First Mid Quarter Year 2017 2018 Minnesota Minnesota First Quarter 2017 Prepared by: CUNA Economics and Statistics
Source: Datatrac, NCUA, and CUNA. (1)Assumes 2.1 credit union members per household.
Loan Product Comparative Interest Rates (%) by Loan Type 13.16 11.40 11.28 9.69 10.07 8.76 4.74 3.26 3.29 5.00 3.98 4.05 4.11 3.99 4.55 4.47 4.67 5.12 60-month new car (A paper) 48-month used car (A paper) Unsecured loan (A paper) 5-year adjustable rate 15-year fixed rate 1st 30-year fixed rate 1st 1st mortgage, 0 mortgage, 0 ptsmortgage, 0 pts pts Home equity / 2nd mtg, 80% LTV 0 pts Credit card - rewards Credit card - platinum Minnesota Credit Unions Minnesota Banks
Savings Product Comparative Interest Rates (%) by Savings Account Type Retirement (IRA) accounts 0.34 0.45 1 Year certificate $10,000 balance 0.53 0.71 Money market accounts 0.14 0.20 Share draft checking, $5,000 balance 0.09 0.09 Regular savings, $1,000 balance 0.11 0.13 Minnesota Credit Unions Minnesota Banks
Comparative Fees by Type $1,361.00 $1,151.00 $28.44 $30.27 $24.56 $34.18 Share draft checking, NSF fee Credit cards, late fee Mortgages, closing costs Minnesota Credit Unions Minnesota Banks
Minnesota Credit Union and Banking Institution March 2018 Average Interest Rates and Fees Average Rate at Average Rate Rate Difference Loan Products Credit Unions (%) at Banks (%) vs. Banks (%) 60-month new car (A paper) 3.26 4.74-1.48 48-month used car (A paper) 3.29 5.00-1.71 Unsecured loan (A paper) 9.69 8.76 0.94 5-year adjustable rate 1st mortgage, 0 pts 3.98 4.05-0.07 15-year fixed rate 1st mortgage, 0 pts 4.11 3.99 0.12 30-year fixed rate 1st mortgage, 0 pts 4.55 4.47 0.08 Home equity / 2nd mtg, 80% LTV 0 pts 4.67 5.12-0.45 Credit card - rewards 11.40 13.16-1.76 Credit card - platinum 10.07 11.28-1.21 Savings Products Regular savings, $1,000 balance 0.13 0.11 0.03 Share draft checking, $5,000 balance 0.09 0.09 0.00 Money market accounts 0.20 0.14 0.06 1 Year certificate $10,000 balance 0.71 0.53 0.18 Retirement (IRA) accounts 0.45 0.34 0.12 Fee Income Share draft checking, NSF fee $28.44 $30.27 -$1.83 Credit cards, late fee $24.56 $34.18 -$9.62 Mortgages, closing costs $1,151.00 $1,361.00 -$210.00 Source: Datatrac
State Credit Union's Total Loan Rate Benefits Compared to State Banking Institutions by Loan Type $58,553,696 $18,487,703 $7,299,176 $10,384,351 $2,229,369 -$3,806,864 -$2,115,749 -$1,090,593 New car loans Used car loans Personal unsecured loans 5-year adjustable rate 1st mortgage 15-year fixed rate 1st mortgage 30-year fixed rate 1st mortgage Home equity / 2nd mortgage loans Credit cards
State Credit Union's Total Savings Dividend Benefits Compared to State Banking Institutions by Account Type $5,854,577 $2,799,889 $1,928,705 $1,458,684 $97,508 Regular shares Share draft checking Money market accounts Certificate accounts Retirement (IRA) accounts
Rate Total Avg. Balance Difference Financial Benefit at vs. Minnesota to Your Loans Credit Unions (1) Banks (%) (2) Members New car loans 1,250,013,752-1.48 $18,487,703 Used car loans 3,420,192,537-1.71 $58,553,696 Personal unsecured loans 405,416,804 0.94 -$3,806,864 5-year adjustable rate 1st mortgage 3,096,345,948-0.07 $2,229,369 15-year fixed rate 1st mortgage 1,777,940,685 0.12 -$2,115,749 30-year fixed rate 1st mortgage 1,380,497,626 0.08 -$1,090,593 Home equity / 2nd mortgage loans 1,625,651,698-0.45 $7,299,176 Credit cards 639,824,473-1.76 $10,384,351 Interest rebates $150,572 Total CU member benefits arising from lower interest rates on loan products: $90,091,662 Savings Regular shares 6,888,232,858 0.03 $1,928,705 Share draft checking 3,250,260,054 0.00 $97,508 Money market accounts 4,745,573,986 0.06 $2,799,889 Certificate accounts 3,289,088,339 0.18 $5,854,577 Retirement (IRA) accounts 1,230,956,738 0.12 $1,458,684 Bonus dividends in period $0 Total CU member benefit arising from higher interest rates on savings products: $12,139,363 Fee Income Estimated Financial Benefits for Minnesota Credit Unions March 2018 Total CU member benefit arising from fewer / lower fees: $13,377,998 Total CU member benefit arising from interest rates on loans, savings products and lower fees: $115,609,022 Total CU member benefit / member: $67 Total CU member benefit / member household: $142 Source: Datatrac, NCUA, and CUNA (1) Average balance as of March 2018 and March 2017, according to the NCUA call report.; (2) Source for rates and fees: Datatrac;
Minnesota Credit Union Performance Profile Demographic Information Mar 18 Mar 17 Number of branches 393 386 Total assets ($ mil) 23,180 21,997 Total loans ($ mil) 16,095 14,421 Total surplus funds ($ mil) 5,962 6,615 Total savings ($ mil) 20,219 19,220 Total members (thousands) 1,757 1,696 Growth Rates (Trailing 12 months) * Total assets 5.7 % 6.9 % Total loans 12.0 % 11.2 % Total surplus funds -9.7 % -1.6 % Total savings 5.5 % 7.5 % Total members 4.4 % 2.7 % Earnings - Basis Pts. * Yield on total assets 342 326 Dividend / interest cost of assets 41 39 Fee & other income 128 118 Operating expense 320 317 Loss Provisions 18 15 Net Income (ROA) after stabilization exp 93 74 Capital Adequacy Net worth / assets 11.2 10.9 Asset Quality * Delinquencies / loans 0.4 0.4 Net chargeoffs / average loans 0.2 0.3 Total borrower-bankruptcies 6 5 Bankruptcies per 1000 members 0.4 0.4 Asset/Liability Management Loans / savings 79.6 75.0 Loans / assets 69.4 65.6 Long-term assets / assets 35.3 37.6 Core deposits/shares & borrowings 52.4 50.6 Productivity Members / potential members 3.5 3.9 Borrowers / members 62.9 63.4 Members / FTE 358 362 Average shares / members ($) 11,509 11,335 Average loan balances ($) 14,575 13,411 Salary & Benefits / FTE 77,323 74,760 * 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.