EXHIBIT 99
[OLD KENT LOGO]
OLD KENT FINANCIAL CORPORATION
111 Lyon Street NW
Grand Rapids, MI 49503-2406
NEWS RELEASE
NASDAQ: OKEN
FOR RELEASE: Immediate
DATE: July 16, 1998
CONTACT: Albert T. Potas
Senior Vice President, Controller
(616) 771-1931
REVENUE GROWTH DRIVES OLD KENT EARNINGS FOR SECOND QUARTER 1998
GRAND RAPIDS, MICHIGAN -- Old Kent Financial Corporation reported
diluted earnings per share of $.52 for the quarter ended June 30, 1998 (as
adjusted for the effect of a 5% stock dividend to be paid July 17, 1998.)
Excluding security transactions and non-recurring items, this represented a
22% increase in diluted earnings per share over the second quarter of 1997.
Net income for the three months ended June 30, 1998 was $50.0 million
compared to $52.8 million for the same period in 1997 (which included a
one-time $10.6 million after-tax gain on sale of credit card loans.) The
returns on average total equity and average total assets were 20.47% and
1.43% respectively, for the quarter ended June 30, 1998. Excluding the
effect of the large credit card sale gain, last year's second quarter
return on average equity was 16.67% and the return on average total assets
was 1.28%.
David Wagner, Chairman, President and CEO, said "revenue growth was
the main-stay of Old Kent's improvement in core earnings." Excluding non-
recurring items and security transactions, second quarter 1998 total
revenues were 10% more than in the year-ago quarter. Non-interest revenues
increased by 30% from the second quarter of 1997 and represented 40% of
total revenues for the three months ended June 30, 1998 compared to 33%
for the same period last year. Mortgage banking revenues increased to
$36.9 million, up nearly 50%. Trust and investment management fees were
15% more. Deposit account revenues were up 19% and all other non-interest
revenues increased by 14%. Net interest income increased modestly due to
changes in earning asset mix which included a decrease in total loans.
The decrease was the result of residential mortgage loan runoff and the
implementation of strategies aimed at improving profitability by exiting
or altering certain consumer lending activities.
Mr. Wagner stated that Old Kent's pending acquisition of First
Evergreen Corporation was on track to be consummated in the fourth quarter
of 1998. He added that, as of June 30, 1998, Old Kent had completed the
6 million share stock repurchase program authorized in June 1997. The
Corporation also initiated repurchases pursuant to a June 1998
authorization which permits the repurchase of up to 6 million shares by
July 1999. As in past programs, most of the shares repurchased under this
most recent authorization are intended for use in connection with
anticipated future stock dividends under a plan of quarterly, ratable
reacquisition.
- more -
Old Kent is a bank holding company headquarter in Grand Rapids,
Michigan. It operates 223 full service banking offices in Michigan and
Illinois, and 125 mortgage lending sites located in 30 states. At June 30,
1998, Old Kent had total assets of approximately $13.7 billion.
PERCENTAGE
EARNINGS SUMMARY: 1998 1997 <FA> CHANGE
- ----------------- ---- --------- ------
QUARTER ENDED JUNE 30:
Basic Earnings per Share $.053 $0.53 -
Diluted Earnings per Share 0.52 0.52 -
Net Income $49,955,000 $52,811,000 -5.4%
SIX MONTHS ENDED JUNE 30:
Basic Earnings per Share $1.01 $0.93 8.6%
