Framework for Member- Focused Decision Making Mike Higgins, Jr. Mike Higgins & Associates, Inc.
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1 Framework for Member- Focused Decision Making Mike Higgins, Jr. Mike Higgins & Associates, Inc. 1
2 Agenda Objective: Collective intelligence for the common good. Good intentions, misguided focus. A member-focused ethos (philosophy, mission, vision). Member-focused framework (execution of mission and vision). Examples: Member-focused vs. high ROA, high net worth. 2
3 About Mike Deloitte Consulting (5 Years) Mike Higgins & Associates (18 Years) Filene Applied Research Advisor Pacific Enterprise Bank (Founding Investor) 3
4 Credit Union Dual Mandate Provide benefit to Members Stay adequately capitalized Minimize ROA Maximize ROA 4
5 Good Intentions; Misguided Focus 5
6 HELLO My Name Is Return on Assets Profit extracted from Members in current year 6
7 HELLO My Name Is Net Worth Cumulative profit extracted from Members 7
8 HELLO My Name Is Asset Size Members pay asset growth tax (more assets = more net worth; quality, not quantity) 8
9 HELLO My Name Is Executive Compensation Rewarded to Take From Members (Bonus Based Upon ROA, Net Worth and Asset Size) 9
10 Your goal should not be to extract profit from members and hoard it away. Your goal should be to create value for members and be good stewards of profit taken for regulatory compliance. Take only what is necessary. 10
11 Hierarchy of Member-Focused Priorities 11
12 Credit Union Hierarchy of Needs Do Good Recognize Employees (Performance Dividend) Create Member Value (Efficient Use of Member Resources) How much Good can we create? Sustain the Entity (Maintain Net Worth) 12
13 Philosophy into Practice 13
14 Sustain the Entity Maintain net worth. Value for Members Efficient use of Member resources. Recognize Employees Attract and retain talent. Do Good Concern for community. Optimal ROA Take only what is necessary. 14
15 Sustain the Entity Value for Members Recognize Employees Do Good Optimal ROA Maintain Net Worth Members are the owners. They contribute to and (as rumor has it) democratically control the capital of the cooperative. 1. Set minimum for safety and soundness. 2. Set maximum to avoid hoarding. 15
16 Sustain the Entity Value for Members Recognize Employees The Four P s of Performance 1. Product Mix 2. Productivity Do Good 3. Provision Optimal ROA 4. Pricing 16
17 Sustain the Entity Value for Members Recognize Employees Do Good Product Mix Priorities for efficient use of net worth. 1. Recurring, value based, non-interest income 2. Improve asset mix 3. Improve funding mix 4. Pay asset growth tax when liquidity needed Optimal ROA 17
18 Sustain the Entity Productivity Value for Members Recognize Employees Resource Allocation (Non-Interest Exp) Loans (Highest Earning Asset) Relationship Shares (PFI, Reduces IRR) Knowledge, Skill, Ability (KSA) Do Good Non-Int Income (Capital Independent) Optimal ROA Rate Sensitive Funds Buy w/rate (not KSA) 18
19 Sustain the Entity Value for Members Recognize Employees Do Good Provision Operate within credit standards. 1. Establish loss tolerance (net charge-offs) 2. Set loan loss reserve multiple (safety net) 3. Loan loss reserve is NCO X LLR Multiple Optimal ROA 19
20 Sustain the Entity Value for Members Recognize Employees Do Good Pricing Provide member favorable pricing. 1. Below market loan yield 2. Above market dividend rate 3. Superior surplus funds yield 4. Lower prices on fees and charges Optimal ROA 20
21 Sustain the Entity Value for Members Value for Members = Competitive Advantage Product Mix (Knowledge, Skill, Ability) Recognize Employees Productivity (Effective, Efficient) Pricing Value Proposition (Capture Market Share) Do Good Optimal ROA Provision (Losses, Reserve) The better this is executed upon The greater the value proposition. 21
