CREDIT UNION TRENDS REPORT
|
|
- Arlene Singleton
- 6 years ago
- Views:
Transcription
1 CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics January 214 (November 2 data) Highlights Note: Benchmark revisions were minimal and did not change overall trends. The CU count is down 286 during the past year and is now 6,83. We are forecasting a moderate acceleration in consolidation, averaging 3 CUs per year through 216. Since the Q3 2 peak, savings and asset growth rates continue to decline. Savings growth of 4.3% is the lowest in almost two years, despite record membership gains. Total assets hit $1.9 trillion, up $47 billion (4.5%) since November 2. Savings and assets are highly concentrated with 52% of assets and 61% of asset growth coming from the 2 CUs (3.1% of all CUs) with assets in excess of $1 billion. Annual loan growth moved up to 6.7%, the highest level in almost five years. Gains in vehicle loans and fixed-rate 1 st mortgages accounted for 87% of the $41 billion annual gain. Expect annual gains to average 7.% through 216 with a balance of consumer and real estate secured lending. Q3 data revisions cut previous membership estimates by 651, or.7 percentage points, but annual gains were still 2.4 million. Currently, total CU membership stands at 98.3 million. After revisions to capital, savings, assets and loans, the net effect on key ratios was minimal and did not change overall trends. The capital-toasset ratio finished November at.4%, unchanged during the past year. A loan-to-share ratio of 69.8% reflects an improvement of 159 basis points from November 2. The loan delinquency rate held fractionally below 1.%, a 15 basis point improvement from last year. ENVIRONMENT It was a busy few weeks following last month s Credit Union Trends Report. Third quarter U.S. economic growth was revised up to a robust 4.1%. Labor market conditions continued their trend of steady improvement. The Federal Reserve eased off the gas pedal and began tapering the QE 3 asset purchases. More importantly, the financial markets didn t overreact. Consumers are reasonably upbeat and interest rate and inflation indicators remain subdued. The U.S. economy has positive momentum and is expected to be a plus for continued CU growth and financial performance in 214. CUs will be a key component in broadening and strengthening our modest economic recovery. With Janet Yellen set to take the reins at the Federal Reserve, monetary policy should not be an issue in 214. The true risks are in fiscal policy (tax / spend) and regulatory uncertainty on almost all fronts. Total Lending CUNA s data revisions based on Q3 2 NCUA Call Reports subtracted $1.6 billion from previous loan portfolio estimates, primarily used vehicle loans. Annual growth was restated.3 percentage points (pp) lower. Even with the negative revisions, the improving growth rate trend for CU loans, shown by the bars in Figure 1 is impressive. The 6.7% annual gain represents $41 billion in additional loans on the books. It is the highest growth rate in almost five years and is basis points (bp) above its -year average. The $19 billion gain in vehicle loans accounted for 46% of the increase, followed by fixed-rate 1 st mortgages up $17 billion and contributing 41% of the loan portfolio gain. All major loan portfolio sub-segments contributed to the gain, with the exception of home equity loans and 2 nd mortgages. Interest rate risk management and fixed-rate 1 st mortgage retention strategies will play a big role in the final 2 growth results. While final gains may pull back from current levels, we are forecasting annual growth to average 7.% through 216. Member business loans (MBLs -7.% of all loans) are up just $2.2 billion (5.%) and accounted for % of total CU loan growth Figure 1 Loan Growth Trends November 2 Total Loans Vehicle Loans Real Estate Secured Loans.4% 6.7% 5.4%
2 Credit Union Consumer Installment Credit (CUCIC) CUCIC was restated $.6 billion lower following Q3 2 revisions. This subtracted.3 pp from previous growth estimates. At almost $264 billion, CUCIC is up $21 billion year-over-year or 8.7%, as shown by the blue line in Figure 2. Since its cyclical low in March 2, CUCIC is up 21% with 46% of the increase generated in the last months. During the last year, vehicle loan portfolio gains accounted for 89% of the CUCIC increase, credit cards %, unsecured 9%, and other was down for the year. Annual CU credit card growth finished November at 6.4% versus annual growth in the rest of the market of.9%. The CU share of $834 billion credit card market is up 17 bp to 5.