Credit Union Quarterly Performance Report

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1 Credit Union Quarterly Performance Report Third 2014

2 TABLE OF CONTENTS KEY DEVELOPMENTS... 1 PERFORMANCE COMPARISONS... 2 EXECUTIVE SUMMARY & OUTLOOK... 3 RECENT ECONOMIC DEVELOPMENTS... 3 CREDIT UNION RESULTS Growth... 7 Risk Exposure... 8 Earnings... 9 Capital Adequacy...10 SPECIAL FOCUS: Business Startups and CU Business Lending - on the Rise...11 DATA TABLES Overview: State Trends...13 Overview: State Results by Asset Size...14 Overview: National Results by Asset Size Portfolio Detail: State Trends Portfolio Detail: State Results by Asset Size Portfolio Detail: National Results by Asset Size...18 State Quarterly Trends...19 Bank Comparisons State Leaders...21 State Milestones Mergers/Liquidations Financial Summary...31 CUNA ECONOMICS & STATISTICS ii FIRST QUARTER 2015

3 CALIFORNIA CREDIT UNION KEY DEVELOPMENTS First quarter 2015 financial and operating data reflect further improvement in California credit union results. Credit unions report strong membership growth, healthy loan growth, higher asset quality, higher earnings and lofty capital ratios in the period. California credit union memberships increased by 1.1% (4.4% annualized) in the first quarter of 2015, up from a 1.2% (4.8% annualized) fourth quarter 2014 advance. The 3.0% twelve-month increase in memberships is three times higher the estimated 1.0% change in California population during the period. Despite generally weak first quarter economic results, California credit union loans grew at healthy rates. Loan growth is normally weak in the first quarter because members tend to be focused on paying down holiday debts. The quarterly 2.4% gain in loans (9.6% annualized) was slower than the 3.0% increase in the fourth quarter of 2014 but was faster than the 2.2% increase in the year-ago period (i.e., the first quarter of 2014). California credit union loans increased by 14% in the year ending March 2015 their fastest annual increase since 2001 (when loans increased 16.4%). Savings growth is typically strong in the first quarter as tax refunds are deposited into savings accounts. First quarter 2015 was no exception. Credit union savings growth in the state was 3.6% in the first quarter (a 14.4% annualized pace). The quarterly gain was up from 1.6% in the fourth quarter of 2014 and a bit higher than the 3.4% gain in the year-ago quarter. California credit union loan quality improved, with delinquencies falling from 0.63% at year-end 2014 to 0.50% at the end of the first quarter The net charge-off rate likewise declined from an annualized 0.39% in the fourth quarter to an annualized 0.27% in the first quarter of The delinquency ratio is at its lowest level since 2006 (when it settled in at 0.47) and the net charge-off rate now sits at a modern-day low. California credit union earnings results were strong with annualized ROA (net income as a percentage of average assets) of 0.82% in the first quarter up from 0.75% in the fourth quarter of 2014 but marginally lower to year-ago levels. Credit union ROA averaged 0.64% over the past decade. Strong earnings and modest asset growth kept the California credit union aggregate capital ratio close to all-time highs, finishing the first quarter at 11% - a modest increase compared to the 10.9% year-ago reading. CUNA ECONOMICS & STATISTICS 1 FIRST QUARTER 2015

4 Demographic Information Mar 15 Mar 15 Number of CUs 6, Assets per CU ($ mil) Median assets ($ mil) Total assets ($ mil) 1,172, ,882 Total loans ($ mil) 733,985 89,700 Total surplus funds ($ mil) 390,960 60,552 Total savings ($ mil) 997, ,344 Total members (thousands) 101,207 10,180 Growth Rates Total assets Total loans Total surplus funds Total savings Total members % CUs with increasing assets Earnings - Basis Pts. Yield on total assets Dividend/interest cost of assets Net interest margin Fee & other income * Operating expense Loss Provisions 28 9 Net Income (ROA) with Stab Exp Net Income (ROA) without Stab Exp % CUs with positive ROA Capital Adequacy Net worth/assets % CUs with NW > 7% of assets Asset Quality Delinquencies (60+ day $)/loans (%) Net chargeoffs/average loans Total borrower-bankruptcies 196,320 15,516 Bankruptcies per CU Bankruptcies per 1000 members Asset/Liability Management Loans/savings Loans/assets Net Long-term assets/assets Liquid assets/assets Core deposits/shares & borrowings Productivity Members/potential members (%) 5 4 Borrowers/members (%) Members/FTE Average shares/member ($) 9,853 13,000 Average loan balance ($) 13,429 17,643 Employees per million in assets Structure Fed CUs w/ single-sponsor Fed CUs w/ community charter Other Fed CUs CUs state chartered California Credit Union Profile Overview by Year U.S. CUs California CUs Earnings, net chargeoffs, and bankruptcies are year-to-date numbers annualized. Due to significant seasonal variation, balance sheet growth rates are for the trailing 12 months. US Totals include only credit unions that are released on the NCUA 5300 Call Report file. Source: NCUA and CUNA E&S. CUNA ECONOMICS & STATISTICS 2 FIRST QUARTER 2015

5 Executive Summary Despite obvious economic challenges, including a surprising contraction in U.S. GDP growth, first quarter 2015 financial and operating data reflect further improvement in California credit union results. The state s credit unions report strong membership growth, healthy loan growth, higher asset quality, higher earnings and lofty capital ratios in the period. Looking forward, all signs point to a healthy bounceback in economic activity during the remainder of the year. Labor market gains should continue to impress, which should translate to higher incomes, higher confidence and higher consumer spending (and borrowing). Credit union loan growth will undoubtedly regain momentum as typical seasonal patterns combine with the improving economic environment to drive healthy, broad-based advances in loan applications. While the Federal Reserve now seems very likely to begin raising short-term interest rates in the second half of the year, the increases are apt to be modest and measured. The expected conservative approach away from historically low rates should not result in any major disruption in the continuing economic recovery or in further improvement in California credit union operating metrics. RECENT ECONOMIC DEVELOPMENTS The Bureau of Economic Analysis revised its estimate of the first quarter GDP growth from an increase of 0.2% to a decrease of 0.7% on an annualized rate. The good news is that the decline in GDP was due primarily to transitory factors. Severe winter weather conditions and the labor strike in the West Coast had far-reaching effects on the macro economy. However, a strong U.S. dollar also contributed to the slide - sending U.S. exports down by 7.6%. The business sectors mixed assessment of the path of economic expansion was reflected in a decrease in private domestic investment, particularly in nonresidential fixed investment, which declined by 20.8%. A decrease in state and local government spending, which was offset by lower imports a subtraction in GDP calculation also contributed to lower first quarter GDP numbers. This is the second year in a row with a contraction in first quarter economic output, though this year s decline was not nearly as pronounced as the 2014 slide. And despite weak first quarter data, there is no evidence that the sixth year of economic expansion has hit a wall. Personal consumption expenditures (PCE) - roughly 70% of GDP - expanded by 1.8% and residential investment rose 5% in the first quarter, an indication that the housing market is picking up pace. Recent downward movement of the U.S. dollar also has generated positive impact on trade pushing exports $1.9 billion higher in April than in March. 12Q1 CUNA ECONOMICS & STATISTICS 3 FIRST QUARTER 2015 U.S. ECONOMIC GROWTH Annualized Quarterly Changes in GDP Q3 Source: BEA Q Q3 UNEMPLOYMENT RATES Jan. 14 May 14 CA 3.5 Sept. 14 U.S Q1 4.6 Jan Q3 2.2% Q1 6.6% % 8.1% % Source: BLS May 15

