2002 TABLE OF TAXABLE EQUIVALENT YIELDS

NON - "BANK-QUALIFIED" INSTRUMENTS

SUBCHAPTER S BANKS

Percentage of Interest Expense Disallowed 100.00%

Federal Marginal Income Tax Rate 38.60%

Cost of Funds

                 
  2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 9.00% 

Municipal Bond Rate

                 
3.00%  3.66% 3.33% 3.00% 2.67% 2.34% 2.01% 1.68% 1.35% 1.01% 0.68% 0.35% 0.02% -0.31% -0.64% -0.97% 
3.25%  4.08% 3.75% 3.42% 3.08% 2.75% 2.42% 2.09% 1.76% 1.43% 1.10% 0.77% 0.44% 0.11% -0.22% -0.56% 
3.50%  4.49% 4.16% 3.83% 3.50% 3.17% 2.84% 2.51% 2.18% 1.85% 1.51% 1.18% 0.85% 0.52% 0.19% -0.14% 
3.75%  4.91% 4.58% 4.25% 3.92% 3.58% 3.25% 2.92% 2.59% 2.26% 1.93% 1.60% 1.27% 0.94% 0.61% 0.28% 
4.00%  5.32% 4.99% 4.66% 4.33% 4.00% 3.67% 3.34% 3.01% 2.68% 2.35% 2.01% 1.68% 1.35% 1.02% 0.69% 
4.25%  5.74% 5.41% 5.08% 4.75% 4.42% 4.08% 3.75% 3.42% 3.09% 2.76% 2.43% 2.10% 1.77% 1.44% 1.11% 
4.50%  6.15% 5.82% 5.49% 5.16% 4.83% 4.50% 4.17% 3.84% 3.51% 3.18% 2.85% 2.51% 2.18% 1.85% 1.52% 
4.75%  6.57% 6.24% 5.91% 5.58% 5.25% 4.92% 4.58% 4.25% 3.92% 3.59% 3.26% 2.93% 2.60% 2.27% 1.94% 
5.00%  6.99% 6.65% 6.32% 5.99% 5.66% 5.33% 5.00% 4.67% 4.34% 4.01% 3.68% 3.35% 3.01% 2.68% 2.35% 
5.25%  7.40% 7.07% 6.74% 6.41% 6.08% 5.75% 5.42% 5.08% 4.75% 4.42% 4.09% 3.76% 3.43% 3.10% 2.77% 
5.50%  7.82% 7.49% 7.15% 6.82% 6.49% 6.16% 5.83% 5.50% 5.17% 4.84% 4.51% 4.18% 3.85% 3.51% 3.18% 
5.75%  8.23% 7.90% 7.57% 7.24% 6.91% 6.58% 6.25% 5.92% 5.58% 5.25% 4.92% 4.59% 4.26% 3.93% 3.60% 
6.00%  8.65% 8.32% 7.99% 7.65% 7.32% 6.99% 6.66% 6.33% 6.00% 5.67% 5.34% 5.01% 4.68% 4.35% 4.01% 
6.25%  9.06% 8.73% 8.40% 8.07% 7.74% 7.41% 7.08% 6.75% 6.42% 6.08% 5.75% 5.42% 5.09% 4.76% 4.43% 
6.50%  9.48% 9.15% 8.82% 8.49% 8.15% 7.82% 7.49% 7.16% 6.83% 6.50% 6.17% 5.84% 5.51% 5.18% 4.85% 
6.75%  9.89% 9.56% 9.23% 8.90% 8.57% 8.24% 7.91% 7.58% 7.25% 6.92% 6.58% 6.25% 5.92% 5.59% 5.26% 
7.00%  10.31% 9.98% 9.65% 9.32% 8.99% 8.65% 8.32% 7.99% 7.66% 7.33% 7.00% 6.67% 6.34% 6.01% 5.68% 
7.25%  10.72% 10.39% 10.06% 9.73% 9.40% 9.07% 8.74% 8.41% 8.08% 7.75% 7.42% 7.08% 6.75% 6.42% 6.09% 
7.50%  11.14% 10.81% 10.48% 10.15% 9.82% 9.49% 9.15% 8.82% 8.49% 8.16% 7.83% 7.50% 7.17% 6.84% 6.51% 
7.75%  11.56% 11.22% 10.89% 10.56% 10.23% 9.90% 9.57% 9.24% 8.91% 8.58% 8.25% 7.92% 7.58% 7.25% 6.92% 
8.00%  11.97% 11.64% 11.31% 10.98% 10.65% 10.32% 9.99% 9.65% 9.32% 8.99% 8.66% 8.33% 8.00% 7.67% 7.34% 
8.25%  12.39% 12.06% 11.72% 11.39% 11.06% 10.73% 10.40% 10.07% 9.74% 9.41% 9.08% 8.75% 8.42% 8.08% 7.75% 
8.50%  12.80% 12.47% 12.14% 11.81% 11.48% 11.15% 10.82% 10.49% 10.15% 9.82% 9.49% 9.16% 8.83% 8.50% 8.17% 
8.75%  13.22% 12.89% 12.56% 12.22% 11.89% 11.56% 11.23% 10.90% 10.57% 10.24% 9.91% 9.58% 9.25% 8.92% 8.58% 
9.00%  13.63% 13.30% 12.97% 12.64% 12.31% 11.98% 11.65% 11.32% 10.99% 10.65% 10.32% 9.99% 9.66% 9.33% 9.00% 
 

Note: The table of taxable equivalent yields shown above is for commercial banks. This table assumes that the bonds are not qualified tax-exempt bonds which are only subject to the 100% interest expense disallowance.

A 38.6% marginal Federal tax rate is assumed to be in effect over the life of the bonds.

Cost of funds is total annual interest expense as a percentage of total average assets.

The information is not guaranteed but is believed to be accurate within the above limitations.