%. Figure 2 also shows a growth comparison with the rest of the market (see red dashed line). CUs have clearly outperformed the broader market, accounting for almost % of all growth. This above market performance helped CUs increase their share of this $3.1 trillion lending arena to 8.6%, up 21 bp from November 2. If you exclude CUs contribution and the $4 billion (18.7%) increase in Government Student Loans (GSLs), the growth trend for traditional CIC shows minimal improvement (see green line). Growth in Consumer Installment Credit November 2 CUs 8.7% 8 4 Total Market Excl. CUs 5.9% -4 Total Market Excl. CUs & GSLs 2.1% -8-9 Figure 2 Vehicle Loans Data revisions subtracted $1.5 billion from previous portfolio estimates and cut previous growth estimates by.8 pp. Roughly 85% of this downward revision was in used vehicle loans. While down from an amazing.3% reported last month, revised data through November has the total portfolio up $18.8 billion or.4%, as shown in the left graphic of Figure 3. During the past year, gains in vehicle loans accounted for 46% of all CU loan growth. Vehicle loans now equal 3.6% of all CU loans, the highest level since October 29. Data revisions cut 1.1 pp from previous used vehicle portfolio growth estimates and.3 pp from the new. While down fractionally from previous reports, the overall growth momentum remains intact, as highlighted by the trend lines shown in the right graphic of Figure 3. Expect continued strong vehicle loan portfolio growth in 214. Vehicle Lending Growth Comparisons Annual Growth CU New vs. Used Vehicle November % 5 New.4% Used 9.9% Figure 3 2 Credit Union Trends Report
3 Real Estate-Secured Lending 1 st Mortgages and Other Real Estate Data revisions for all components of real estate secured (RE) loans were fractionally negative, but did not impact trends. CUs finished November holding $343 billion in member RE loans. This reflects a year-over-year gain of $17.7 billion (5.4%). This is a significant improvement from full-year 2 results, as shown by the right-most bars in Figure 4. RE loans now equal almost 53% of all CU loans and accounted for 43% of all CU loan growth since November 2. Figure 4 shows all subcomponents of the RE loan portfolio outperforming 2 results. The combined gains in fixed and adjustable-rate 1 st mortgages accounted for 54% of all CU loan growth since November 2, and the 8.9% growth rate is the best since mid-29. The $16.9 billion gain in fixed-rate 1 st mortgage holdings accounted for 96% of all RE loan growth and 41% of total loan growth. At $192 billion, fixed-rate 1 st mortgages equal 29% of all loans. The drag from home equity / 2 nd mortgage loan declines is lessening, and home equity loans are actually up in each of the past two months. CU Real Estate Loan Portfolio Growth by Loan Class Figure November 2 - November Fixed Rate 1st's Adj. Rate 1st's Home Equity Seconds Total RE Figure 4 Surplus Funds (Cash + Investments) Surplus funds were restated $3.1 billion (.8%) lower following the Q3 2 benchmark data revisions. Roughly 38% of this reduction was attributable to the lower estimate (-$1.2 billion) for borrowings. Despite the downward data revision, surplus funds finished November at almost $394 billion, up $1.1 billion (.3%) from November 2. The deposit surge from the fifth payroll Friday in November boosted surplus funds $5.3 billion (1.3%) during the month. Currently, surplus funds equal 36.1% of assets. While down from its peak earlier in the year, the surplus funds-toassets ratio remains 4.7 pp above the average of the previous years. Stronger loan portfolio growth is needed to bring this measure down to historical norms. CU borrowings are up $2.5 billion (8.9%) year-over-year. At $3.2 billion, borrowings equal 2.8% of assets. Most of this increase is attributable to Federal Home Loan Bank borrowings used to hedge 1 st mortgage loan portfolio expansion. Savings and Assets CUNA s data revisions reduced previous savings and asset growth estimates.2 pp and.3 pp respectively. The yearover-year growth trend shown in Figure 5 indicates savings (bars) and asset (line) growth slowing since September 2. In the 14 months following the growth peak, CUs added 2.3 million members, but rates paid on deposits fell 7%- 14%. Deposit pricing continues to be the primary tool used to control savings growth. Consistently falling deposit yields since the beginning of the recession (January 28) caused a 219 bp or 79% reduction in CUs cost-of-funds. This enabled CUs to significantly reduce loan rates and yet continue earning a positive spread. November data show savings up 4.3% year-over-year despite the $7.3 billion payroll related surge during the month. Regular shares are up almost $25 billion year-over-year. This portfolio segment represents about 34% of all deposits, but accounted for almost 65% of all deposit growth. The national average rate paid on regular shares was.22% at the end of November, down % from its prior year level. Share drafts (.22% yield) accounted for 28% of annual deposit growth, money market accounts (.34% yield) added 2%, and CDs (1-Yr. CD yield =.78%) declined 2.3% ($4.7 billion) since November 2. CUs finished November with $1.9 trillion in total assets. This reflects a $47 billion (4.5%) increase during the past months. Please note: CU assets and asset growth are highly concentrated. A look at detailed Q3 2 data shows the 2 CUs with assets in excess of $1 billion (3.1% of all CUs) hold 52% of industry assets and accounted for approximately 61% of all asset growth between Q3 2 Q Credit Union Trends Report