6 The economy continues to experience stable personal income growth, which increased 0.4% in April. On a quarterly basis, personal income rose 4.1% in the first quarter, staying within the higher-than-4.0% trend that started in the first quarter last year. In the aggregate, first quarter personal income rose to $15.13 trillion, up from $14.98 trillion in the fourth quarter of Real disposable income that is, personal income less personal taxes adjusted for price changes rose 5.3% in the fourth quarter, to $13.29 trillion. Not surprisingly, rising personal income fueled consumption. Personal consumption expenditures increased 1.8% in the first quarter with services and durable goods consumption rising at 2.5% and 1.1%, respectively. Despite uneven monthly jobs data, the economy s labor utilization continues to rise. In January and February, 201,000 and 266,000 jobs were added, respectively. March jobs numbers, however, were disappointing with an addition totaling only 119,000 which kept the unemployment rate unchanged at 5.5% in February and March. Nevertheless, the unemployment rate continued to fall in the first quarter and the trend continued in April and May. The total number of jobs added in the first quarter was 552,000. March was a one-off dip, reflected in an April addition totaling 221,000, which brought the unemployment rate down to 5.4%. Although 280,000 jobs were added in May, the unemployment rate increased marginally to 5.5%, due mostly to a temporary increase in the civilian labor force as college students began searching for summer work. The California unemployment rate has continued on its declining trend recently, reflected in a sharp 1.5 percentage point slide over the year ending April The state s jobless rate remains nearly a point higher than the U.S. norm, however. Each of the state s MSAs report lower unemployment rates over the past year, with only one El Centro failing to post a decline of more than one percentage point. Six California MSAs (Napa, San Diego, San Francisco, San Jose, San Luis Obispo and Santa Rosa) reflect unem- CA UNEMPLOYMENT RATE TRENDS BY MSA (Not seasonallly adjusted) Metropolitan Area March 2015(%) March 2014 (%) Change (%) Bakersfield-Delano 11.1% 12.8% -1.7% Chico El Centro Fresno Hanford-Corcoran Madera-Chowchilla Merced Modesto Napa Oxnard-Thousand Oaks-Ventura Redding Riverside-San Bernardino-Ontario Sacramento--Arden-Arcade--Roseville Salinas San Diego-Carlsbad-San Marcos San Francisco-Oakland-Fremont San Jose-Sunnyvale-Santa Clara San Luis Obispo-Paso Robles Santa Cruz-Watsonville Santa Rosa-Petaluma Stockton Vallejo-Fairfield Visalia-Porterville Yuba City 11.7% 14.9% -3.2% Source: BLS INFLATION RATES YOY % CHANGE CPI All Urban Consumers Apr. 14 Jun. 14 Aug. 14 Oct. 14 Dec. 14 Feb. 15 Apr. 15 Headline Core Source: BLS CUNA ECONOMICS & STATISTICS 4 FIRST QUARTER 2015

7 ployment rates below the 5.4% U.S. rate. Overall, California added 151,500 jobs in the first four months of 2015 and over 457,000 in the year ending April. Additionally, non-farm employment in California is now 590,000 above pre-recession levels. The national economy continues to generate both high- and low-wage jobs, adding more jobs in the service sector than in the goods sector. In May, the service sector added 256,000 jobs while only 6,000 were added in the goods sector. Within the service sector, more high-wage jobs were added in professional and business services (63,000) and health services (57,700). Retail trade bounced back adding 31,400 jobs in May up from a 13,300 addition in April. While leisure and hospitality added only 17,000 jobs in April a huge drop from 70,000 in February May s gain was a healthy 57,000 increase. Although weak, construction jobs are beginning to come back reflected in gains of 35,000 jobs in April and 17,000 in May. Those numbers are consistent with the continuing recovery in the housing market. Job creation in the manufacturing sector also improved though the recent increases were relatively weak. In all, manufacturing gained 1,000 jobs in April and 7,000 in May. The tepid increases reflect a relatively strong dollar that weakened export orders and, by extension, manufacturing activities. However, recent data from the Institute of Supply Management shows that the U.S. manufacturing index rose to 52.8 in May, up from CA HOME PRICE CHANGES BY MSA (Not seasonallly adjusted) Metropolitan Area Year Ending 1st Qtr 2015 Since 4th Qtr 2007 Anaheim-Santa Ana-Irvine (MSAD) 4.8% -4.2% Bakersfield 5.8% -24.0% Chico 4.6% -18.3% El Centro 9.9% -27.9% Fresno 5.4% -25.3% Hanford-Corcoran 5.9% -25.6% Los Angeles-Long Beach-Glendale (MSAD) 6.4% -10.2% Madera 8.4% -30.1% Merced 7.9% -26.7% Modesto 9.4% -22.6% Napa 6.5% -10.1% Oakland-Hayward-Berkeley (MSAD) 8.3% -1.6% Oxnard-Thousand Oaks-Ventura 4.6% -9.6% Redding 5.1% -20.7% Riverside-San Bernardino-Ontario 6.4% -20.7% Sacramento--Roseville--Arden-Arcade 5.9% -12.4% Salinas 10.1% -23.1% San Diego-Carlsbad 5.1% -4.4% San Francisco-Redwood City-South San Francisco (MSAD) 10.6% 14.0% San Jose-Sunnyvale-Santa Clara 9.1% 9.3% San Luis Obispo-Paso Robles-Arroyo Grande 6.0% -7.3% San Rafael (MSAD) 7.0% 3.3% Santa Cruz-Watsonville 9.5% -7.2% Santa Maria-Santa Barbara 7.7% -10.4% Santa Rosa 8.6% -4.8% Stockton-Lodi 7.7% -22.0% Vallejo-Fairfield 9.5% -22.2% Visalia-Porterville 5.8% -25.2% Yuba City 6.1% -19.5% Source: FHFA All Transactions Index. NSA in April. A manufacturing index above 50 indicates expansion and should translate to job growth in the manufacturing sector in the months ahead. Overall, job growth in the goods sector of the economy was positive in both April and May a welcome turnaround from the decline in March. Inflation, as measured by the Consumer Price Index (CPI), increased by 0.2% in February and March, and by 0.1% in April. However, falling energy prices and steady food prices continue to keep a lid on monthly price movements. According to the Bureau of Labor Statistics, headline CPI fell 0.11% over the year ending April. In contrast, core inflation, which reflects price changes excluding volatile food and energy prices, increased 1.8% over the year. Still, inflation remains well below the Federal Reserve Bank s inflation target of 2.0%. CUNA ECONOMICS & STATISTICS 5 FIRST QUARTER 2015