Diluted Earnings per Share 1.00 0.92 8.7%
Net Income $96,129,000 $93,815,000 2.5%
BALANCE SHEET DATA AT JUNE 30:
Commercial Loans $5,179,399,000 $4,873,075,000 6.3%
Consumer Loans 2,325,937,000 2,561,520,000 -9.2%
Residential Mortgage Loans 637,525,000 914,631,000 -30.3%
Total Loans 8,142,861,000 8,349,226,000 -2.5%
Total Interest-earning Assets 12,513,265,000 12,184,398,000 2.7%
Core Deposits 9,500,924,000 9,329,964,000 1.8%
Total Deposits 10,480,979,000 10,262,191,000 2.1%
Total Assets 13,740,071,000 13,360,838,000 2.8%
Shareholders' Equity 964,706,000 1,047,936,000 -7.9%
<FN>
<FA> ADJUSTED TO REFLECT A TWO-FOR-ONE (100 PERCENT) STOCK SPLIT PAID
DECEMBER 15, 1997, AND A FIVE PERCENT STOCK DIVIDEND PAYABLE JULY 17,
1998
</FN>
# # #
[OLD KENT LOGO]
FINANCIAL CORPORATION
SECOND QUARTER 1998 CONSOLIDATED KEY FINANCIAL DATA
THREE MONTHS ENDED
[AMOUNT IN THOUSANDS, -------------------------------------------------------
EXCEPT PER SHARE DATA] CHANGE FROM: SIX MONTHS ENDED JUNE 30,
----------------- ------------------------------
JUNE 30 MARCH 31 JUNE 30 PRIOR YEAR PERCENT
KEY STATISTICS 1998 1998 1997<FA> QUARTER AGO 1998 1997<FA> CHANGE
- ----------------------------------------------------------------------------------------------------------------------------------
SUMMARY INCOME STATEMENT
- ----------------------------------------------------------------------------------------------------------------------------------
Taxable equivalent interest income. . $261,807 $264,874 $256,795 (1.2)% 2.0 % $526,681 $503,867 4.6 %
Interest income . . . . . . . . . . . 260,532 263,666 255,198 (1.2) 2.1 524,198 500,306 4.8
Interest expense. . . . . . . . . . . 128,587 129,411 123,708 (0.6) 3.9 257,998 239,925 7.5
-------- -------- -------- -------- --------
Net interest income. . . . . . . . 131,945 134,255 131,490 (1.7) 0.3 266,200 260,381 2.2
-------- -------- -------- -------- --------
Provision for credit losses . . . . . 11,358 15,081 11,740 (24.7) (3.3) 26,439 21,962 20.4
-------- -------- -------- -------- --------
Mortgage banking revenues - net. . 36,867 29,905 24,817 23.3 48.6 66,772 43,627 53.1
Trust revenues . . . . . . . . . . 14,807 14,042 12,841 5.4 15.3 28,849 25,693 12.3
Service charges. . . . . . . . . . 13,941 13,512 11,708 3.2 19.1 27,453 23,139 18.6
Insurance sales revenues . . . . . 4,783 5,560 3,281 (14.0) 45.8 10,343 6,775 52.7
ATM revenues . . . . . . . . . . . 1,667 1,474 1,600 13.1 4.2 3,141 2,565 22.5
Brokerage revenues . . . . . . . . 1,462 1,065 697 37.3 109.8 2,527 1,508 67.6
Securities gains/(losses). . . . . 2,250 105 (774) nm nm 2,355 (1,411) nm
Nonrecurring and OREO income . . . 1,331 6,002 17,698 nm nm 7,333 20,285 nm
Other. . . . . . . . . . . . . . . 10,539 10,874 10,617 (3.1) (0.7) 21,413 20,292 5.5
-------- -------- -------- -------- --------
Total other income. . . . . . . . . . 87,647 82,539 82,485 6.2 6.3 170,186 142,473 19.5
-------- -------- -------- -------- --------
Salaries and employee benefits . . 66,844 69,218 62,054 (3.4) 7.7 136,062 123,578 10.1
Occupancy expense. . . . . . . . . 9,100 9,062 8,425 0.4 8.0 18,162 17,042 6.6
Equipment expense. . . . . . . . . 8,165 7,897 7,016 3.4 16.4 16,062 13,633 17.8
Advertising and promotion. . . . . 2,897 2,163 2,830 33.9 2.4 5,060 4,857 4.2
Amortization of goodwill and
intangibles. . . . . . . . . . . 3,341 3,368 3,340 (0.8) 0.0 6,709 6,710 (0.0)
Nonrecurring and OREO expenses . . 416 167 2,079 nm nm 583 2,306 nm
