Year-End Mid 2017 Virginia Virginia 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 13.08 12.21 10.05 10.27 9.11 9.18 4.33 2.83 2.96 5.00 3.53 3.93 3.96 3.72 4.18 4.28 4.35 4.88 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 Virginia Credit Unions Virginia Banks
Savings Product Comparative Interest Rates (%) by Savings Account Type Retirement (IRA) accounts 0.34 0.54 1 Year certificate $10,000 balance 0.53 0.84 Money market accounts 0.16 0.23 Share draft checking, $5,000 balance 0.07 0.15 Regular savings, $1,000 balance 0.15 0.19 Virginia Credit Unions Virginia Banks
Comparative Fees by Type $1,361.00 $1,151.00 $30.33 $32.78 $24.56 $34.18 Share draft checking, NSF fee Credit cards, late fee Mortgages, closing costs Virginia Credit Unions Virginia Banks
Virginia Credit Union and Banking Institution December 2017 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) 2.83 4.33-1.50 48-month used car (A paper) 2.96 5.00-2.04 Unsecured loan (A paper) 9.11 10.05-0.94 5-year adjustable rate 1st mortgage, 0 pts 3.53 3.93-0.40 15-year fixed rate 1st mortgage, 0 pts 3.72 3.96-0.24 30-year fixed rate 1st mortgage, 0 pts 4.18 4.28-0.10 Home equity / 2nd mtg, 80% LTV 0 pts 4.35 4.88-0.52 Credit card - rewards 10.27 13.08-2.81 Credit card - platinum 9.18 12.21-3.02 Savings Products Regular savings, $1,000 balance 0.19 0.15 0.04 Share draft checking, $5,000 balance 0.15 0.07 0.07 Money market accounts 0.23 0.16 0.07 1 Year certificate $10,000 balance 0.84 0.53 0.31 Retirement (IRA) accounts 0.54 0.34 0.19 Fee Income Share draft checking, NSF fee $30.33 $32.78 -$2.46 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 $488,915,257 $272,663,410 $161,926,586 $57,019,359 $62,638,996 $13,513,088 $26,731,367 $35,603,885 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 $91,004,513 $14,617,324 $17,402,006 $18,357,173 $4,210,001 Regular shares Share draft checking Money market accounts Certificate accounts Retirement (IRA) accounts
Rate Total Avg. Balance Difference Financial Benefit at vs. Virginia to Your Loans Credit Unions (1) Banks (%) (2) Members New car loans 10,802,307,271-1.50 $161,926,586 Used car loans 13,359,304,776-2.04 $272,663,410 Personal unsecured loans 6,085,310,409-0.94 $57,019,359 5-year adjustable rate 1st mortgage 15,857,973,674-0.40 $62,638,996 15-year fixed rate 1st mortgage 5,630,453,193-0.24 $13,513,088 30-year fixed rate 1st mortgage 26,207,222,252-0.10 $26,731,367 Home equity / 2nd mortgage loans 6,807,626,249-0.52 $35,603,885 Credit cards 17,078,517,415-2.81 $488,915,257 Interest rebates $44,130 Total CU member benefits arising from lower interest rates on loan products: $1,119,056,078 Savings Regular shares 35,652,009,512 0.04 $14,617,324 Share draft checking 5,767,124,107 0.07 $4,210,001 Money market accounts 23,516,224,774 0.07 $17,402,006 Certificate accounts 29,168,113,056 0.31 $91,004,513 Retirement (IRA) accounts 9,511,488,434 0.19 $18,357,173 Bonus dividends in period $0 Total CU member benefit arising from higher interest rates on savings products: $145,591,016 Fee Income Estimated Financial Benefits for Virginia Credit Unions December 2017 Total CU member benefit arising from fewer / lower fees: $101,369,784 Total CU member benefit arising from interest rates on loans, savings products and lower fees: $1,366,016,878 Total CU member benefit / member: $119 Total CU member benefit / member household: $250 Source: Datatrac, NCUA, and CUNA (1) Average balance as of December 2017 and December 2016, according to the NCUA call report.; (2) Source for rates and fees: Datatrac;
Virginia Credit Union Performance Profile Demographic Information Dec 17 Dec 16 Number of branches 898 869 Total assets ($ mil) 146,930 132,773 Total loans ($ mil) 110,347 99,901 Total surplus funds ($ mil) 31,293 28,106 Total savings ($ mil) 109,198 99,543 Total members (thousands) 11,970 11,024 Growth Rates (Trailing 12 months) * Total assets 10.7 % 8.3 % Total loans 10.5 % 10.1 % Total surplus funds 11.4 % 0.7 % Total savings 9.7 % 11.3 % Total members 8.6 % 10.7 % Earnings - Basis Pts. * Yield on total assets 476 457 Dividend / interest cost of assets 92 91 Fee & other income 141 149 Operating expense 293 293 Loss Provisions 110 100 Net Income (ROA) after stabilization exp 123 121 Capital Adequacy Net worth / assets 11.1 11.0 Asset Quality * Delinquencies / loans 1.0 0.9 Net chargeoffs / average loans 1.2 1.1 Total borrower-bankruptcies 129 119 Bankruptcies per 1000 members 1.4 1.5 Asset/Liability Management Loans / savings 101.1 100.4 Loans / assets 75.1 75.2 Long-term assets / assets 40.8 39.1 Core deposits/shares & borrowings 38.9 38.4 Productivity Members / potential members 6.0 18.5 Borrowers / members 65.2 65.3 Members / FTE 483 482 Average shares / members ($) 9,122 9,029 Average loan balances ($) 14,140 13,880 Salary & Benefits / FTE 83,218 81,194 * 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.