8 Based on the Congressional Budget Office estimates, the output gap in the first quarter narrowed marginally to 2.6% of GDP from 3.0% in the fourth quarter last year. Although inflationary pressures remain at bay against the backdrop of an economy heading toward full-employment output it is expected that the Federal Reserve will follow through with its plan of a rate hike this year as an initial step toward normalizing monetary policy. The housing market continues to reflect solid improvement despite uneven key housing statistics from the U.S. Census Bureau in the first quarter. On a seasonally-adjusted basis, building permits fell 5.5% in March after a 3.7% rise in February. New home sales, which rose 5.3% in January, slowed to 3.3% gain in February and declined 10% in March. However, April data were higher than the previous months a sign of brisk housing market ahead. While existing home sales dropped 3.3% owing to supply constraints, new home sales rose 6.8% in April. Housing starts increased an eye-popping 20.2% and building permits increased 9.8%. On a quarterly basis, new home sales were up 8.9% in the first quarter of 2015, a bit higher than the 7.5% increase in the fourth quarter of According to the Federal Housing Finance Agency, U.S. home prices increased at a 3.2% annualized pace in the first quarter of 2015 the eleventh consecutive quarterly price increase. From the first quarter of 2014 to the first quarter of 2015, house prices rose 5.5% nationally, though current price levels remain 5.7% off pre-recession levels. California home price increases slightly lagged the U.S. gain in the first quarter of 2015, reflected in an annualized 2.7% jump. Prices in the state were up 6.9% over the past year (a bit faster than the U.S. norm), but remain 10.5% lower than pre-recession levels according to FHFA data. All California MSAs reflect home price gains in the year ending March 2015 and two reflected gains over 10%. Salinas and San Francisco gained 10.1% and 10.6% respectively. At the other end of the spectrum, prices in Anaheim, Chico and Oxnard gained less than 5% in the 12-month period. Three California MSAs now reflect home prices above pre-recession levels, with San Francisco (+14.0%), San Jose (+9.3%), and San Rafael (+3.3%) leading the way. Prices in six MSAs remain more than 10% lower than pre-recession levels. CUNA ECONOMICS & STATISTICS 6 FIRST QUARTER 2015

9 CREDIT UNION RESULTS Growth California credit union memberships increased by 1.1% (4.4% annualized) in the first quarter of 2015, up from a 1.2% (4.8% annualized) fourth quarter 2014 advance. The 3.0% twelve-month increase in memberships is three times higher the estimated 1.0% change in California population during the period. As has been the case historically, the lion s share of membership growth is occurring in the state s largest institutions. The 37 California credit unions with $500 million to $1 billion in assets recorded memberships growth of 3.6% in the 12-months ending March, CA CU MEMBERSHIP GROWTH (%) 2015 and the 36 institutions with more than $1 billion YEAR ENDING 3/15 BY ASSET SIZE CATEGORY in assets grew memberships by 5.1% in the period. At the other end of the spectrum, the state s smallest institutions 90 credit unions with less than $20 million in % assets reflect an aggregate 3.8% decline in memberships in the year ending March, Despite generally weak first quarter economic results, California credit union loans grew at healthy rates. The first quarter is usually relatively weak for loan growth because consumers tend to be focused on paying down holiday debts. The quarterly 2.4% gain in loans (9.6% annualized) was slower than the 3% increase in the fourth quarter of 2014 but was faster than the 2.2% increase in the year-ago period (i.e., the first quarter of 2014). In total, the state s credit unions granted $11.2 billion in loans in the first quarter of That s a 30.5% jump compared to year-ago results and the highest first-quarter total on record. Strong first mortgage originations helped to boost production. Overall, first mortgage originations came in at $4.8 billion in the quarter a 51% increase compared to year-ago results. First mortgage originations accounted for 43% of total loan originations in the state in the first quarter. New vehicle lending continued to lead the way reflected in a 6.8% quarterly increase, while used autos and first mortgage loans increased by 4.2% and 2.2%, respectively. Credit card balances declined by -2.5% and unsecured personal loans fell -0.4% reflecting normal seasonal trends as members paid down holiday shopping bills. California credit union loans increased by 14% in the year ending March 2015 their fastest annual increase since 2001 (when loans increased 16.4%). New auto -3.8% <$20Mil $8.5 CUNA ECONOMICS & STATISTICS 7 FIRST QUARTER $20- $ $50- $ $100- $250 CA CU LOANS GRANTED (First Quarter Total in Billions) $250- $500 $500- $1B >$1Bil $ CA CU LOAN GROWTH (%) FIRST QUARTER 2015 Credit cards -2.5% Other unsecured loans New automobile Used automobile First mortgage HEL & 2nd Mtg Member business loans Source: NCUA & CUNA %