Other. . . . . . . . . . . . . . . 41,080 39,047 36,118 5.2 13.7 80,127 70,749 13.3
-------- -------- -------- -------- --------
Total other expense . . . . . . . . . 131,843 130,922 121,862 0.7 8.2 262,765 238,875 10.0
-------- -------- -------- -------- --------
Income before income taxes. . . . . . 76,391 70,791 80,373 7.9 (5.0) 147,182 142,017 3.6
Income taxes. . . . . . . . . . . . . 26,436 24,617 27,562 7.4 (4.1) 51,053 48,202 5.9
-------- -------- -------- -------- --------
Net income. . . . . . . . . . . . . . $49,955 $46,174 $52,811 8.2 % (5.4)% $96,129 $93,815 2.5 %
======== ======== ======== ======== ========
[OLD KENT LOGO]
FINANCIAL CORPORATION
SECOND QUARTER 1998 CONSOLIDATED KEY FINANCIAL DATA
THREE MONTHS ENDED
[AMOUNT IN THOUSANDS, -------------------------------------------------------
EXCEPT PER SHARE DATA] CHANGE FROM: SIX MONTHS ENDED JUNE 30,
----------------- ------------------------------
JUNE 30 MARCH 31 JUNE 30 PRIOR YEAR PERCENT
KEY STATISTICS 1998 1998 1997<FA> QUARTER AGO 1998 1997<FA> CHANGE
- ----------------------------------------------------------------------------------------------------------------------------------
Net income. . . . . . . . . . . . . . $49,955 $46,174 $52,811 8.2 % (5.4)% $96,129 $93,815 2.5 %
Earnings per share:
Basic. . . . . . . . . . . . . . . $0.53 $0.48 $0.53 10.4 % -- % $1.01 $0.93 8.6 %
Diluted. . . . . . . . . . . . . . $0.52 $0.48 $0.52 8.3 % -- % $1.00 $0.92 8.7 %
Return on average total assets. . . . 1.43 % 1.33 % 1.60 % 1.38 % 1.44 %
Return on average total equity. . . . 20.47 18.35 20.85 19.39 18.49
Net interest margin . . . . . . . . . 4.16 4.26 4.37 4.21 4.40
Yield on average earning assets . . . 8.30 8.37 8.44 8.28 8.42
Cost of average paying liabilities. . 4.62 4.73 4.75 4.68 4.70
Efficiency ratio (b):
Banking. . . . . . . . . . . . . . 53.01 % 55.21 % 55.76 % 54.11 % 56.35 %
Nonbanking . . . . . . . . . . . . 85.76 84.56 79.53 83.94 82.84
Consolidated . . . . . . . . . . . 60.49 61.71 60.30 61.89 61.07
COMMON STOCK INFORMATION (ADJUSTED FOR STOCK DIVIDENDS AND STOCK SPLITS)
- ----------------------------------------------------------------------------------------------------------------------------------
Book value. . . . . . . . . . . . . . $10.25 $10.49 $10.49 (2.3)% (2.3)% $10.25 $10.49 (2.3)%
Dividends paid. . . . . . . . . . . . 0.171 0.171 0.154 -- 11.0 % 0.342 0.309 10.7 %
Per share price:
High . . . . . . . . . . . . . . . 39.46 39.05 26.36 39.46 26.36
Low. . . . . . . . . . . . . . . . 35.65 34.29 21.09 34.29 21.09
Close. . . . . . . . . . . . . . . $35.97 $36.55 $25.71 $35.97 $25.71
Outstanding shares at end of period . 94,157 96,125 99,928 (2.0)% (5.8)% 94,157 99,928 (5.8)%
Number of shares used to compute
earnings per share:
Basic. . . . . . . . . . . . . . . 95,124 96,525 99,952 (1.5)% (4.8)% 95,824 100,474 (4.6)%
Diluted. . . . . . . . . . . . . . 96,004 97,444 100,803 (1.5)% (4.8)% 96,724 101,239 (4.5)%
Number of shares traded . . . . . . . 10,704 11,907 11,755 22,611 29,864
<FN>
<FA> INCLUDES A $16,664 (PRE-TAX) AND $10,582 (AFTER-TAX) GAIN FROM THE
SALE OF $266 MILLION OF CREDIT CARD LOANS DURING THE SECOND QUARTER
OF 1997. THE NON-RECURRING GAIN CONTRIBUTED $.11 TO NET INCOME PER
COMMON SHARE FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1997.
<FB> EXCLUDES SECURITIES GAINS, NON-RECURRING ITEMS AND OTHER REAL-ESTATE
OWNED EXPENSE.
NM NOT MEANINGFUL.