4 Growth In Credit Union Savings & Assets Savings Assets November 2 November 2 Savings = 4.3% Assets = 4.5% 9 Figure 5 Capital and Other Key Measures After quarterly benchmark data revisions, CU industry capital was restated $.8 billion lower. While this restatement reduced previous growth estimates by.8 pp, overall trends were not adversely impacted. Total CU capital reached $3 billion in November, up $4.7 billion (4.3%) from the prior year. The industry capital-toasset (C/A) ratio came in at.4% (see red line in the left graphic of Figure 6), basically unchanged during the past year. Data revisions had a fractionally negative impact on the loan-to-share (L/S) ratio, but the payroll related share surge in November had a bigger impact. At 69.8%, the L/S ratio declined 34 bp during the month (see the blue line in the left graphic of Figure 6), but this key lending measure is up 159 bp over the past year. While improved, the L/S ratio remains.6 percentage points below its pre-recession level. The loan delinquency rate (loans two or more months delinquent as a percent of total loans outstanding) was not measurably impacted by data revisions. At its current level of.997% it has help below 1% for two consecutive months and is 15 bp below its November 2 level, as shown in the right graphic of Figure 6. As the economy/employment continues to improve and CUs add more freshly underwritten loans to their books, further improvements are expected. We caution: if this key credit quality indicator moves much lower it may indicate too tight of credit underwriting. CUs could be leaving risk-adjusted spread income on the table by not lending to members with lower credit scores. Credit Union Key Ratios and Delinquency Trends November 2 Key Ratios L/S = 69.8% C/A =.4% Loan Delinquency Rate.997% %.5 Year Average 1.152% 8 Capital-to-Asset (Right Scale). 1.5% % Loan-to-Share (Left Scale) %.% 9 Figure 6 4 Credit Union Trends Report
5 Credit Unions and Members Third quarter data revisions reduced previous market count estimates by just one CU. The net result is the CU count fell to 6,83 at the end of November. This reflects a net decline of 24 CUs through the first eleven months of 2. Figure 7 shows the current consolidation rate 17 CUs (8%) above the average of the previous four years. On an annual basis, the net loss is 286 CUs or 34 CUs (%) above its four-year average and just five CUs below our forecast. Through the first two months of the fourth quarter, CUNA estimates show a loss of 34 CUs and NCUA s reports indicate approved mergers of 41 CUs. When the final numbers are in, we expect to finish 2 with a CU count just below 6,8. We are also forecasting a moderate acceleration in market contraction. Expect annual consolidation rates to average 3 through 216. This forecast is based on current levels of and trends in regulatory burdens. Should regulatory market conditions become more onerous, the annual net loss of CUs will move significantly higher. Year-to-Date Declines in Credit Union Counts November # of Credit Unions Average Prior 4 Years = Figure 7 CUNA incorporated significant data revisions into its November report. To true up data with the NCUA s 53 Call Reports, membership estimates were reduced by 651, in September. This reduction cut previous growth estimates by.7 pp. Despite this major downward data revision, the YTD gain of 2.3 million is 514, above YTD 2 results, as shown in Figure 8 and 55, above full-year 2 results. At the end of November, CUNA s estimate for total CU memberships was a healthy 98.3 million. This reflects a 2.4 million member increase from November 2. We expect final 2 results close to current levels. Our forecast calls for annual membership gains to average 1.% during the next three years, versus the 2.% average generated during the previous three years. Month-Only Membership Gains November 2 = 98.3 Million Members ( s) Mln. YTD Mln. YTD Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Figure Credit Union Trends Report
6 National Monthly Credit Union Aggregates CAPITAL/ ($ Billions) (Millions) CREDIT LOAN / ASSET YR/MO LOANS ASSETS SAVINGS CAPITAL MEMBERS UNIONS SAVINGS RATIO , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Credit Union Growth Rates Change Previous Year # OF CUs Delinquency YR/MO LOANS ASSETS SAVINGS CAPITAL MEMBERS # OF CUs DECLINE Ratio* (2.9) (222) 1.61% (3.2) (246) 1.64% (3.2) (246) 1.586% (3.6) (272) 1.492% (3.7) (278) 1.445% (3.6) (274) 1.373% (3.6) (267) 1.287% (3.6) (266) 1.198% (3.9) (289) 1.175% (3.9) (287) 1.18% (3.9) (293) 1.172% (4.) (298) 1.9% (3.7) (275) 1.143% (3.8) (281) 1.153% (3.8) (282) 1.7% (3.6) (26) 1.81% (3.7) (27) 1.% (3.6) (261) 1.1% (3.5) (252) 1.2% (4.) (289) 1.33% (4.) (289) 1.2% (3.9) (282) 1.18% (3.9) (28) 1.% (3.9) (28).996% (4.) (286).997% * Loans two or more months delinquent as a percent of total loans. 6 Credit Union Trends Report
7 Distribution of Credit Union Loans Estimated $ (Billions) Outstanding 1 ST TOT. OTHR TOTAL TOTAL NEW USED TOTAL UNSEC CREDIT MORT MORT REAL YR/MO LOANS VEHICLE LOANS Ex. CC S CARDS CUCIC TOTAL 2 ND +HE ESTATE MBLs* * Member Business Loans Distribution of Credit Union Loans Change From Prior Year 1 ST TOT. OTHR TOTAL TOTAL NEW USED TOTAL UNSEC CREDIT MORT MORT REAL YR/MO LOANS VEHICLE LOANS Ex. CC S CARDS CUCIC TOTAL 2 ND +HE ESTATE MBLs*.6 (8.7) 4.9 (.4) (1.1) 4. (7.1) (7.4) (.2) 4.2 (7.1) (6.5) (7.4) (5.6) (7.5) (4.) (7.7) (2.4) (7.9) (.8) (8.2) (8.2) (7.7) (8.) (8.3) (7.9) (7.4) (8.1) (7.7) (7.4) 1.8 (3.4) (7.5) (7.2) (7.2) (7.1) (7.) (6.8) (6.1) 4.4 (.8) (5.9) (5.6) Credit Union Trends Report