10 loans reflect the strongest year-over year growth with a 41.0% gain in the twelve months ending March Used autos (17.5%), unsecured personal loans (13.9%) and first mortgages (11.4%) also grew at double digit rates, with credit cards (7.0%) and member business loans (5.6%) trailing. HEL/2nd mortgages increased, but only by 1.8% in the year. Savings growth is typically relatively strong in the first quarter as tax refunds are deposited into savings accounts. First quarter 2015 was no exception. Credit union savings growth in the state was 3.6% in the first quarter (a 14.4% annualized pace). The quarterly gain was up from 1.6% in the fourth quarter of 2014 and a bit higher than the 3.4% gain in the year-ago quarter. California credit union savings balances increased by 5.6% in the year ending March 2015 led by increases in short-term, liquid accounts. Share draft balances reflect the strongest advance with an 11.9% gain, while regular shares increased 7.8%. Money market shares increased 3.6% and certificates inched up 2.3%, while IRA balances declined 2.7% during the 12-month period. Looking forward, savings balances are likely to reflect CA CU GROWTH RATES (%) Savings Growth Loan Growth slower growth in the second quarter as normal seasonal trends prevail. Continued weakness in IRA and certificate accounts is likely as members wait for widely-anticipated market rate increases before making longer-term commitments. The second quarter ends on a Tuesday so share draft increases will not reflect the surge typically seen with week-end payroll check deposits. 3.0% CA CU SAVINGS GROWTH FIRST QUARTER Share drafts 6.2% Certificates IRAs Money market shares Regular shares Source: NCUA & CUNA % % Mar. 15 Risk Exposure Loan quality improved, with delinquencies falling from 0.63% at year-end 2014 to 0.50% at the end of the first quarter and the net charge-off rate declining from an annualized 0.39% in the fourth quarter to an annualized 0.27% in the first quarter of The California credit union delinquency ratio is at its lowest level since 2006 (when it settled in at 0.47) and the net charge-off rate now sits at a modern-day low. First quarter delinquency rates fell in four of the five key portfolios we track with the most impressive declines seen in the mortgage portfolio. First mortgage delinquencies declined from 0.76% to 0.67% in the quarter a 0.15% slide - while HEL/2nd mortgage delinquency rates fell from 0.58% to 0.47% in the period. CA CU ASSET QUALITY (%) 1.85% % 2.49% % Mar day $ delinquency Net Chargeoffs CUNA ECONOMICS & STATISTICS 8 FIRST QUARTER 2015

11 Member business loan delinquencies increased from 0.96% in the fourth quarter of 2014 to 1.12% in the first quarter. Net chargeoff rates declined in each of the five key portfolios. Relatively strong savings growth combined with relatively weak loan growth to increase the state s credit union liquidity profile in the first quarter. The aggregate loan-to-savings ratio declined from 68.4% at the start of the year to 67.8% by the end of the first quarter. Loan growth should exceed savings growth and by a wide margin in the second quarter which will put loan-to savings ratios back on an increasing trend. With market interest rates expected to rise in the second half of 2015, savings outflows to money market mutual funds could put a pinch on liquidity and increase net interest margin pressures. California credit union interest rate risk exposure measured by the net long-term asset ratio eased a bit in the first quarter as credit unions replaced some mid-term investments with consumer loans. The net long-term asset ratio declined from 37.8% at the start of the year to 36.5% at the end of March The current exposure is more than three percentage points lower than its 2013 peak value of 40.5% but it remains more than three percentage points above the prerecession value of 33.4%. CA CU LOAN-TO-SAVINGS RATIO (%) CA CU LONG TERM ASSETS AS A % OF TOTAL ASSETS Mar. 15 Mar. 15 Earnings California credit union earnings results were strong with annualized ROA (net income as a percentage of average assets) of 0.82% in the first quarter up from 0.75% in the fourth quarter of 2014 but marginally lower to year-ago levels. California credit union ROA averaged 0.64% over the past decade. As shown in the table, California credit union earnings declined somewhat over full-year 2014 results because a 4bp increase in loss provisions combined with a 3bp decline in asset yields and a 2bp increase in operating expenses. First quarter funding costs and fee/other income were unchanged compared to full-year 2014 CA CU ROA TRENDS (bp of Average Assets) results. The state s 0.82% annualized first quarter ROA is 4bp higher than the U.S. credit union average for the same period Mar. 15 CUNA ECONOMICS & STATISTICS 9 FIRST QUARTER 2015

12 Capital Adequacy Strong earnings and modest asset growth kept the California credit union aggregate capital ratio close to all-time highs, finishing the first quarter at 11% - a modest increase compared to the 10.9% year-ago reading. CA CU EARNINGS PERFORMANCE (With Stabilization Expense - % of Average Assets) 1Q Basis Point Change Asset Yield 2.98% 3.01% -3 - Int./Div. Cost 0.40% 0.40% NC = Net Int. Margin 2.58% 2.61% -3 + Fee/Other Inc. 1.10% 1.10% NC - Operating Exp 2.77% 2.75% +2 - Loss Provisions 0.09% 0.05% +4 = Net Inc. (ROA) 0.82% 0.91% -9 Source: NCUA and CUNA CA CU NET WORTH RATIO PROFILE (%) NW Ratio Percent of CUs > 7% Mar. 15 CUNA ECONOMICS & STATISTICS 10 FIRST QUARTER 2015

13 SPECIAL FOCUS Business Startups and CU Business Lending on the Rise A majority of U.S. states have experienced an upswing in business startups in 2015, according to a report recently released from the Kauffman Foundation. Further, new businesses are on the rise in almost half of the country s 40 biggest metro areas, especially in western and southern cities. The Kauffman Index of Entrepreneurship is the biggest index to track entrepreneurship in the U.S. and further provides insight on the demographics of business owners. There s been an explosion of entrepreneurship programs and events across the country in recent years, and while we don t fully understand their impact, last year s rebound in new business creation is a good sign, said Dane Stangler, vice president of Research and Policy. Startup activity got a boost in 32 states last year, along with 18 of the top metro areas. Overall, the top 10 cities for startups in the 2014 index remained in In order, these top 10 areas are: Austin, Miami, San Jose, Los Angeles, Denver, San Francisco, New York, Houston, San Diego, and San Antonio. Regarding the rate of new business owners, results varied from 0.55% to 0.13%, but Austin topped the list averaging 550 new entrepreneurs per month--0.55%. Startup density, a measure of new businesses, ranges from 93.9 startups per 100,000 people in Cincinnati to startups per 100,000 people in Miami. Historically, the Plains and Rocky Mountain regions have 18.1 not been thought of as hotbeds of entrepreneurial activity, according to Arnobio Morelix, 3.3% research analyst at the Kauffman Foundation. But entrepreneurship is closely associ ated with economic growth, so it should not be surprising that some of the states seeing increased levels of startup activity have experienced high rates of real GDP expansion in recent years. Importantly, recent strong increases in credit union business lending mirror those strong increases in startups. In addition, credit union small business lending continues to outstrip the gains seen in the banking sector. Specifically, between June of 2007 and March of 2014 the dollar amount of small business loans outstanding at credit unions increased by 115% (10.4% per year). In contrast, small business loans at the nation s banks declined by 12.1% (-1.7% per year). As shown in the accompanying graphic, California credit union business lending growth slowed dramatically during the financial crisis but has recently turned around. Golden state credit union small business loan growth has outpaced U.S. bank norms and by a wide margin in each of the past three years. What explains strong credit union performance in the business lending arena? A number of factors account for recent trends, but banker misdeeds during the formation of the real estate bubble undoubtedly play a role. Increasingly, members and nonmembers alike recognize and value the fact that credit unions are not-forprofit financial cooperatives. As borrowers they appreciate being part-owner of the institution that finances their business. And - as owners - they find that they re treated better. Better pricing also helps. Because credit unions have no stockholders demanding market rates of return on their investments they pass profits through to their RECENT GROWTH IN SMALL BUSINESS LOANS 7.7 Sources: FDIC, NCUA, and CUNA US Banks US CUs CA CUs YOY 1Q15 5.6% continued u CUNA ECONOMICS & STATISTICS 11 FIRST QUARTER 2015

