The title is "Declining Interest Rates Further Depressed Quarterly Net Interest Margins."

A line chart that shows the annualized median quarterly net interest margin (NIM) in Southern California (Los Angeles, Orange County, Riverside, Sand Diego, Santa Barbara, and Ventura), the San Francisco Bay area (San Francisco, San Jose, Santa Rosa, and Vallejo), and the rest of California. NIM in Southern California was 5.28 percent in the second quarter of 1993, diminished to 5.10 percent in the first quarter of 1994, advanced to 6.07 percent at the end of 1994, dropped to 4.88 percent in the first quarter of 1999, improved to 5.35 percent in the third quarter of 2000, decreased to 4.46 percent at the end of 2001, rose slightly to 4.54 percent in mid-2002, and dropped to 4.25 percent in mid-2003. In the San Francisco Bay area, NIM was 5.15 percent in the second quarter of 1993, 5.02 percent in the first quarter of 1994, 5.73 percent one year later, 5.06 percent in mid-1996, fluctuated between 5.38 percent and 4.89 percent from the third quarter of 1996 and the end of 1998, peaked at 5.56 percent in the third quarter of 2000, dropped to 4.57 percent at the end of 2001, rose slightly to 4.69 percent in mid-2002, and declined to 4.42 percent in mid-2003. In the rest of California, NIM was 5.50 percent in mid-1993, 6.11 percent at the end of 1994, 5.62 percent in the first quarter of 1996, 5.87 percent at the end of 1996, 5.20 percent in the first quarter of 1999, 5.57 percent in the third quarter of 1999, 4.70 percent in the first quarter of 2002, 4.91 percent in mid-2002, and 4.61 percent in mid-2003.