8 15 5 Annual Growth Rates Total Loans & Installment Credit Total Loans CUCIC CU Loan Portfolio $ in Billions $615.1 $58.5 $587.4 $58.3 $587. $544.1 $5.1 $474.2 $428.6 $388.5 $ % 54.1% 56.7% 59.3% 59.6% 61.% 61.5% 6.3% 49.8% 44.9% 47.% $ % Nov CIC Other CIC Share of Total Loans at Credit Unions Consumer Installment Credit at Credit Unions 45 $ Billions This report on key CU indicators is based on data from CUNA E&S s Monthly Credit Union Estimates, the Federal Reserve Board, and CUNA Mutual Group Economics. To access this report on the Internet: Sign in at cunamutual.com Go to the Resource Library tab Under Publications heading, select Credit Union Trends Report If you have any questions, comments, or need additional information, please call. Thank you. Dave Colby , Ext dave.colby@cunamutual.com CUNA Mutual Group Economics CUNA Mutual Group, 214 All Rights Reserved. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. 8 Credit Union Trends Report
Credit Union Trends Report
Credit Union Trends Report CUNA Mutual Group Economics October 2 (August 2 data) Highlights Note: Quarterly revisions, impacting April- July results were mostly modest and positive, especially with respect
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics December (October Data) Highlights During October, credit unions picked-up, in new memberships, loan balances grew at a.% seasonallyadjusted annualized
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics May 21 (March 21 Data) Highlights During March, credit unions picked-up 423, in new memberships, and loan and savings balances grew at a.5% and 5.7%
More informationCREDIT UNION TRENDS REPORT
Percent CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics January 218 (November 217 Data) Highlights During November, credit unions picked-up 417, in new memberships, loan balances grew at a 9.6%
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics November (September Data) Highlights During September, credit unions picked up 7, in new memberships, loan balances grew at a.7% annualized pace,
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics March 1 (January 1 Data) Highlights During January, credit unions picked up 3, in new memberships, and loan and savings balances grew at an 11.% and.%
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics February (December Data) Highlights During December, credit unions picked-up 33, in new memberships and loan and savings balances grew at a.% and.%
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationQuarterly Investment Briefing February 5, 2014
Quarterly Investment Briefing February 5, 2014 Clayton T. Bill, CFA Stephen J. Nilles, CFP Agenda Topic Page 2013 Review 3 Corporate Earnings and Profit Margins 5 Equity Market Valuations 7 Bonds and Expected
More informationU.S. Credit Union Profile. First Quarter 2018
Executive Summary The U.S. economy s expansion slowed slightly to 2.3% GDP growth in the first quarter of 2018, down from an average of 3.1% growth over the previous three quarters; however, at 3.9%, unemployment
More informationMBA Forecast Commentary Joel Kan
MBA Forecast Commentary Joel Kan Economy & Labor Markets Strong Enough, First Rate Hike Expected in December MBA Economic and Mortgage Finance Commentary: November 2015 This month s outlook largely mirrors
More informationEconomic & Credit Union Monthly Update
Economic & Credit Union Monthly Update March 216 To access this monthly update go to: www.cunamutual.com/trendsreport If you have any questions or comments, please contact: Steven Rick, Chief Economist
More informationRoger Nord, CIMC Banking Trends Strong
Banking AUTHOR Roger Nord, CIMC Vice President Investment Strategist Wells Fargo Private Bank KEY POINTS Central California-based banks and credit unions are experiencing strong growth in their loan portfolios,
More informationThe President s Report to the Board of Directors
The President s Report to the Board of Directors April 4, 214 Current Economic Developments - April 4, 214 Data released since your last Directors' meeting show the economy was a bit stronger in the fourth
More informationInvestor Teleconference Presentation Fourth Quarter Fastenal Company January 17, 2018
Investor Teleconference Presentation Fourth Quarter 2017 Fastenal Company January 17, 2018 1 Safe Harbor Statement All statements made herein that are not historical facts (e.g., goals regarding Onsite
More informationEurozone. Economic Watch FEBRUARY 2017
Eurozone Economic Watch FEBRUARY 2017 EUROZONE WATCH FEBRUARY 2017 Eurozone: A slight upward revision to our GDP growth projections The recovery proceeded at a steady and solid pace in, resulting in an
More informationSCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE
SCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE September 10, 2014 Palm Beach County School District TAN Cash flow Tax Anticipation Notes are short-term financings that allow the District
More informationExecutive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
More informationFirst Quarter. January March 2016
First Quarter January March 2016 Highlights First quarter showed positive momentum for design industry. Design firms in March reported strong and accelerating business after a weak January and February.
More informationHIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of July 31
Unaudited Balance Sheet As of July 31 Total Enrollment: 407 Assets: Cash $ 9,541,661 $ 1,237,950 Invested Cash 781,689 8,630,624 Premiums Receivable 16,445 299,134 Prepaid 32,930 34,403 Assessments Receivable
More informationU.S. INTEREST RATES CHARTBOOK MARCH U.S. Interest Rates. Chartbook. March 2017
U.S. Interest Rates Chartbook March 2017 Takeaways The FOMC has raised the Fed funds rate for the third time since the start of the policy rate normalization cycle in 2015. The Committee has also reinforced
More informationHIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of January 31
Unaudited Balance Sheet As of January 31 Total Enrollment: 371 Assets: Cash $ 1,408,868 $ 1,375,117 Invested Cash 4,664,286 4,136,167 Premiums Receivable 94,152 91,261 Prepaid 32,270 33,421 Assessments
More informationThe real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter.
QIRGRETA Monthly Macroeconomic Commentary United States The U.S. economy rebounded in the second quarter of 2007, growing at an annual rate of 3.4% Q/Q (+1.8% Y/Y), according to the GDP advance estimates
More informationRepublic of Korea. Yield Movements. 68 Asia Bond Monitor
68 Asia Bond Monitor Republic of Korea Yield Movements Between 1 March and 15 May, local currency (LCY) government bond yields in the Republic of Korea rose for all tenors, albeit marginally (Figure 1).
More informationRecent Economic Developments
REPUBLIC OF INDONESIA Recent Economic Developments January, 2010 Published by Investors Relations Unit Republic of Indonesia Address Bank Indonesia International Directorate Investor Relations Unit Sjafruddin
More informationAgency MBS: Still Attractive for Now
MANAGER INSIGHT Agency MBS: Still Attractive for Now By Ian Anderson, Portfolio Manager, Agency MBS Strategist KEY TAKEAWAYS We foresee modestly positive excess returns for agency MBS versus Treasurys
More informationInvestor Teleconference Presentation Third Quarter Fastenal Company October 10, 2018
Investor Teleconference Presentation Third Quarter 2018 Fastenal Company October 10, 2018 1 Safe Harbor Statement All statements made herein that are not historical facts (e.g., goals regarding Onsite
More informationFHCF Investment Update
FHCF Investment Update Financial Market Recap Historical Yield Curves Benchmark Standings Investment Summaries by Maturity & Sector Monthly Return Comparisons Summary & Forecast Richard Smith, Portfolio
More informationCredit Suisse Swiss Pension Fund Index Q1 2017
Credit Suisse Swiss Pension Fund Index Q1 217 YTD 217: 2.76% Q1 217: 2.76% Credit Suisse Pension Fund Index starts year at all-time high Allocation to foreign equities at all-time high; allocation to Swiss
More informationEurozone Economic Watch. November 2017
Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ
More informationADVANCED FINANCIAL LITERACY FOR DIRECTORS: APPLYING RATIO ANALYSIS TO MANAGE THE BALANCE SHEET & MAXIMIZE INCOME
ADVANCED FINANCIAL LITERACY FOR DIRECTORS: APPLYING RATIO ANALYSIS TO MANAGE THE BALANCE SHEET & MAXIMIZE INCOME Presented by: Dr. Randy Thompson rthompson@tctrisk.com 1 BOARD OF DIRECTORS RESPONSIBILITIES
More informationEconomic activity gathers pace
Produced by the Economic Research Unit October 2014 A quarterly analysis of trends in the Irish economy Economic activity gathers pace Positive data flow Recovery broadening out GDP growth revised up to
More informationInvesting for now and the future. Co-opTrust Investment Services Presentation by Lydia Muchiri 26 June 2010
Investing for now and the future Co-opTrust Investment Services Presentation by Lydia Muchiri 26 June 2010 Outline Saving vs Investing Key Considerations before starting Stages of life and investing Set
More informationECONOMIC AND FINANCIAL HIGHLIGHTS
ECONOMIC AND FINANCIAL HIGHLIGHTS FEDERAL RESERVE BALANCE SHEET Assets and Liabilities 2-3 REAL ESTATE Construction Spending 4 CoreLogic Home Price Index 5 Mortgage Rates and Applications 6-7 CONSUMER
More informationADVANCE COMMENTARY NUMBER 930-A. December Labor, Private Surveying and M3, November Trade Deficit and Construction Spending January 5, 2018
ADVANCE COMMENTARY NUMBER 93-A December Labor, Private Surveying and M3, November Trade Deficit and Construction Spending January 5, 28 Annual Household Survey Revisions Were Negligible for Headline U.3,
More informationAug-12. Oct-13. Dec-14. Feb-16
Feb-2 Apr-3 Jun-4 Aug-5 Oct-6 Feb-9 Apr-1 Jun-11 Aug-12 Feb-16 Dec-1 Dec-2 Dec-3 Dec-4 Dec-5 Dec-6 Richard Farr Jim McGovern U.S. Trading European Trading Chief Market Strategist Market Strategist Tourmaline