14 SPECIAL FOCUS (CONTINUED) member-owners in the form of better pricing lower loan rates, higher savings yields and fewer/lower fees. Anecdotally, many say that since credit unions are small, locally-operated institutions business borrowers are more likely to have a personal relationship with a real human being at their credit union they know their lender s name, recognize his/her face and actually interact with that person in a more friendly, comfortable way. Their small size, local presence and local decision-making also means that credit unions are apt to be more flexible in the underwriting process more willing/able to listen to a borrower s unique story/circumstances and adjust decisions accordingly. Loan decisions are not based on underwriting criteria developed in a corporate office halfway across the country. Finally, credit unions have a long history of focusing on advice and consultation member education is a hallmark of the credit union approach and small business owners marvel at the assistance and direction they get at their credit union not only with the borrowing process but with many of the critical facets of running a business. Credit unions have a lot of experience lending to small businesses. They ve been making loans to small business since their inception in the United States nearly 100 years ago. And they continue to play a key role, fueling recent gains among the nation s small start-ups. Looking forward, the NCUA s unanimously proposed modernized rule for member-business lending may help to fortify recent credit union success in the MBL arena by greatly increasing credit union operational flexibility. The proposed changes would remove prescriptive and arbitrary limits and replace them with a broad principlesbased regulatory approach, according to the Agency. Restrictions removed or modified by the proposed rule include the requirement for a personal guarantee; the 80% limit on loan-to-value ratios; the limit on unsecured MBLs; the requirement that staff have two years of direct experience; detailed limits on construction and development loans; the restrictive definition of associated borrower; and the 15% of net worth limit on loans to one borrower, which will now increase to 25% if the additional 10% is supported by readily marketable collateral. Comments on the proposed rule are due sixty days after publication in the Federal Register. In any case, all signs point to an enhanced ability to serve small businesses including startups and that s good news for credit unions, their members and their local communities. CUNA ECONOMICS & STATISTICS 12 FIRST QUARTER 2015

15 Overview: State Trends U.S. California Credit Unions Demographic Information Mar 15 Mar Number of CUs 6, Assets per CU ($ mil) Median assets ($ mil) Total assets ($ mil) 1,172, , , , , , , ,686 Total loans ($ mil) 733,985 89,700 87,408 76,982 72,358 71,650 72,680 79,841 Total surplus funds ($ mil) 390,960 60,552 57,502 59,673 59,519 54,021 48,183 43,442 Total savings ($ mil) 997, , , , , , , ,654 Total members (thousands) 101,207 10,180 10,083 9,809 9,696 9,706 9,519 9,895 Growth Rates Total assets Total loans Total surplus funds Total savings Total members % CUs with increasing assets Earnings - Basis Pts. Yield on total assets Dividend/interest cost of assets Net interest margin Fee & other income * Operating expense Loss Provisions Net Income (ROA) with Stab Exp Net Income (ROA) without Stab Exp % CUs with positive ROA Capital Adequacy Net worth/assets % CUs with NW > 7% of assets Asset Quality Delinquencies (60+ day $)/loans (%) Net chargeoffs/average loans Total borrower-bankruptcies 196,320 15,516 13,920 18,892 27,027 39,806 50,580 46,925 Bankruptcies per CU Bankruptcies per 1000 members Asset/Liability Management Loans/savings Loans/assets Net Long-term assets/assets Liquid assets/assets Core deposits/shares & borrowings Productivity Members/potential members (%) Borrowers/members (%) Members/FTE Average shares/member ($) 9,853 13,000 12,672 12,358 12,072 11,512 11,219 10,779 Average loan balance ($) 13,429 17,643 17,379 16,702 16,639 16,510 16,710 16,869 Employees per million in assets Structure Fed CUs w/ single-sponsor Fed CUs w/ community charter Other Fed CUs CUs state chartered Earnings, net chargeoffs, and bankruptcies are year-to-date numbers annualized. Due to significant seasonal variation, balance sheet growth rates are for the trailing 12 months. US Totals include only credit unions that are released on the NCUA 5300 Call Report file. CUNA ECONOMICS & STATISTICS 13 FIRST QUARTER 2015

16 Demographic Information Mar 15 < $20Mil $20-$50 $50-$100 $100-$250 $250-$500 $500-$1B > $1 Bil Number of CUs Assets per CU ($ mil) ,859.7 Median assets ($ mil) ,909.4 Total assets ($ mil) 155, ,352 3,631 8,046 10,224 27, ,948 Total loans ($ mil) 89, ,003 1,753 3,858 5,395 17,251 60,150 Total surplus funds ($ mil) 60, ,282 1,745 3,866 4,315 9,540 39,383 Total savings ($ mil) 132, ,077 3,203 7,104 8,969 24,248 86,108 Total members (thousands) 10, ,990 5,976 Growth Rates Total assets Total loans Total surplus funds Total savings Total members % CUs with increasing assets Earnings - Basis Pts. Yield on total assets Dividend/interest cost of assets Net interest margin Fee & other income * Operating expense Loss Provisions Net Income (ROA) with Stab Exp Net Income (ROA) without Stab Exp % CUs with positive ROA Capital Adequacy Net worth/assets % CUs with NW > 7% of assets Asset Quality Delinquencies (60+ day $)/loans (%) Net chargeoffs/average loans Total borrower-bankruptcies 15, ,064 9,664 Bankruptcies per CU Bankruptcies per 1000 members Asset/Liability Management Loans/savings Loans/assets Net Long-term assets/assets Liquid assets/assets Core deposits/shares & borrowings Productivity Members/potential members (%) Borrowers/members (%) Members/FTE Average shares/member ($) 13,000 6,141 8,204 10,072 9,978 10,843 12,183 14,408 Average loan balance ($) 17,643 8,773 10,229 12,232 12,131 13,906 16,034 19,865 Employees per million in assets Structure Fed CUs w/ single-sponsor Fed CUs w/ community charter Other Fed CUs CUs state chartered Earnings, net chargeoffs, and bankruptcies are year-to-date numbers annualized. Due to significant seasonal variation, balance sheet growth rates are for the trailing 12 months. US Totals include only credit unions that are released on the NCUA 5300 Call Report file. Source: NCUA and CUNA E&S. Overview: State Results by Asset Size CA California Credit Union Asset Groups CUNA ECONOMICS & STATISTICS 14 FIRST QUARTER 2015

