Corporation; the expected disposition of the servicing platform; and pro formas.  Actual future results may differ materially from what is projected due to a variety of factors, including, but not limited to, a failure to realize gains on the sale of certain loans in connection with which adjustments will be made to the purchase price of assets sold to Freedom; difficulty by Freedom in achieving certain production results at offices acquired from IMC; prepayment and delinquency rates on the MSR portfolio during the period from sale to transfer date; and unforeseen difficulties the parties may experience in completing the transactions as currently contemplated.  We undertake no obligation to update publicly any of these statements in light of future events, except as required in subsequent reports we file with the Securities and Exchange Commission.
ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.
(b)
Pro Forma Financial Information
The following unaudited condensed consolidated pro forma financial statements are based upon the historical financial statements of the Corporation, adjusted to reflect the sale of assets related to its wholly-owned subsidiary IMC.
The unaudited condensed consolidated pro forma balance sheet reflects the disposition of the majority of IMC's assets as if it occurred on June 30, 2006.  The unaudited condensed consolidated pro forma income statement for the year ended December 31, 2005, gives effect to the disposition as if it occurred on January 1, 2005.  The unaudited condensed consolidated pro forma income statement for the six-month period ended June 30, 2006 is not presented since the operations of IMC were previously reported as discontinued operations in the Corporations Quarterly Report on Form 10-Q for the period ended June 30, 2006, filed on August 2, 2006.
The following unaudited condensed consolidated pro forma financial statements of the Corporation should be read in conjunction with the related notes and with the historical consolidated financial statements of the Corporation and the related notes included in previous filings with the Securities and Exchange Commission.  The unaudited condensed consolidated pro forma financial statements are provided for illustrative purposes only and are not necessarily indicative of the operating results or financial position that would have occurred had the disposition closed on June 30, 2006, for the unaudited condensed consolidated pro forma balance sheet or as of January 1, 2005, for the unaudited condensed consolidated pro forma statement of income.  All pro forma adjustments in the following schedules are based on the best available information and certain assumptions that the Corporation's management believes are reasonable. Readers should not rely on the unaudited condensed consolidated pro forma financial statements as being indicative of the historical operating results that the Corporation would have achieved or any future operating results or financial position that it will experience after the transaction closes.
IRWIN FINANCIAL CORPORATION
CONDENSED CONSOLIDATED PRO FORMA BALANCE SHEET
AS OF JUNE 30, 2006
(UNAUDITED - AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
Historical
(Note 1, 2)
Pro Forma
June 30, 2006
Adjustments
June 30, 2006
Assets:
Cash and cash equivalents
$         154,619
$                  -
$         154,619
Interest-bearing deposits with financial institutions
45,226
45,226
Residual interests
15,036
15,036
Investment securities- held-to-maturity  (Fair value:  $17,245
0
at June 30, 2006 and $17,031 at December 31, 2005)
17,579
17,579
Investment securities- available-for-sale
111,010
111,010
Loans held for sale
148,561
148,561
Loans and leases, net of unearned income
4,909,930
4,909,930
Less: Allowance for loan and lease losses
(66,921)
(66,921)
4,843,009
-
4,843,009
Servicing assets
33,308
33,308
Accounts receivable
38,557
38,557
Accrued interest receivable
21,993
21,993
Premises and equipment
32,542
32,542
Other assets
96,850
96,850
Assets held for sale
957,701
957,701
0
Total assets
$        6,515,991
$        957,701
$      5,558,290
Liabilities and Shareholders' Equity:
Deposits
Noninterest-bearing
$           801,861
$        349,138
$         452,723
Interest-bearing
1,766,501
1,766,501
Certificates of deposit over $100,000
1,299,991
1,299,991
3,868,353
349,138
3,519,215
Short-term borrowings
753,880
502,418
251,462
Collateralized debt
854,233
854,233
Other long-term debt
249,360
249,360
Other liabilities
173,721
7,713
166,008
Liabilities held for sale
86,863
86,863
0
Total liabilities
5,986,410
946,132
5,040,278
Commitments and contingencies
Shareholders' equity
Preferred stock, no par value - authorized 4,000,000 shares;   none issued
Common stock, no par value - authorized 40,000,000 shares;
issued 29,748,973 shares as of June 30, 2006 and 29,612,080 as of
December 31, 2005; 993,643 shares in treasury as of December 31, 2005
113,890
113,890
Additional paid-in capital
Deferred compensation
Accumulated other comprehensive income, net of deferred income tax credit of
$144  at June 30, 2006 and liability of $71 as of December 31, 2005
4,037
4,037
Retained earnings
411,654
11,569
400,085
529,581
11,569
518,012
Less treasury stock, at cost
Total shareholders' equity
529,581
11,569
518,012
Total liabilities and shareholders' equity
$        6,515,991
$        957,701
$      5,558,290
The accompanying notes are an integral part of this unaudited condensed consolidated pro forma balance sheet.