More informationNESGFOA Economic Assessment Impact on Rates
NESGFOA Economic Assessment Impact on Rates September 18, 2017 Not FDIC Insured May Lose Value No Bank Guarantee Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. For institutional
More informationAsia Bond Monitor November 2018
7 December 8 Key Developments in Asian Local Currency Markets T he monetary board of the Bangko Sentral ng Pilipinas decided to keep its key policy rates steady during its final meeting for the year on
More informationBabson Capital/UNC Charlotte Economic Forecast March 11, 2014
Babson Capital/UNC Charlotte Economic Forecast March 11, 2014 The data used in this report comes from the websites for the U.S. Department of Commerce's Bureau of Economic Analysis (www.bea.gov) and the
More informationU.S. Credit Union Profile. Year-End 2017
Year-End Year-End Executive Summary The economy slowed slightly in the fourth quarter of, from over 3.0% annualized GDP growth in the previous two quarters to 2.5% in Q4. After a slow first quarter of
More informationAnalyst Conference. Preliminary figures February 15, Dr. Eric Strutz Chief Financial Officer
Analyst Conference Preliminary figures 2005 February 15, 2006 Dr. Eric Strutz Chief Financial Officer Highlights of 2005 Q4 `05 vs Q4 `04 FY 2005 vs 2004 Operating profit, 466 2.8 fold 1,717 +70% Net profit,
More informationFixed Income Update: June 2017
Fixed Income Update: June 2017 James Kochan Chief Fixed-Income Strategist Overview Political turmoil may obscure but does not usually overwhelm the economic fundamentals that drive the bond markets.. Those
More informationHigh Dividend Stocks In Rising Interest Rate Environments
High Dividend Stocks In Rising Interest Rate Environments July 2016 Disclosure: This research is provided for educational purposes only and is not intended to provide investment or tax advice. All numbers
More informationLABOR SITUATION Office of Research
Sharon Palmer Commissioner LABOR SITUATION Office of Research FOR IMMEDIATE RELEASE May 2013 Data CT Unemployment Rate = 8.0% US Unemployment Rate = 7.6% Nonfarm jobs rise 1,000 in May but the unemployment
More informationDivision of Bond Finance Interest Rate Calculations. Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates
Division of Bond Finance Interest Rate Calculations Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates November 16, 2018 Division of Bond Finance Calculation
More informationNonfarm jobs slip 1,700 in December; unemployment rate declines to 4.4%
Lincoln.dyer@ct.gov appears Office of Research Scott D. Jackson, Commissioner FOR IMMEDIATE RELEASE December 2016 Data CT Unemployment Rate = 4.4% US Unemployment Rate = 4.7% Nonfarm jobs slip 1,700 in
More informationLooking at a Variety of Municipal Valuation Metrics
Looking at a Variety of Municipal Valuation Metrics Muni vs. Treasuries, Corporates YEAR MUNI - TREASURY RATIO YEAR MUNI - CORPORATE RATIO 200% 80% 175% 150% 75% 70% 65% 125% Average Ratio 0% 75% 50% 60%
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationThe labor market has continued to strengthen and economic activity has been expanding at a moderate pace this year.
Current Economic Climate Overview The Federal Reserve publishes a report (known as the Beige Book) eight times per year that summarizes current economic conditions throughout the twelve Federal Reserve
More informationQUARTERLY FINANCIAL REPORT
QUARTERLY FINANCIAL REPORT Page Key Trends Summary...2 Executive Summary...3 Economic Indicators...4 General Fund...8 Public Safety & Justice...10 Land Use, Housing & Transportation...11 Health & Human
More informationWeekly Market Commentary
LPL FINANCIAL RESEARCH Weekly Market Commentary November 18, 2014 Emerging Markets Opportunity Still Emerging Burt White Chief Investment Officer LPL Financial Jeffrey Buchbinder, CFA Market Strategist
More informationFinancial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
More informationFor personal use only
AMYF SERIES QUARTERLY UPDATE 1 OCTOBER 2016 31 DECEMBER 2016 SUMMARY AUSTRALIAN MASTERS YIELD FUND SERIES (AMYF SERIES) HIGHLIGHTS AMYF Series announced the following quarterly dividends and capital returns:
More informationModest Economic Growth and Falling GDP Gap
Modest Economic Growth and Falling GDP Gap -. -. U.S. Economic Output (Real GDP - Quarterly Growth Rate).................................... : : : : : : : : : : -. -. -. -. -. -. -. -. -. -. -. -. -. -.