17 Overview: National Results by Asset Size U.S. All U.S. Credit Unions Asset Groups Demographic Information Mar 15 < $20Mil $20-$50 $50-$100 $100-$250 $250-$500 $500-$1B > $1 Bil Number of CUs 6,331 2,834 1, Assets per CU ($ mil) ,765.3 Median assets ($ mil) ,652.2 Total assets ($ mil) 1,172,913 20,754 38,746 53, , , , ,387 Total loans ($ mil) 733,985 9,577 19,035 28,490 66,411 74, , ,576 Total surplus funds ($ mil) 390,960 10,713 18,383 23,121 41,084 40,807 53, ,302 Total savings ($ mil) 997,185 17,828 33,924 47,339 99, , , ,858 Total members (thousands) 101,207 3,558 4,903 6,167 11,798 11,685 14,633 48,462 Growth Rates Total assets Total loans Total surplus funds Total savings Total members % CUs with increasing assets Earnings - Basis Pts. Yield on total assets Dividend/interest cost of assets Net interest margin Fee & other income * Operating expense Loss Provisions Net Income (ROA) with Stab Exp Net Income (ROA) without Stab Exp % CUs with positive ROA Capital Adequacy Net worth/assets % CUs with NW > 7% of assets Asset Quality Delinquencies (60+ day $)/loans (%) Net chargeoffs/average loans Total borrower-bankruptcies 196,320 7,240 11,364 12,344 23,772 21,160 26,576 93,864 Bankruptcies per CU Bankruptcies per 1000 members Asset/Liability Management Loans/savings Loans/assets Net Long-term assets/assets Liquid assets/assets Core deposits/shares & borrowings Productivity Members/potential members (%) Borrowers/members (%) Members/FTE Average shares/member ($) 9,853 5,011 6,919 7,676 8,417 9,057 9,984 11,284 Average loan balance ($) 13,429 7,073 8,883 9,580 11,439 12,465 13,836 14,969 Employees per million in assets Structure Fed CUs w/ single-sponsor Fed CUs w/ community charter Other Fed CUs CUs state chartered Earnings, net chargeoffs, and bankruptcies are year-to-date numbers annualized. Due to significant seasonal variation, balance sheet growth rates are for the trailing 12 months. US Totals include only credit unions that are released on the NCUA 5300 Call Report file. CUNA ECONOMICS & STATISTICS 15 FIRST QUARTER 2015

18 U.S. CUNA ECONOMICS & STATISTICS 16 FIRST QUARTER 2015 California Credit Union Profile Growth Rates Mar 15 Mar Credit cards 7.7% 7.0% 6.6% 5.0% 2.2% 1.3% -4.5% -2.6% Other unsecured loans 10.3% 13.9% 13.6% 11.2% 1.6% -2.4% -10.1% -7.4% New automobile 21.4% 41.0% 39.5% 21.0% 1.8% -15.9% -28.8% -23.2% Used automobile 13.2% 17.5% 15.9% 13.3% 6.1% 1.5% -9.4% -10.6% First mortgage 8.9% 11.4% 11.6% 7.1% 3.2% 2.8% -4.3% -4.3% HEL & 2nd Mtg 2.5% 1.8% 3.8% -7.8% -11.5% -8.7% -12.3% -9.6% Member business loans 11.5% 5.6% 7.4% 5.5% -3.6% -4.2% -5.7% -0.2% Share drafts 8.2% 11.9% 13.6% 5.9% 9.6% 11.3% 1.5% 6.6% Certificates -1.1% 2.3% 2.7% -3.4% -7.7% -8.2% -13.1% -15.2% IRAs -1.9% -2.7% -3.0% -3.9% -2.6% -1.5% -0.9% 4.8% Money market shares 3.4% 3.6% 3.1% 2.9% 7.1% 9.2% 8.2% 22.2% Regular shares 7.8% 7.8% 7.8% 8.4% 12.6% 13.0% 7.7% 12.5% Portfolio $ Distribution Credit cards/total loans 6.2% 5.4% 5.6% 6.0% 6.1% 6.0% 5.9% 5.6% Other unsecured loans/total loans 4.3% 2.8% 2.9% 2.9% 2.8% 2.8% 2.8% 2.8% New automobile/total loans 12.3% 10.7% 10.2% 8.3% 7.3% 7.3% 8.5% 10.9% Used automobile/total loans 20.3% 15.7% 15.4% 15.1% 14.2% 13.5% 13.1% 13.2% First mortgage/total loans 41.0% 51.0% 51.2% 52.1% 51.8% 50.7% 48.6% 46.2% HEL & 2nd Mtg/total loans 9.9% 10.6% 10.9% 11.9% 13.8% 15.7% 17.0% 17.6% Member business loans/total loans 7.4% 9.6% 9.7% 10.2% 10.3% 10.8% 11.1% 10.7% Share drafts/total savings 14.2% 13.2% 12.9% 12.0% 11.7% 11.2% 10.5% 10.4% Certificates/total savings 19.1% 17.2% 17.8% 18.3% 19.6% 22.3% 25.4% 29.2% IRAs/total savings 7.8% 6.7% 7.0% 7.6% 8.2% 8.8% 9.4% 9.5% Money market shares/total savings 22.8% 26.9% 27.2% 27.8% 28.0% 27.4% 26.2% 24.3% Regular shares/total savings 34.6% 34.9% 34.2% 33.5% 31.9% 29.7% 27.5% 25.6% Percent of CUs Offering Credit cards 57.9% 74.5% 74.2% 73.0% 71.5% 69.7% 68.0% 67.2% Other unsecured loans 98.2% 98.9% 98.6% 99.2% 99.0% 98.8% 98.9% 98.9% New automobile 95.1% 97.5% 97.3% 97.4% 97.8% 98.1% 98.0% 98.2% Used automobile 96.3% 98.1% 98.4% 98.4% 98.3% 98.6% 97.7% 97.8% First mortgage 65.2% 80.3% 80.2% 79.5% 78.2% 77.8% 75.7% 75.5% HEL & 2nd Mtg 69.4% 84.2% 84.6% 83.5% 81.9% 82.0% 81.1% 81.2% Member business loans 35.9% 56.0% 56.9% 53.5% 52.1% 48.7% 46.8% 45.3% Share drafts 78.1% 85.9% 86.0% 85.8% 85.1% 84.6% 83.6% 83.4% Certificates 79.2% 83.4% 83.8% 83.5% 83.4% 84.6% 84.3% 85.1% IRAs 66.8% 81.2% 81.0% 80.6% 80.4% 80.6% 80.2% 80.1% Money market shares 48.3% 64.3% 64.3% 62.7% 61.3% 61.5% 60.9% 60.2% Percent of Members in Offering CUs Credit cards 18.4% 19.8% 20.0% 19.5% 18.6% 18.1% 18.2% 18.2% Other unsecured loans 11.7% 9.1% 9.3% 8.7% 8.3% 8.1% 8.2% 8.5% New automobile 4.7% 4.6% 4.4% 3.6% 3.6% 4.3% 5.4% 6.9% Used automobile 13.1% 11.3% 11.2% 10.7% 9.9% 9.7% 10.0% 10.3% First mortgage 2.3% 1.8% 1.8% 1.7% 1.7% 1.6% 1.5% 1.5% HEL & 2nd Mtg 2.2% 2.1% 2.1% 2.0% 2.2% 2.4% 2.6% 2.8% Member business loans 0.3% 0.4% 0.4% 0.2% 0.2% 0.2% 0.2% 0.2% Share drafts 55.1% 62.8% 62.7% 61.2% 59.3% 56.6% 55.6% 51.0% Certificates 8.6% 8.1% 8.2% 8.7% 9.4% 10.3% 11.8% 12.9% IRAs 5.0% 5.6% 5.8% 6.1% 6.5% 6.6% 7.0% 6.8% Money market shares 7.6% 10.2% 10.2% 10.3% 10.5% 10.1% 10.3% 9.8% * Current period flow statistics are trailing four quarters. Source: NCUA and CUNA E&S. Portfolio: State Trends California Credit Unions