</FN>
[OLD KENT LOGO]
FINANCIAL CORPORATION
AVERAGE BALANCE
AVERAGE BALANCES, YIELDS AND 2ND QUARTER 1998 1ST QUARTER 1998 2ND QUARTER 1997 PERCENT CHANGE
RATES (YIELDS AND RATES ARE ------------------------ ------------------------ ------------------------ ---------------
ON A FULLY TAXABLE-EQUIVALENT ENDING AVERAGE YIELD/ ENDING AVERAGE YIELD/ ENDING AVERAGE YIELD/ PRIOR YEAR
BASIS, DOLLARS IN MILLIONS) BALANCE BALANCE RATE BALANCE BALANCE RATE BALANCE BALANCE RATE QUARTER AGO
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Loans:
Commercial loans and leases. . $5,179 $5,164 8.91 % $5,140 $5,125 9.21 % $4,873 $4,801 9.03 % 0.8 % 7.6 %
Consumer and home equity . . . 2,326 2,349 9.40 2,380 2,479 9.36 2,557 2,482 9.29 (5.2) (5.4)
Credit card. . . . . . . . . . -- -- -- -- -- -- 5 188 16.29 -- --
Residential mortgages. . . . . 638 659 8.08 694 733 8.12 915 942 8.03 (10.1) (30.0)
------- ------- ------- ------- ------- -------
Total loans . . . . . . . . . . 8,143 8,172 8.98 8,214 8,337 9.16 8,349 8,412 9.16 (2.0) (2.9)
Securities. . . . . . . . . . . 2,786 2,909 6.65 3,016 2,899 6.79 2,930 2,914 6.65 0.3 (0.2)
Mortgages held-for-sale . . . . 1,505 1,695 7.08 1,735 1,525 7.05 815 753 7.81 11.2 125.1
Other interest-earning assets . 70 47 4.03 60 34 5.40 112 108 5.88 38.2 (56.5)
------- ------- ------- ------- ------- -------
TOTAL EARNING ASSETS. . . . . 12,504 12,823 8.18 13,025 12,795 8.36 12,205 12,187 8.44 0.2 5.2
Unrealized gain/(loss) on
securities available-for-sale. 9 6 7 11 (21) (32) -- --
Allowance for credit losses . . (164) (164) (162) (159) (157) (164) 3.1 --
Cash and due from banks . . . . 554 507 528 489 593 465 3.7 9.0
Other assets. . . . . . . . . . 837 823 822 793 740 726 3.8 13.4
------- ------- ------- ------- ------- -------
TOTAL ASSETS . . . . . . . . . . $13,740 $13,995 $14,220 $13,929 $13,361 $13,183 0.5 6.2
======= ======= ======= ======= ======= =======
LIABILITIES AND SHAREHOLDERS'
EQUITY:
Savings deposit . . . . . . . . $3,281 $3,243 2.74 % $3,157 $3,115 2.67 % $2,986 $3,029 2.61 % 4.1 % 7.1 %
Negotiable and foreign
deposits . . . . . . . . . . . 980 997 5.57 871 857 5.66 932 1,069 5.64 16.3 (6.7)
Consumer time deposits. . . . . 4,454 4,469 5.28 4,543 4,696 5.39 4,706 4,676 5.56 (4.8) (4.4)
------- ------- ------- ------- ------- -------
Total interest-bearing
deposits. . . . . . . . . . . 8,715 8,709 4.37 8,571 8,668 4.44 8,624 8,774 4.55 0.5 (0.7)
Federal funds purchased and
repurchase agreements. . . . . 787 1,008 4.99 1,029 881 5.03 594 728 4.90 14.4 38.5
Other borrowed funds. . . . . . 1,078 1,243 5.77 1,422 1,334 6.14 1,032 752 6.33 (6.8) 65.3
Subordinated debt . . . . . . . 100 100 6.74 100 100 6.74 100 100 6.74 -- --
Floating rate subordinated
securities . . . . . . . . . . 100 100 6.82 100 100 6.81 100 100 6.89 -- --
------- ------- ------- ------- ------- -------
Total interest-bearing funds . 10,780 11,160 4.62 11,222 11,083 4.73 10,450 10,454 4.75 0.7 6.8
Demand deposits . . . . . . . . 1,766 1,672 1,728 1,601 1,638 1,473 4.4 13.5
Other liabilities . . . . . . . 229 187 262 239 225 243 (21.8) (23.1)
Shareholders' equity:
Common stock, surplus, and
retained earnings. . . . . . . 959 972 1,003 999 1,060 1,033 (2.7) (5.9)
Net unrealized gain/(loss) on