IRWIN FINANCIAL CORPORATION
CONDENSED CONSOLIDATED PRO FORMA INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2005
(UNAUDITED - AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Historical
Pro Forma
For the Year Ended
(Note 1,2,3)
For the Year Ended
December 31, 2005
Adjustments
December 31, 2005
Interest income
:
Loans and leases
$               312,970
$              936
$               312,034
Loans held for sale
94,324
50,784
43,540
Residual interests
6,948
0
6,948
Investment securities
7,629
0
7,629
Federal funds sold
387
0
387
Total interest income
422,258
51,720
370,538
Interest expense:
0
Deposits
83,861
0
83,861
Short-term borrowings
21,244
11,573
9,671
Collateralized debt
25,587
0
25,587
Other long-term debt
25,676
0
25,676
Total interest expense
156,368
11,573
144,795
Net interest income
265,890
40,147
225,743
Provision for loan and lease losses
26,852
(455)
27,307
Net interest income after provision for loan and lease losses
239,038
40,602
198,436
Other income
:
0
Loan servicing fees
126,609
86,930
39,679
Amortization of servicing assets
(100,322)
(69,308)
(31,014)
Recovery of servicing assets
19,625
18,734
891
Net loan administration income
45,912
36,357
9,555
Gain from sales of loans
98,127
75,267
22,860
Gains on sale of mortgage servicing assets
14,412
14,412
0
Trading gains
3,105
0
3,105
Derivative losses, net
(69,688)
(67,588)
(2,100)
Other
28,618
2,767
25,851
120,486
61,215
59,271
Other expense
:
0
Salaries
167,490
57,017
110,473
Pension and other employee benefits
36,377
10,565
25,812
Office expense
14,094
5,499
8,595
Premises and equipment
35,330
14,190
21,140
Marketing and development
8,196
3,822
4,374
Professional fees
13,800
3,384
10,416
Other
56,268
29,711
26,557
331,555
124,188
207,367
Income before income taxes from continuing operations
27,969
(22,372)
50,341
Provision for income taxes
8,982
(8,993)
17,975
Net income (loss) from continuing operations
$                 18,987
$       (13,378)
$                 32,365
Earnings per share from Continuing Operations:
Basic
$                     0.67
$1.13
Diluted
$                     0.66
$1.12
Dividends per share
$                     0.40
$0.40
Weighted average shares outstanding
:
Basic
28,518
28,518
Diluted
28,841
28,841
The accompanying notes are an integral part of this unaudited condensed consolidated pro forma income statement.
Notes to the Unaudited Condensed Consolidated
Pro Forma Financial Statements
Note 1
.  These adjustments reflect the disposition of substantially all of the Corporation's conforming conventional first mortgage loan production assets and related contractual commitments to Freedom Mortgage Corporation (FMC) including the transfer of IMC's mortgage loans held for sale and associated hedges.  The purchase price for the assets was approximately $275 million in cash.  As part of the transaction, FMC assumed certain liabilities associated with the on-going operations of the loan production business, and IMC retained liability for pending litigation and other obligations arising outside the ordinary course of business.
Note 2
.  These adjustments reflect the sale of substantially all of the Corporation's conforming, conventional mortgage servicing portfolio (MSRs) for approximately $261 million in cash to four independent acquirers.   Transfer of the portfolio and associated escrow deposits will begin in November and be substantially complete by January 3, 2007.  Until final transfer, the Corporation will provide interim servicing for the buyers and will retain the liquidity and the economic benefits derived from the escrow deposits.
Note 3
.  These adjustments eliminate the operating results of IMC as if the sale to FMC and the sale of the mortgage servicing asset had occurred on January 1, 2005. In addition, these adjustments assume the mortgage servicing operation, which is currently being marketed, had been sold as of the same date as well.
(d)
Exhibits
Exhibit No.
Description
2.1
Asset Purchase Agreement among Irwin Financial Corporation, Irwin Mortgage Corporation and Freedom Mortgage Corporation., dated August 7, 2006.
2.2
Letter Agreement amending the Asset Purchase Agreement among Irwin Financial Corporation, Irwin Mortgage Corporation and Freedom Mortgage Corporation, dated September 18, 2006.
99.1
Press Release of Irwin Financial Corporation dated September 27, 2006.
99.2
Press Release of Irwin Financial Corporation dated October 2, 2006.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IRWIN FINANCIAL CORPORATION
(Registrant)
Date:  October 2, 2006
By:     /s/ Gregory F. Ehlinger
__________________________________________
GREGORY F. EHLINGER
Senior Vice President and Chief
Financial Officer
EXHIBIT INDEX
Exhibit No.
Description
2.1
Asset Purchase Agreement among Irwin Financial Corporation, Irwin Mortgage Corporation and Freedom Mortgage Corporation, dated August 7, 2006.
2.2
Letter Agreement amending the Asset Purchase Agreement among Irwin Financial Corporation, Irwin Mortgage Corporation and Freedom Mortgage Corporation, dated September 18, 2006.
99.1
Press Release of Irwin Financial Corporation dated September 27, 2006.
99.2
Press Release of Irwin Financial Corporation dated October 2, 2006.