19 Growth Rates Mar 15 < $20 Mil $20-$50 $50-$100 $100-$250 $250-$500 $500-$1Bil > $1Bil Credit cards 7.0% -0.7% -3.6% 1.5% 1.7% 6.3% 5.6% 8.7% Other unsecured loans 13.9% 4.1% 1.5% 7.5% 8.7% 7.3% 13.9% 19.0% New automobile 41.0% 6.1% 16.5% 12.7% 31.3% 31.6% 41.8% 45.4% Used automobile 17.5% 0.2% 3.6% 9.4% 8.2% 7.8% 23.1% 20.1% First mortgage 11.4% -7.2% 1.0% 2.6% 4.7% 12.3% 5.2% 14.0% HEL & 2nd Mtg 1.8% 4.1% -1.2% 13.0% -4.5% 2.9% 0.0% 2.8% Member business loans 5.6% 21.6% 8.9% 8.2% 9.6% 4.8% 4.0% 6.3% Share drafts 11.9% 2.5% 5.6% 10.7% 5.7% 8.1% 14.3% 13.6% Certificates 2.3% -8.3% -9.0% -5.3% -5.3% -2.1% -0.4% 5.9% IRAs -2.7% -5.2% -7.4% -4.9% -5.5% -4.2% -1.5% -1.5% Money market shares 3.6% -3.4% 2.4% -2.3% 7.8% 1.1% 3.0% 4.0% Regular shares 7.8% 1.5% 3.5% 6.3% 4.1% 7.7% 9.7% 8.9% Portfolio $ Distribution Credit cards/total loans 5.4% 4.4% 6.4% 5.3% 4.7% 6.6% 5.6% 5.2% Other unsecured loans/total loans 2.8% 13.2% 7.3% 4.5% 4.9% 3.9% 3.6% 2.2% New automobile/total loans 10.7% 17.8% 11.6% 10.5% 12.8% 10.9% 10.4% 10.5% Used automobile/total loans 15.7% 24.7% 22.9% 19.6% 24.3% 19.1% 16.9% 14.2% First mortgage/total loans 51.0% 19.8% 37.2% 42.0% 39.3% 43.8% 48.0% 53.9% HEL & 2nd Mtg/total loans 10.6% 7.0% 9.3% 11.1% 9.6% 10.4% 10.2% 10.8% Member business loans/total loans 9.6% 4.0% 5.1% 9.5% 6.4% 9.9% 14.7% 8.4% Share drafts/total savings 13.2% 10.5% 13.7% 16.1% 17.8% 18.5% 17.5% 10.9% Certificates/total savings 17.2% 9.9% 13.8% 18.8% 12.3% 16.4% 20.3% 16.9% IRAs/total savings 6.7% 4.6% 6.1% 7.7% 7.0% 6.1% 6.4% 6.9% Money market shares/total savings 26.9% 5.6% 11.1% 13.8% 17.0% 17.2% 24.2% 30.6% Regular shares/total savings 34.9% 66.7% 53.7% 42.0% 44.9% 40.0% 31.2% 33.6% Percent of CUs Offering Credit cards 74.5% 27.8% 83.1% 89.8% 86.0% 96.4% 100.0% 94.4% Other unsecured loans 98.9% 95.6% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% New automobile 97.5% 92.2% 100.0% 95.9% 100.0% 100.0% 100.0% 100.0% Used automobile 98.1% 93.3% 100.0% 100.0% 100.0% 100.0% 97.3% 100.0% First mortgage 80.3% 32.2% 90.1% 93.9% 100.0% 100.0% 100.0% 100.0% HEL & 2nd Mtg 84.2% 40.0% 97.2% 98.0% 100.0% 100.0% 100.0% 100.0% Member business loans 56.0% 10.0% 43.7% 63.3% 80.0% 85.7% 89.2% 94.4% Share drafts 85.9% 48.9% 95.8% 100.0% 98.0% 100.0% 100.0% 97.2% Certificates 83.4% 52.2% 88.7% 98.0% 88.0% 96.4% 100.0% 97.2% IRAs 81.2% 40.0% 90.1% 93.9% 96.0% 96.4% 100.0% 97.2% Money market shares 64.3% 18.9% 59.2% 81.6% 82.0% 82.1% 97.3% 91.7% Percent of Members in Offering CUs Credit cards 19.8% 18.4% 15.1% 16.0% 14.9% 18.8% 20.2% 20.8% Other unsecured loans 9.1% 11.3% 8.6% 11.2% 9.1% 9.0% 9.8% 8.7% New automobile 4.6% 2.9% 2.5% 3.2% 4.3% 3.4% 4.6% 5.0% Used automobile 11.3% 7.2% 9.1% 9.4% 12.9% 10.2% 12.8% 11.0% First mortgage 1.8% 0.8% 0.9% 1.3% 1.2% 1.3% 1.7% 2.0% HEL & 2nd Mtg 2.1% 0.8% 0.9% 1.4% 1.3% 1.6% 2.1% 2.3% Member business loans 0.4% 0.5% 0.3% 0.4% 0.2% 0.3% 0.5% 0.4% Share drafts 62.8% 31.8% 36.2% 45.2% 51.9% 59.9% 61.9% 67.3% Certificates 8.1% 3.5% 5.0% 6.5% 5.0% 6.7% 8.3% 8.8% IRAs 5.6% 3.3% 3.5% 4.9% 4.1% 4.5% 4.8% 6.4% Money market shares 10.2% 3.8% 3.6% 4.2% 4.6% 5.4% 7.2% 13.0% * Current period flow statistics are trailing four quarters. Source: NCUA and CUNA E&S. Portfolio Detail: State Results by Asset Size CA California Credit Union Asset Groups CUNA ECONOMICS & STATISTICS 17 FIRST QUARTER 2015