22 Sustain the Entity Value for Members Attract and Retain Talent 1. Performance dividend based upon value created for (not taken from) members. Recognize Employees 2. Competitive compensation and benefits. Do Good 3. Career and personal development plans. Optimal ROA 22
23 Sustain the Entity Value for Members Recognize Employees Concern for Community 1. Member give-back. 2. Community outreach. Do Good 3. Foundational funding. Optimal ROA 4. Do something good! 23
24 Sustain the Entity Take only what is necessary Value for Members Recognize Employees Not Enough ROA (Declining Net Worth) Just Right Too Much ROA (Hoarding Net Worth) Do Good Minimum ROA Optimal ROA Optimal ROA 24
25 Formula that Builds Hierarchy of Member Values Optimal ROA = (Ln Asset Pct x Ln Yld + Surplus Funds Pct x Surplus Funds Yld + NII Pct Assets - (Higgins Ratio * (Ln Asset Pct + Rel Share Pct) + NII Pct) - NCO Pct * Ln Asset Pct - Ln Growth x Ln Asset Pct x NCO Pct x LLR Mult) x (1-(Recognize Employees Pct + Do Good Pct) Asset Growth Supported = Optimal ROA / Target Net Worth Pct 25
26 Member-Focused Collective Intelligence 26
27 Hierarchy of Member Values Total Assets Sustain Entity Net Worth Loans Relationship Shares Non-Interest Income Higgins Ratio Create Member Value Net Charge-Offs Loan Loss Reserve Loan Yield Surplus Funds Yield Cost of Funds Recognize Employees Performance Dividend Do Good Community Giving Net Income (ROA) Optimal ROA Growth Supported A consistent set of measures provides framework for: Evaluating Status Quo Peer Comparison Governance/Mitigation Values Strategic Planning Lively Debate Robust yet simple (captures everything, no double counting). FYI: Not enterprise risk management. 27
28 Hierarchy of Member Values Now Sustain Entity Total Assets $ Net Worth % Loans % Relationship Shares % Non-Interest Income % Higgins Ratio % Create Member Value Net Charge-Offs % Loan Loss Reserve X Loan Yield % Surplus Funds Yield % Cost of Funds % Recognize Employees Performance Dividend % Do Good Community Giving % Optimal ROA Net Income (ROA) % Growth Supported % Forward Run Rate (Now, Not Last Year) 28
29 Hierarchy of Member Values Now Peer Sustain Entity Total Assets $ $ Net Worth % % Loans % % Relationship Shares % % Non-Interest Income % % Higgins Ratio % % Create Member Value Net Charge-Offs % % Loan Loss Reserve X X Loan Yield % % Surplus Funds Yield % % Cost of Funds % % Recognize Employees Performance Dividend % % Do Good Community Giving % % Optimal ROA Net Income (ROA) % % Growth Supported % % Peer for Perspective 29
30 Hierarchy of Member Values Now Peer Min Sustain Entity Total Assets $ $ $ Net Worth % % % Loans % % % Relationship Shares % % % Non-Interest Income % % % Higgins Ratio % % % Create Member Value Net Charge-Offs % % % Loan Loss Reserve X X X Loan Yield % % % Surplus Funds Yield % % % Cost of Funds % % % Recognize Employees Performance Dividend % % % Do Good Community Giving % % % Optimal ROA Net Income (ROA) % % % Growth Supported % % % Governance; Mitigation Plan 30
31 Hierarchy of Member Values Now Peer Min Yr. +1 Yr. +2 Yr. +3 Yr. +4 Yr. +5 Sustain Entity Total Assets $ $ $ $ Net Worth % % % % Loans % % % % Relationship Shares % % % % Non-Interest Income % % % % Higgins Ratio % % % % Create Member Value Net Charge-Offs % % % % Loan Loss Reserve X X X X Loan Yield % % % % Surplus Funds Yield % % % % Cost of Funds % % % % Recognize Employees Performance Dividend % % % % Do Good Community Giving % % % % Optimal ROA Net Income (ROA) % % % % Growth Supported % % % % Strategic Objectives 31