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2018
PRESS RELEASE 10 December 2018 Securities issued by Hungarian residents and breakdown by holding sectors October 2018 According to securities statistics, the amount outstanding of equity securities and
More information1. Macroeconomic Highlights
1. Macroeconomic Highlights ht Macroeconomic Highlights Resilient growth over the last 2 years, despite the global economic slowdown Banking industry robust with high level of CAR and low NPLN. In 2008
More informationBerkshire County Living: Nestled in the beautiful hills of western Massachusetts Where art and nature come to play
Berkshire County Living: Nestled in the beautiful hills of western Massachusetts Where art and nature come to play This report was written by Sandra J. Carroll, Chief Executive Officer. Information believed
More informationUniCredit Eurozone Economist Toolbox
UniCredit Eurozone Economist Toolbox Aurelio Maccario Chief Eurozone Economist - UniCredit Group UniCredit Group Research aurelio.maccario@unicreditgroup.de Florence, 03 April 2009 GDP Tracker: Sharp GDP
More informationU.S. Corporate Issuers: Lending Surges Amid A Decline In Credit Risk In 1Q17
U.S. Corporate Issuers: Lending Surges Amid A Decline In Credit Risk In 1Q17 S&P Global Fixed Income Research Apr. 2017 Permission to reprint or distribute any content from this presentation requires the
More informationU.S. Credit Union Profile. Year-End 2017
Year-End U.S. Demographic Information Number of CUs 5,684 5,906 6,143 6,398 6,680 6,956 7,236 Assets per CU ($ mil) 245.5 221.7 198.5 177.6 161.0 148.8 134.6 Median assets ($ mil) 31.2 29.1 26.8 24.5 22.7
More informationOffice of the Treasurer of The Regents
UCRP and GEP Quarterly Investment Risk Report Committee on Investments/ Investment t Advisory Group Quarter ending March 200 May 7, 200 Contents UCRP Asset allocation history 5 7 What are the fund s asset
More informationTransGraph Research Consulting Technology
Research Consulting Technology Agriculture Metals Energy Dairy Currency Economy Brands Medium term outlook on Lead July 217 2 Market Recap LME Lead remained weak last month but recovered towards the end
More informationCredit Suisse Swiss Pension Fund Index Q3 2015
Credit Suisse Swiss Pension Fund Index Q3 2015 YTD 2015: 1.47% Q3 2015: 1.31% Return on the Credit Suisse Pension Fund Index continues to fall, despite good July performance Annualized returns fall, while
More informationFourth Quarter 2015 Market Review. March 2016
Fourth Quarter 2015 Market Review March 2016 Agenda Market Review Investment Outlook and Portfolio Positioning 2 2015 was a Challenging Year for Investment Returns Last year was the first time since 2001
More informationReview of Membership Developments
RIPE Network Coordination Centre Review of Membership Developments 7 October 2009/ GM / Lisbon http://www.ripe.net 1 Applications development RIPE Network Coordination Centre 140 120 100 80 60 2007 2008
More informationRelease date: 14 August 2018
Release date: 14 August 218 UK Finance: Mortgage Trends Update June 218 House purchase activity slows in June but remortgaging activity remains high Key data highlights: There were 34,9 new first-time
More informationMonetary Policy Report I / 2018
Central Bank of Egypt Monetary Policy Report I / 218 Monetary Policy Report I / 218 Central Bank of Egypt Disclaimer The cut-off date for the data included in this report is May 17, 218. Some of the data
More informationConsolidated financial results for 2Q 2017
Citi Handlowy Strategy and Investor Relations Department Consolidated financial results for 2Q 2017 August 22 nd, 2017 2Q 2017 summary Consistent growth of customer business: Loan volume growth in institutional
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2017
11 December 2017 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors October 2017 According to securities statistics, the amount outstanding of equity securities and
More informationSri Lanka: Recent Economic Trends. January 2018
Sri Lanka: Recent Economic Trends January 2018 1 Agenda Summary Economic Growth Inflation and Monetary Policy External Account Fiscal Scenario of Government of Sri Lanka ICRA Lanka Limited 2 2 Agenda Summary
More informationTotal
The following report provides in-depth analysis into the successes and challenges of the Northcoast Tactical Growth managed ETF strategy throughout 2017, important research into the mechanics of the strategy,
More informationChallenges to monetary policy in the EMEs
Challenges to monetary policy in the EMEs A view into the Brazilian Case Governor of the Banco Central do Brasil Ilan Goldfajn November 18th, 2017 Outline Benign international conditions and Emerging Markets
More informationMonthly Economic and Financial Developments April 2006
Release Date: 30 May Monthly Economic and Financial Developments April In an effort to provide the public with more frequent information on its economic surveillance activities, the Central Bank has decided
More informationDecember. US Interest Rates. Chartbook
December 2016 US Interest Rates Chartbook Takeaways The FOMC December statement has revealed a unanimous vote for a 2nd Fed funds rate increase, while economic projections reinforced the Fed s stance to
More informationOffice of the Chief Economist National Credit Union Administration. Economic Overview. California State Examiner School.