securities available-for-sale. 6 4 5 7 (13) (20) -- --
------- ------- ------- ------- ------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY. . . . . . $13,740 $13,995 $14,220 $13,929 $13,361 $13,183 0.5 % 6.2 %
======= ======= ======= ======= ======= =======
[OLD KENT LOGO]
FINANCIAL CORPORATION
AVERAGE BALANCE
AVERAGE BALANCES, YIELDS AND 2ND QUARTER 1998 1ST QUARTER 1998 2ND QUARTER 1997 PERCENT CHANGE
RATES (YIELDS AND RATES ARE ------------------------ ------------------------ ------------------------ ---------------
ON A FULLY TAXABLE-EQUIVALENT ENDING AVERAGE YIELD/ ENDING AVERAGE YIELD/ ENDING AVERAGE YIELD/ PRIOR YEAR
BASIS, DOLLARS IN MILLIONS) BALANCE BALANCE RATE BALANCE BALANCE RATE BALANCE BALANCE RATE QUARTER AGO
- ---------------------------------------------------------------------------------------------------------------------------------
SELECTED RATIOS:
Net interest spread. . . . . . . 3.56 % 3.63 % 3.69 %
Net interest income as a percent
of average earning assets . . . 4.16 % 4.26 % 4.37 %
Total equity to total assets . . 7.02 % 7.09 % 7.84 %
Tangible equity to tangible
assets. . . . . . . . . . . . . 6.16 % 6.24 % 6.93 %
MEMORANDA
CORE DEPOSITS. . . . . . . . . . $9,501 $9,384 $9,428 $9,412 $9,330 $9,178 (0.3)% 2.2 %
====== ====== ====== ====== ====== ======
TOTAL DEPOSITS . . . . . . . . . 10,481 10,381 10,299 10,269 10,262 10,247 1.1 1.3
====== ====== ====== ====== ====== ======
THIRD PARTY MORTGAGE SERVICING
PORTFOLIO . . . . . . . . . . . 13,949 12,643 10,879
====== ====== ======
TOTAL FULL-TIME EQUIVALENT
EMPLOYEES . . . . . . . . . . . 6,455 6,456 6,175
====== ====== ======
THREE MONTHS ENDED
------------------------------------------------------------- SIX MONTHS ENDED
JUNE 30 MAR. 31 JUNE 30 JUNE 30
CREDIT QUALITY 1998 1998 1997 1998 1997
- ----------------------------------------------------------------------------------------------------------------------------------
Ending allowance for credit
losses. . . . . . . . . . . . . $164.0 $162.0 $157.3 $164.0 $157.3
====== ====== ====== ====== ======
Nonperforming assets:
Nonaccrual. . . . . . . . . . . 66.3 65.3 43.0 66.3 43.0
Renegotiated. . . . . . . . . . 3.0 2.6 3.0 3.0 3.0
------ ------ ------ ------ ------
Total impaired loans. . . . . 69.3 67.9 46.0 69.3 46.0
Other real estate owned . . . . 7.3 8.0 5.6 7.3 5.6
------ ------ ------ ------ ------
Total nonperforming assets. . 76.6 75.9 51.6 76.6 51.6
====== ====== ====== ====== ======
Loans delinquent over 90 days. . 12.9 11.3 20.1 12.9 20.1
====== ====== ====== ====== ======
Gross charge-offs . . . . . . . 14.0 13.9 18.0 27.9 33.2
Recoveries. . . . . . . . . . . 4.4 4.1 3.2 8.5 7.4
------ ------ ------ ------ ------
Net charge-offs. . . . . . . . . 9.6 9.8 14.8 19.4 25.8
====== ====== ====== ====== ======
Provision for credit losses. . . $11.4 $15.1 $11.7 $26.4 $22.0
====== ====== ====== ====== ======
KEY RATIOS:
Allowance to loans. . . . . . . 2.01 % 1.97 % 1.88 % 2.01 % 1.88 %
Allowance to impaired loans . . 236.73 238.79 342.03 236.73 342.03
Impaired loans to loans . . . . 0.85 0.83 0.55 0.85 0.55
Nonperforming assets to assets. 0.56 0.53 0.39 0.56 0.39
90 days delinquent to loans . . 0.16 0.14 0.24 0.16 0.24
Net charge-offs to average
