Chart 4

The title is "NIM Sharply Declined in First Half 2003, Prior to Steepening of the Yield Curve."

A line chart that shows the median net interest margin (NIM) and the median yield spread (basis points—10 year less 3 months) for institutions at least 3 years old. NIM was 3.79 percent in the second quarter of 1999, decreased to 3.53 percent one year later, rose to 3.75 percent the following year, and moderated to 3.47 percent in the second quarter of 2003. The yield spread was 95.33 in the second quarter of 1999, declined to minus 63.00 in the fourth quarter of 2000, climbed to 335.33 in the second quarter of 2002, fell to 258.67 the following quarter, rose to 274.33 in the first quarter of 2003, contracted to 256.00 in the second quarter of 2003, and rose to 328.33 in the third quarter of 2003.