32 Hierarchy of Member Values Now Peer Min Yr. +1 Yr. +2 Yr. +3 Yr. +4 Yr. +5 Sustain Entity Total Assets $ $ $ $ $ $ $ $ Net Worth % % % % % % % % Loans % % % % % % % % Relationship Shares % % % % % % % % Non-Interest Income % % % % % % % % Higgins Ratio % % % % % % % % Create Member Value Net Charge-Offs % % % % % % % % Loan Loss Reserve X X X X X X X X Loan Yield % % % % % % % % Surplus Funds Yield % % % % % % % % Cost of Funds % % % % % % % % Recognize Employees Performance Dividend % % % % % % % % Do Good Community Giving % % % % % % % % Optimal ROA Net Income (ROA) % % % % % % % % Growth Supported % % % % % % % % 32
33 Hierarchy of Member Values Now Peer Min Yr. +1 Yr. +2 Yr. +3 Yr. +4 Yr. +5 Sustain Entity Total Assets $ $ $ $ $ $ $ $ Net Worth % % % % % % % % Loans % % % Taking Too Much % Relationship Shares % % % % Non-Interest Income % % % % Higgins Ratio % % % % Create Member Value Net Charge-Offs % % % % Loan Loss Reserve X X X X Loan Yield % % % % Surplus Funds Yield % % % % Cost of Funds % % % % Recognize Employees Performance Dividend % % % % Do Good Community Giving % % % Member Net Worth % Optimal ROA Net Income (ROA) % % % % % % % % Growth Supported % % % % % % % % 33
34 Hierarchy of Member Values Now Peer Min Yr. +1 Yr. +2 Yr. +3 Yr. +4 Yr. +5 Sustain Entity Total Assets $ $ $ $ $ $ $ $ Net Worth % % % % % % % % Loans % % % Fix by Doing Good % Relationship Shares % % % % Non-Interest Income % % % % Higgins Ratio % % % % Create Member Value Net Charge-Offs % % % % Loan Loss Reserve X X X X Loan Yield % % % % Surplus Funds Yield % % % % Cost of Funds % % % % Recognize Employees Performance Dividend % % % % Do Good Community Giving % % % Member Net Worth % Optimal ROA Net Income (ROA) % % % % % % % % Growth Supported % % % % % % % % 34
35 35
36 36
37 Case Study 37
38 Expense Peer Vs. What are we getting for similar investment in operations? 38
39 Peer Group 40 Credit Unions Community Charter +/- 12% Non-Int Expense* *Excludes provision for loan loss and extraordinary items. 39
40 40
41 Same spend, 81 bps greater top line ROA due to stronger product mix. 41
42 50 bps more member favorable; comes at expense of ROA. 42
43 Fewer hard dollar losses on 30% more loan balance. 43
44 44
45 More dollars in members pockets; less on balance sheet. 45
46 46
47 High ROA, High Net Worth. Good for Members? 47
48 Dec '13 Mar '14 Jun '14 Sep '14 Dec '14 Mar '15 Jun '15 Sep '15 Dec '15 Mar '16 Jun '16 Sep '16 Dec '16 Operating Return on Assets (Rolling 4-Qtrs) 2.00% 1.50% 1.00% 0.74% 0.58% 0.50% 0.43% 0.30% 0.21% 0.23% 0.23% 0.21% 0.25% 0.25% 0.26% 0.26% 0.28% 0.00% Peer REDACTED CU (Bars = Net Charge-Offs as % Assets) 48
49 Same spend, different business model. 13 bps less ROA in top line. 49
50 Keeping 75 bps more ROA in LY & Dividends. Despite liquidity, giving up 18 bps ROA in SFY. 50
51 Net charge-offs 0.61%, yet loan yield 1.17% higher than peer. 51
52 Loan loss reserve 4.0x NCO. Despite excess liquidity and significant capital independent income, holding a lot of member net worth. 52
53 53
54 Recapping 54
55 Credit Union Dual Mandate Provide benefit to Members Stay adequately capitalized Minimize ROA Maximize ROA 55
56 Credit Union Hierarchy of Needs Do Good Recognize Employees (Performance Dividend) Create Member Value (Efficient Use of Member Resources) How much Good can we create? Sustain the Entity (Maintain Net Worth) 56
57 57
58 Member Focused Organization 1. Establish guiding philosophy. 2. Measure success using de-facto member value drivers. 3. Develop a long-range plan that focuses on member value. 4. Validate value created against expense peer. 5. Do the Most Good!!! 6. Brag about it (virtuous cycle). 58
6/6/2016. Copyright Mike Higgins & Associates, Inc. Copyright Mike Higgins & Associates, Inc.
2 1 No Singular Profit Mandate Maximize Return 3 Credit Union Dual Mandate Provide benefit to Stay adequately capitalized Minimize ROA Maximize ROA 4 2 Four Steps to Solve the Riddle 1. Guiding Philosophy:
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