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EXHIBIT (99)
OPERATING MARGIN AND RATE VOLUME ANALYSIS
D&N FINANCIAL CORPORATION
AVERAGE BALANCE AVERAGE RATE INTEREST VARIANCE DUE TO:
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OPERATING MARGIN FOR JUNE 30, JUNE 30, JUNE 30, INCREASE
QUARTER ENDED 1997 1996 1997 1996 1997 1996 (DECREASE) VOLUME RATE
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(Dollars in thousands) (Dollars in thousands)
INTEREST-EARNING ASSETS:
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Loans receivable $ 1,143,747 $1,068,877 8.25% 8.02% $23,598 $21,435 $2,163 $1,561 $602
Mortgage-backed securities 256,940 126,516 7.20% 7.83% 4,625 2,477 2,148 2,363 (215)
Investment 130,460 91,950 6.36% 6.62% 2,070 1,514 556 618 (62)
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1,531,147 1,287,343 7.91% 7.90% 30,293 25,426 4,867 4,542 325
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INTEREST-BEARING LIABILITIES:
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Deposits 1,013,886 933,294 4.74% 4.68% 11,987 10,856 1,131 977 154
Borrowings
Securities sold w/repo 81,428 43,998 5.57% 5.37% 1,147 597 550 526 24
Notes payable 352,948 234,629 5.78% 5.39% 5,161 3,198 1,963 1,715 248
Other borrowed money 8,219 9,822 9.20% 9.57% 189 235 (46) (37) (9)
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Subtotal - Borrowings 442,595 288,449 5.81% 5.53% 6,497 4,030 2,467 2,205 262
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1,456,481 1,221,743 5.07% 4.88% 18,484 14,886 3,598 3,181 417
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INTEREST RATE SPREAD 2.85% 3.02%
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EXCESS AVERAGE EARNING ASSETS $ 74,666 $ 65,599
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NET INTEREST MARGIN 3.09% 3.27% $11,809 $10,540 $1,269 $1,361 $(92)
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AVERAGE BALANCE AVERAGE RATE INTEREST VARIANCE DUE TO:
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OPERATING MARGIN FOR JUNE 30, JUNE 30, JUNE 30, INCREASE
YEAR TO DATE 1997 1996 1997 1996 1997 1996 (DECREASE) VOLUME RATE
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(Dollars in thousands) (Dollars in thousands)
INTEREST-EARNING ASSETS:
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Loans receivable $1,105,052 $1,029,146 8.25% 8.05% $45,535 $41,415 $4,120 $3,088 $1,032
Mortgage-backed securities 252,013 123,449 7.19% 7.70% 9,061 4,753 4,308 4,642 (334)
Investment 130,032 97,144 6.25% 6.74% 4,032 3,258 774 1,026 (252)
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1,487,098 1,249,738 7.90% 7.91% 58,628 49,426 9,202 8,756 446
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INTEREST-BEARING LIABILITIES:
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Deposits 994,116 930,673 4.72% 4.73% 23,275 21,906 1,369 1,423 (54)
Borrowings
Securities sold w/repo 68,968 25,459 5.50% 5.38% 1,906 692 1,214 1,198 16
Notes payable 345,517 220,316 5.71% 5.49% 9,918 6,117 3,801 3,551 250
Other borrowed money 8,203 10,079 9.39% 9.70% 385 489 (104) (88) (16)
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Subtotal - Borrowings 422,688 255,854 5.75% 5.65% 12,209 7,298 4,911 4,661 250
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1,416,805 1,186,527 5.03% 4.93% 35,484 29,204 6,280 6,084 196
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INTEREST RATE SPREAD 2.87% 2.98%
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EXCESS AVERAGE EARNING ASSETS $ 70,293 $ 63,211
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NET INTEREST MARGIN 3.11% 3.23% $23,144 $20,222 $2,922 $2,672 $ 250
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