Mid-Year 2017 2018 Mississippi Mississippi 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 13.21 12.34 11.40 9.06 9.21 8.97 4.95 5.56 4.30 4.35 3.62 4.17 4.82 4.61 4.81 5.05 2.76 2.86 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 Mississippi Credit Unions Mississippi Banks
Savings Product Comparative Interest Rates (%) by Savings Account Type Retirement (IRA) accounts 0.39 0.61 1 Year certificate $10,000 balance 0.60 0.92 Money market accounts 0.18 0.31 Share draft checking, $5,000 balance 0.09 0.13 Regular savings, $1,000 balance 0.14 0.19 Mississippi Credit Unions Mississippi Banks
Comparative Fees by Type $1,361.00 $1,151.00 $26.25 $31.39 $24.56 $34.18 Share draft checking, NSF fee Credit cards, late fee Mortgages, closing costs Mississippi Credit Unions Mississippi Banks
Mississippi Credit Union and Banking Institution June 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) 2.76 4.95-2.18 48-month used car (A paper) 2.86 5.56-2.70 Unsecured loan (A paper) 9.06 9.21-0.15 5-year adjustable rate 1st mortgage, 0 pts 4.30 3.62 0.68 15-year fixed rate 1st mortgage, 0 pts 4.35 4.17 0.19 30-year fixed rate 1st mortgage, 0 pts 4.82 4.61 0.21 Home equity / 2nd mtg, 80% LTV 0 pts 4.81 5.05-0.24 Credit card - rewards 11.40 13.21-1.81 Credit card - platinum 8.97 12.34-3.37 Savings Products Regular savings, $1,000 balance 0.19 0.14 0.05 Share draft checking, $5,000 balance 0.13 0.09 0.04 Money market accounts 0.31 0.18 0.13 1 Year certificate $10,000 balance 0.92 0.60 0.32 Retirement (IRA) accounts 0.61 0.39 0.22 Fee Income Share draft checking, NSF fee $26.25 $31.39 -$5.14 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 $23,421,265 $17,874,011 $2,966,643 $399,552 $133,467 -$908,733 -$705,413 -$937,927 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 $3,447,538 $1,001,316 $872,399 $830,356 $257,289 Regular shares Share draft checking Money market accounts Certificate accounts Retirement (IRA) accounts
Rate Total Avg. Balance Difference Financial Benefit at vs. Mississippi to Your Loans Credit Unions (1) Banks (%) (2) Members New car loans 818,782,020-2.18 $17,874,011 Used car loans 867,454,266-2.70 $23,421,265 Personal unsecured loans 264,603,862-0.15 $399,552 5-year adjustable rate 1st mortgage 133,245,354 0.68 -$908,733 15-year fixed rate 1st mortgage 379,254,250 0.19 -$705,413 30-year fixed rate 1st mortgage 448,768,745 0.21 -$937,927 Home equity / 2nd mortgage loans 56,553,832-0.24 $133,467 Credit cards 134,954,775-1.81 $2,966,643 Interest rebates $6,572 Total CU member benefits arising from lower interest rates on loan products: $42,249,438 Savings Regular shares 1,889,275,812 0.05 $1,001,316 Share draft checking 627,534,955 0.04 $257,289 Money market accounts 697,919,101 0.13 $872,399 Certificate accounts 1,084,131,468 0.32 $3,447,538 Retirement (IRA) accounts 374,878,549 0.22 $830,356 Bonus dividends in period $0 Total CU member benefit arising from higher interest rates on savings products: $6,408,898 Fee Income Estimated Financial Benefits for Mississippi Credit Unions June 2018 Total CU member benefit arising from fewer / lower fees: $15,709,328 Total CU member benefit arising from interest rates on loans, savings products and lower fees: $64,367,665 Total CU member benefit / member: $101 Total CU member benefit / member household: $212 Source: Datatrac, NCUA, and CUNA (1) Average balance as of June 2018 and June 2017, according to the NCUA call report.; (2) Source for rates and fees: Datatrac;
Mississippi Credit Union Performance Profile Demographic Information Jun 18 Jun 17 Number of branches 195 187 Total assets ($ mil) 5,638 5,488 Total loans ($ mil) 3,556 3,128 Total surplus funds ($ mil) 1,846 2,137 Total savings ($ mil) 4,774 4,671 Total members (thousands) 653 625 Growth Rates (Trailing 12 months) * Total assets 2.8 % 6.4 % Total loans 13.7 % 12.4 % Total surplus funds -13.5 % -1.9 % Total savings 2.3 % 6.4 % Total members 4.6 % 3.0 % Earnings - Basis Pts. * Yield on total assets 390 364 Dividend / interest cost of assets 56 55 Fee & other income 215 201 Operating expense 387 369 Loss Provisions 68 57 Net Income (ROA) after stabilization exp 93 84 Capital Adequacy Net worth / assets 14.3 13.8 Asset Quality * Delinquencies / loans 1.0 1.3 Net chargeoffs / average loans 1.0 0.9 Total borrower-bankruptcies 14 12 Bankruptcies per 1000 members 1.6 1.4 Asset/Liability Management Loans / savings 74.5 67.0 Loans / assets 63.1 57.0 Long-term assets / assets 30.2 29.4 Core deposits/shares & borrowings 54.0 52.2 Productivity Members / potential members 13.9 13.4 Borrowers / members 49.0 49.6 Members / FTE 359 361 Average shares / members ($) 7,314 7,479 Average loan balances ($) 11,110 10,098 Salary & Benefits / FTE 54,845 54,062 * 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.