20 Growth Rates Mar 15 < $20 Mil $20-$50 $50-$100 $100-$250 $250-$500 $500-$1Bil > $1Bil Credit cards 7.7% 0.5% 0.3% 1.5% 3.6% 5.1% 5.8% 9.9% Other unsecured loans 10.3% 2.5% 3.0% 6.0% 8.4% 8.6% 12.3% 14.4% New automobile 21.4% 4.8% 8.8% 12.3% 16.5% 20.5% 23.0% 24.5% Used automobile 13.2% 4.0% 6.1% 9.1% 10.5% 12.9% 14.9% 16.2% First mortgage 8.9% 1.7% 2.1% 3.7% 5.5% 5.9% 7.0% 11.4% HEL & 2nd Mtg 2.5% -0.7% -1.8% -1.9% 0.3% 2.0% 3.8% 4.4% Member business loans 11.5% 2.5% 5.8% 8.5% 12.7% 12.4% 9.9% 12.6% Share drafts 8.2% 4.7% 5.5% 6.6% 7.3% 7.0% 10.3% 10.1% Certificates -1.1% -7.5% -7.4% -5.9% -4.1% -2.3% -0.9% 1.3% IRAs -1.9% -6.0% -4.4% -3.3% -3.0% -1.7% -1.6% -0.7% Money market shares 3.4% -1.3% -0.6% 0.2% 2.1% 1.0% 3.3% 4.9% Regular shares 7.8% 1.9% 4.3% 6.1% 7.1% 9.1% 9.9% 9.6% Portfolio $ Distribution Credit cards/total loans 6.2% 3.2% 4.7% 4.7% 4.4% 5.1% 4.9% 7.1% Other unsecured loans/total loans 4.3% 15.5% 8.7% 6.6% 5.3% 4.7% 3.7% 3.7% New automobile/total loans 12.3% 18.1% 13.0% 11.3% 10.6% 11.2% 11.8% 12.7% Used automobile/total loans 20.3% 33.2% 28.2% 26.8% 25.1% 23.3% 22.9% 17.2% First mortgage/total loans 41.0% 13.4% 26.9% 31.3% 35.4% 37.8% 39.7% 44.7% HEL & 2nd Mtg/total loans 9.9% 7.4% 10.7% 11.0% 11.3% 10.8% 9.8% 9.4% Member business loans/total loans 7.4% 1.2% 2.6% 4.7% 6.6% 8.2% 10.6% 7.2% Share drafts/total savings 14.2% 9.3% 13.4% 15.6% 16.9% 17.8% 17.0% 12.4% Certificates/total savings 19.1% 12.7% 15.5% 17.0% 18.3% 18.8% 19.1% 20.0% IRAs/total savings 7.8% 4.0% 6.5% 7.4% 7.4% 7.2% 7.2% 8.3% Money market shares/total savings 22.8% 4.7% 10.7% 14.3% 17.0% 19.9% 22.6% 26.6% Regular shares/total savings 34.6% 67.1% 52.1% 44.0% 38.7% 34.6% 32.9% 31.4% Percent of CUs Offering Credit cards 57.9% 26.9% 75.0% 85.5% 83.9% 91.9% 88.4% 93.2% Other unsecured loans 98.2% 96.2% 99.7% 100.0% 100.0% 100.0% 99.6% 100.0% New automobile 95.1% 89.3% 99.9% 99.7% 99.6% 100.0% 99.6% 99.6% Used automobile 96.3% 92.1% 99.7% 100.0% 99.6% 100.0% 99.2% 100.0% First mortgage 65.2% 30.4% 84.1% 95.1% 99.4% 100.0% 100.0% 99.6% HEL & 2nd Mtg 69.4% 37.9% 88.1% 96.4% 98.8% 99.1% 100.0% 100.0% Member business loans 35.9% 7.7% 32.7% 53.5% 73.1% 83.9% 91.7% 94.5% Share drafts 78.1% 52.9% 96.7% 99.2% 99.3% 100.0% 100.0% 99.2% Certificates 79.2% 58.0% 92.7% 97.6% 98.2% 99.7% 99.2% 97.9% IRAs 66.8% 34.3% 84.9% 95.2% 97.6% 98.6% 100.0% 99.2% Money market shares 48.3% 14.5% 57.2% 75.5% 87.1% 91.9% 93.8% 93.7% Percent of Members in Offering CUs Credit cards 18.4% 12.3% 13.3% 13.9% 15.2% 16.2% 17.4% 21.0% Other unsecured loans 11.7% 15.8% 12.6% 11.8% 11.1% 11.2% 10.9% 11.9% New automobile 4.7% 3.0% 2.8% 3.0% 3.4% 3.6% 4.5% 5.9% Used automobile 13.1% 10.0% 11.3% 12.2% 13.5% 13.5% 14.3% 12.9% First mortgage 2.3% 1.4% 1.7% 2.0% 2.2% 2.3% 2.2% 2.5% HEL & 2nd Mtg 2.2% 1.2% 1.5% 1.7% 2.0% 2.1% 2.2% 2.4% Member business loans 0.3% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.2% Share drafts 55.1% 31.2% 40.2% 45.8% 49.7% 54.0% 57.6% 59.9% Certificates 8.6% 5.5% 6.2% 6.8% 7.5% 7.9% 8.1% 9.8% IRAs 5.0% 2.7% 3.3% 3.8% 4.2% 4.4% 4.7% 5.9% Money market shares 7.6% 4.0% 3.9% 4.6% 5.0% 6.4% 7.0% 9.2% * Current period flow statistics are trailing four quarters. Source: NCUA and CUNA E&S. Portfolio Detail: National Results by Asset Size U.S. All U.S. Credit Unions Asset Groups CUNA ECONOMICS & STATISTICS 18 FIRST QUARTER 2015

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