Office of the Chief Economist National Credit Union Administration California State Examiner School May 30, 2017 Credit Union Performance Trends Recent Data About Credit Union Performance in California,
More information18. Real gross domestic product
18. Real gross domestic product 6 Percentage change from quarter to quarter 4 2-2 6 4 2-2 1997 1998 1999 2 21 22 Total Non-agricultural sectors Seasonally adjusted and annualised rates South Africa s real
More information1- Macroeconomic Scenario
PREVI NOVARTIS MONTHLY REPORT May 15, 2014 1- Macroeconomic Scenario The economic recovery has been consolidating in the United States and Europe. In emerging markets, the momentum is positive but growth
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More informationJanuary 25, Page 1 of 5. Michael R. Bellora Deputy Treasurer, Fixed Income Investor Relations and Banking
Michael R. Bellora Deputy Treasurer, Fixed Income Investor Relations and Banking GE 201 High Ridge Road Stamford, CT 06927 USA January 25, 2012 T 203 961 2475 Michael.bellora@ge.com Below is our fixed
More informationFebruary 8, 2012 Robert Johnson Director of Economic Analysis
Positive Surprises in Store for 2012? Macro Overview February 8, 2012 Robert Johnson Director of Economic Analysis 1 U.S. Economic Data 2011: Soft, but no recession, Growth Accelerated Through the Year
More informationCredit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference
Credit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference May 13, 2008 Janet L. Yellen President and CEO Federal Reserve Bank of San Francisco Overview Financial
More informationForecast of Louisiana Unemployment Insurance Claims. September 2014
Forecast of Louisiana Unemployment Insurance Claims September 2014 Executive Summary This document summarizes the forecasts of initial and continued unemployment insurance (UI) claims for the period September
More informationU.S. Economic Outlook: recent developments
U.S. Economic Outlook Recent developments Washington, D.C., 6 February 2018 This document was prepared by Helvia Velloso, Economic Affairs Officer, under the supervision of Inés Bustillo, Director, ECLAC
More informationInvestor Teleconference Presentation First Quarter Fastenal Company April 11, 2018
Investor Teleconference Presentation First Quarter 2018 Fastenal Company April 11, 2018 1 Safe Harbor Statement All statements made herein that are not historical facts (e.g., goals regarding Onsite and
More informationDevelopment of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
More informationImproved Macroeconomic Conditions Boost Consumer Sentiment to Its Highest Level in 3½-Year
ECONOMIC REPORT Business & Consumer Confidence 17 April 2018 Improved Macroeconomic Conditions Boost Consumer Sentiment to Its Highest Level in 3½-Year MIER s CSI rebounded to 3.5-year high. Underpin by
More informationUCRP and GEP Quarterly Investment Risk Report
UCRP and GEP Quarterly Investment Risk Report Quarter ending June 2011 Committee on Investments/ Investment Advisory Group September 14, 2011 Contents UCRP Asset allocation history 5 17 What are the fund
More informationMarch 8 & 12 MORTGAGE LENDING IN MEXICO. Asociación de Bancos de México
March 8 & 12 MORTGAGE LENDING IN MEXICO Asociación de Bancos de México Index 1.The Mexican Banking Sector 2. Mortgage Market in Mexico 3. Outlook and Conclusions 3 Introduction 1. The Mexican economy has
More informationShort-term indicators and Updated Forecasts. Eurozone NOVEMBER 2016
Short-term indicators and Updated Forecasts Eurozone NOVEMBER 2016 EUROZONE WATCH NOVEMBER 2016 Key messages: resilience and unchanged projections The moderate pace of economic growth continued in the
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. January 2019
7 March 2019 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors January 2019 According to securities statistics, the amount outstanding of equity securities and debt
More informationThe Mortgage and Housing Market Outlook
The Mortgage and Housing Market Outlook National Economists Club Washington, DC March 27, 2008 Frank E. Nothaft Chief Economist Recession Risk, Housing Contraction Worsen 1-in-2 chance of recession in
More informationLeumi Economic Weekly November 30, 2016
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Leumi Economic Weekly November 30, 2016 The composite
More informationPresentation to Chief Executive Officers of Commercial and Microfinance Banks Dr. Patrick Njoroge Governor, Central Bank of Kenya
Presentation to Chief Executive Officers of Commercial and Microfinance Banks Dr. Patrick Njoroge Governor, Central Bank of Kenya August 6, 2015 Outline 1. The Information basis for the MPC meeting 2.
More informationCost Estimation of a Manufacturing Company
Cost Estimation of a Manufacturing Company Name: Business: Date: Economics of One Unit: Manufacturing Company (Only complete if you are making a product, such as a bracelet or beauty product) Economics
More informationDecline in Economic Activity Larger Than Advance GDP Estimate February 27, 2009
Northern Trust Global Economic Research 5 South LaSalle Chicago, Illinois 663 northerntrust.com Asha G. Bangalore agb3@ntrs.com Decline in Economic Activity Larger Than Advance GDP Estimate February 27,
More informationCredit Union Quarterly Performance Report
Credit Union Quarterly Performance Report Third Quarter 2013 Contents 2013 Quarterly Snapshot Nevada 3rd Quarter 2013... 3 CALLAHAN PEER TO PEER DATA SUMMARY (09.30.13)... 3 GENERAL METRICS... 3 LOAN AND
More informationWeekly Macroeconomic Review
20/12/2011 Weekly Macroeconomic Review Expectations derived from the capital market Our forecast Inflation in the coming months Future cumulative inflation next 12 CPIs (through November 2012 CPI) Inflation
More informationNonfarm Payroll Employment
PRESIDENT'S REPORT TO THE BOARD OF DIRECTORS, FEDERAL RESERVE BANK OF BOSTON Current Economic Developments - June 10, 2004 Data released since your last Directors' meeting show the economy continues to
More informationMonthly Natural Gas Reference Prices, Alberta $6.47 $6.18 $5.71 $5.29 $5.22
After over a decade of almost uninterrupted growth, Alberta is now entering the fifth year of an economic boom. Despite the mismanagement of the Klein government, which ran the province without any real
More informationCPA Australia Plan Your Own Enterprise Competition
Financial Plan Your financial plan should include: 1. A list of Start-Up Costs and how these will be paid for (eg from savings, bank loan or family loan) 2. A Breakeven Analysis, which includes: a list
More information