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EXHIBIT (99)I
OPERATING MARGIN AND RATE VOLUME ANALYSIS
D&N FINANCIAL CORPORATION
AVERAGE BALANCE AVERAGE RATE INTEREST VARIANCE DUE TO:
OPERATING MARGIN FOR June 30, June 30, June 30, Increase
Quarter ended 1998 1997 1998 1997 1998 1997 (Decrease) Volume Rate
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(DOLLARS IN THOUSANDS)
INTEREST-EARNING ASSETS:
LOANS RECEIVABLE $1,340,256 $1,143,747 8.01% 8.25% $26,831 $23,598 $3,233 $3,955 ($722)
MORTGAGE-BACKED SECURITIES 352,964 256,940 6.85% 7.20% 6,047 4,625 1,422 1,655 (233)
INVESTMENTS 86,875 13,460 6.88% 6.36% 1,490 2,070 (580) (738) 158
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1,780,095 1,531,147 7.72% 7.91% 34,368 30,293 4,075 4,872 (797)
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INTEREST-BEARING LIABILITIES:
DEPOSIT $1,045,860 1,013,886 4.60% 4.74% 11,987 11,987 10 372 (362)
BORROWINGS
SECURITIES SOLD W/REPO 93,975 81,428 5.54% 5.57% 1,316 1,147 169 176 (7)
NOTES PAYABLE 513,772 352,948 5.83% 5.78% 7,577 5,161 2,416 2,371 45
OTHER BORROWED MONEY 6,729 8,219 9.45% 9.20% 159 189 (30) (35) 5
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SUBTOTAL - BORROWINGS 614 ,476 442,595 5.83% 5.81% 9,052 6,497 2,555 2,512 43
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1,660,336 1,456,481 5.06% 5.07% 21,049 18,484 2,565 2,884 (319)
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INTEREST RATE SPREAD 2.67% 2.85%
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EXCESS AVERAGE EARNING ASSETS $119,759 $74,666
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NET INTEREST MARGIN 3.01% 3.09% $13,319 $11,809 $ 1,510 $1,987 ($477)
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AVERAGE BALANCE AVERAGE RATE INTEREST VARIANCE DUE TO:
OPERATING MARGIN FOR June 30, June 30, June 30, Increase
Year to Date 1998 1997 1998 1997 1998 1997 (Decrease) Volume Rate
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(DOLLARS IN THOUSANDS)
INTEREST-EARNING ASSETS:
LOANS RECEIVABLE $1,337,575 $1,105,052 8.04% 8.26% $53,660 $45,535 $8,125 $9,353 ($1,228)
MORTGAGE-BACKED SECURITIES 355,904 252,013 6.85% 7.19% 12,192 9,061 3,131 3,577 (446)
INVESTMENT 92,824 130,032 6.65% 6.25% 3,063 4,032 (969) (1,218) 249
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1,786,303 1,487,097 7.73% 7.90% 68,915 58,628 10,287 11,712 (1,425)
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INTEREST-BEARING LIABILITIES:
DEPOSIT $1,041,063 994,116 4.65% 4.72% 23,982 23,275 707 1,086 (379)
BORROWINGS
SECURITIES SOLD W/REPO 118,246 68,968 5.56% 5.50% 3,307 1,906 1,401 1,378 23
NOTES PAYABLE 502,838 345,517 5.84% 5.71% 14,774 9,918 4,856 4,617 239
OTHER BORROWED MONEY 7,182 8,203 9.13% 9.39% 328 385 (57) (47) (10)
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(10)
SUBTOTAL - BORROWINGS 628,266 422,688 5.83% 5.75% 18,409 12,209 6,200 5,948 252
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1,669,329 1,416,804 5.09% 5.03% 42,391 35,484 6,907 7,034 (127)
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INTEREST RATE SPREAD 2.64% 2.87%
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EXCESS AVERAGE EARNING ASSETS $ 116,974 $70,293
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NET INTEREST MARGIN 2.98% 3.11% $26,524 $23,144 $3,380 $4,678 ($1,298)
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