0 29 First BanCorp.> 2001 Part I Average volume Interest income  (1) / expense Average rate  (1) Year ended December 31, 2001 2000 1999 2001 2000 1999 2001 2000 1999 (Dollars in thousands) Earning assets: Money market instruments $ 46,517 $ 9,293 $ 27,344 $ 1,476 $ 527 $ 450 3.17% 5.67% 1.65% Government obligations 588,932 528,903 415,742 35,955 36,043 24,997 6.11% 6.81% 6.01% Mortgage backed securities 1,711,980 1,457,044 1,294,195 126,098 100,415 92,157 7.37%  6.89% 7.12% Corporate bonds 247,094 51,508 18,646 21,230 4,366 1,598 8.59% 8.48% 8.57% FHLB stock 21,841 18,008 16,170 1,289 1,249 1,101  5.90% 6.94% 6.81% Total investments 2,616,364 2,064,756 1,772,097 186,048 142,600 120,303 7.11% 6.91% 6.79% Consumer loans 1,036,637 1,026,044 1,013,782 140,050 140,635 138,130 13.51% 13.71% 13.63% Residential real estate loans  869,374 573,866 327,700 65,496 49,115 30,754 7.53% 8.56% 9.38% Construction loans  219,890 169,257 94,940 17,323 18,251 9,216 7.88% 10.78% 9.71% Commercial loans 1,584,910 1,210,783 847,917 119,867 110,808 75,879 7.56% 9.15% 8.95% Finance leases  127,872 103,114 68,577 14,661  12,499 9,080 11.47% 12.12% 13.24% Total loans  (2) 3,838,683 3,083,064 2,352,916 357,397 331,308 263,059 9.31% 10.75% 11.18% Total earning assets $6,455,047 $5,147,820 $4,125,013 $543,445 $473,908 $383,362 8.42% 9.21% 9.29% Interest bearing liabilities: Interest bearing checking accounts $ 186,111 $ 162,456 $ 140,690 $ 5,926 $ 5,546 $ 4,931 3.18% 3.41% 3.50% Savings accounts 436,595 433,937 413,662 12,954 12,792 12,381 2.97% 2.94% 2.99% Certificate accounts 2,859,181 2,173,244 1,373,263 141,878 134,945 73,177 4.96% 6.20% 5.33% Interest bearing deposits 3,481,887 2,769,637 1,927,615 160,758 153,283 90,489 4.62% 5.53% 4.69% Other borrowed funds 2,125,022 1,851,524 1,728,913 106,858 116,130 92,370 5.03% 6.27% 5.34% FHLB advances  256,354 51,053 8,451 12,585 3,201 471 4.91% 6.27% 5.57% Total interest bearing liabilities $5,863,263 $4,672,214 $3,664,979 $280,201 $272,614 $183,330 4.78% 5.83% 5.00% Net interest income  $263,244 $201,294 $200,032 Interest rate spread  3.64% 3.38% 4.29% Net interest margin  4.08% 3.91% 4.85% (1) On a tax equivalent basis. The tax equivalent yield was computed dividing the interest rate spread on exempt assets by  (1- statutory tax rate) and adding to it the cost of interest bearing liabilities. When adjusted to a tax equivalent basis, yields on taxable and exempt assets are comparative. (2) Non-accruing loans are included in the average balances.