EXHIBIT (99)I
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 March 31, March 31, March 31 Increase
Quarter ended 1999 1998 1999 1998 1999 1998 (Decrease) Volume Rate
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(Dollars in thousands)
Interest-earning assets:
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Loans receivable $1,336,303 $1,334,856 7.78% 8.08% $25,870 $26,829 $ ( 959) $ 38 $ (997)
Mortgage-backed securities 538,843 358,876 6.19% 6.85% 8,341 6,145 2,196 2,833 (637)
Investments 89,620 98,840 5.79% 6.45% 1,288 1,573 (285) (135) (150)
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1,964,766 1,792,572 7.25% 7.74% 35,499 34,547 952 2,735 (1,783)
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Interest-bearing liabilities:
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Deposit s 1,255,185 1,036,206 4.32% 4.69% 13,367 11,985 1,382 2,387 (1,005)
Borrowings
Securities sold w/repo 65,042 142,787 4.90% 5.58% 796 1,991 (1,195) (976) (219)
Notes payable 529,203 491,781 5.73% 5.85% 7,583 7,197 386 539 (153)
Other borrowed money 6,297 7,640 9.15% 8.85% 144 169 (25) (31) 6
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Subtotal - Borrowings 600 ,542 642,208 5.68% 5.83% 8,523 9,357 (834) (468) (366)
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1,855,727 1,678,414 4.76% 5.13% 21,890 21,342 548 1,919 (1,371)
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Interest rate spread 2.50% 2.62%
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Excess average earning assets $109,039 $ 114,158
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Net interest margin 2.76% 2.94% $13,609 $13,205 $ 404 $ 816 $ (412)
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