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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 SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 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 $1,226,453 $1,102,336 8.26% 8.15% $25,453 $22,466 $2,987 $2,690 $297
Mortgage-backed securities 258,813 144,712 7.16% 7.31% 4,631 2,646 1,985 2,043 (58)
Investment 130,255 105,163 6.26% 7.54% 2,058 1,993 65 433 (368)
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1,651,520 1,352,210 7.92% 8.01% 32,142 27,105 5,037 5,166 (129)
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INTEREST-BEARING LIABILITIES:
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Deposits 1,023,886 941,757 4.76% 4.61% 12,279 10,917 1,362 999 363
Borrowings
Securities sold w/repo 91,119 51,260 5.57% 5.37% 1,296 704 592 566 26
Notes payable 390,927 285,416 5.88% 5.52% 5,871 4,023 1,848 1,570 278
Other borrowed money 7,515 9,355 9.58% 9.36% 180 219 (39) (44) 5
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Subtotal - Borrowings 489,561 346,030 5.88% 5.60% 7,347 4,946 2,401 2,092 309
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1,513,447 1,287,787 5.12% 4.88% 19,626 15,863 3,763 3,091 672
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INTEREST RATE SPREAD 2.80% 3.14%
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EXCESS AVERAGE EARNING ASSETS $ 102,073 $ 64,423
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NET INTEREST MARGIN 3.13% 3.37% $12,516 $11,242 $1,274 $2,076 $(802)
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AVERAGE BALANCE AVERAGE RATE INTEREST VARIANCE DUE TO:
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OPERATING MARGIN FOR SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 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 $1,145,964 $1,053,720 8.25% 8.08% $70,988 $63,881 $ 7,107 $ 5,780 $1,327
Mortgage-backed securities 254,305 130,588 7.18% 7.55% 13,692 7,399 6,293 6,678 (385)
Investment 130,107 99,836 6.25% 7.03% 6,090 5,251 839 1,458 (619)
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1,530,376 1,284,145 7.91% 7.95% 90,770 76,531 14,239 13,917 322
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INTEREST-BEARING LIABILITIES:
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Deposits 1,004,148 934,395 4.73% 4.69% 35,554 32,823 2,731 2,427 304
Borrowings
Securities sold w/repo 76,433 34,122 5.52% 5.38% 3,202 1,396 1,806 1,766 40
Notes payable 360,820 242,175 5.77% 5.50% 15,789 10,140 5,649 5,133 516
Other borrowed money 7,971 9,836 9.45% 9.60% 565 708 (143) (132) (11)
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Subtotal - Borrowings 445,224 286,132 5.79% 5.63% 19,556 12,244 7,312 6,767 545
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1,449,373 1,220,527 5.06% 4.91% 55,110 45,067 10,043 9,194 849
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INTEREST RATE SPREAD 2.85% 3.04%
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EXCESS AVERAGE EARNING ASSETS $ 81,003 $ 63,618
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NET INTEREST MARGIN 3.11% 3.28% $35,660 $31,464 $ 4,196 $ 4,723 $ (527)
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