loans. . . . . . . . . . . . . 0.47 % 0.47 % 0.71 % 0.47 % 0.62 %
AVERAGE BALANCES, YIELDS AND RATES SIX MONTHS ENDED JUNE 30,
1998 1997
------------------------ ------------------------
(YIELDS AND RATES ARE ON A FULLY TAXABLE- AVERAGE AVERAGE AVERAGE AVERAGE
EQUIVALENT BASIS, DOLLARS IN THOUSANDS) BALANCE RATE BALANCE RATE
- --------------------------------------------------------------------------------------------------------------------------
AVERAGE ASSETS:
Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,254,611 9.10 % $8,363,809 9.16 %
Taxable investment securities. . . . . . . . . . . . . . . . 2,767,507 6.64 23,718,010 6.47
Tax - exempt investment securities . . . . . . . . . . . . . 135,967 8.62 151,866 8.27
Mortgages available-for-sale . . . . . . . . . . . . . . . . 1,609,889 7.07 637,265 7.79
Interest - earning deposits. . . . . . . . . . . . . . . . . 20,919 3.86 4,412 5.62
Federal funds sold and resale agreements . . . . . . . . . . 16,793 5.73 124,336 5.41
Trading account securities . . . . . . . . . . . . . . . . . 2,968 2.85 34,939 7.69
----------- -----------
Total earning assets. . . . . . . . . . . . . . . . . . . 12,808,654 8.28 12,034,637 8.42
----------- -----------
Unrealized gain/(loss) on securities available-for-sale. . . 8,880 (25,602)
Allowance for loan losses. . . . . . . . . . . . . . . . . . (161,188) (166,686)
Cash and due from banks. . . . . . . . . . . . . . . . . . . 498,147 460,339
Other Assets . . . . . . . . . . . . . . . . . . . . . . . . 807,256 711,162
----------- -----------
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . $13,961,749 $13,013,850
=========== ===========
AVERAGE LIABILITIES AND SHAREHOLDERS' EQUITY:
Savings Deposits . . . . . . . . . . . . . . . . . . . . . . $3,178,735 2.71 % $3,042,218 2.61 %
Time Deposits:
Negotiable. . . . . . . . . . . . . . . . . . . . . . . . 884,352 5.62 964,125 5.70
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . 42,942 5.46 39,856 5.38
Other time. . . . . . . . . . . . . . . . . . . . . . . . 4,582,455 5.34 4,723,588 5.52
----------- -----------
Total interest - bearing deposits . . . . . . . . . . . 8,688,484 4.40 8,769,787 4.53
Federal funds purchased and
repurchase agreements . . . . . . . . . . . . . . . . . . 944,169 5.01 650,830 4.78
Other borrowed funds . . . . . . . . . . . . . . . . . . . . 1,288,756 5.96 689,934 6.22
Subordinated debt. . . . . . . . . . . . . . . . . . . . . . 100,000 6.74 100,000 6.74
Floating rate subordinated securities. . . . . . . . . . . . 100,000 6.82 83,425 6.81
----------- -----------
Total interest - bearing funds. . . . . . . . . . . . . . 11,121,409 4.68 10,293,976 4.70
Demand deposits. . . . . . . . . . . . . . . . . . . . . . . 1,636,349 1,462,787
Other liabilities. . . . . . . . . . . . . . . . . . . . . . 212,707 242,435
Shareholders' equity:
Common stock, capital surplus and retained earnings . . . 985,512 1,030,725
Unrealized gain/(loss) on securities available-for-sale . 5,772 (16,073)
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY. . . . . . . . $13,961,749 $13,013,850
=========== ===========
NET INTEREST SPREAD . . . . . . . . . . . . . . . . . . . 3.60 % 3.72 %
NET INTEREST INCOME AS A
PERCENTAGE OF AVERAGE EARNING ASSETS. . . . . . . . . . 4.21 % 4.40 %