Third-Quarter Mid Year 2017 2017 Mississippi Mississippi First Quarter 2017 Prepared by: CUNA Economics and Statistics
Source: Datatrac, NCUA, and CUNA. (1)Assumes 1.9 credit union members per household.
Loan Product Comparative Interest Rates (%) by Loan Type 12.97 11.63 10.75 8.73 9.21 8.75 5.61 4.93 2.65 2.76 3.67 3.42 3.57 3.62 4.19 4.16 4.58 4.79 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 0.28 0.46 1 Year certificate $10,000 balance 0.41 0.65 Money market accounts 0.15 0.27 Share draft checking, $5,000 balance 0.09 0.13 Regular savings, $1,000 balance 0.13 0.18 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 September 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) 2.65 4.93-2.28 48-month used car (A paper) 2.76 5.61-2.85 Unsecured loan (A paper) 8.73 9.21-0.48 5-year adjustable rate 1st mortgage, 0 pts 3.42 3.67-0.24 15-year fixed rate 1st mortgage, 0 pts 3.57 3.62-0.05 30-year fixed rate 1st mortgage, 0 pts 4.19 4.16 0.03 Home equity / 2nd mtg, 80% LTV 0 pts 4.58 4.79-0.22 Credit card - rewards 10.75 12.97-2.23 Credit card - platinum 8.75 11.63-2.88 Savings Products Regular savings, $1,000 balance 0.18 0.13 0.05 Share draft checking, $5,000 balance 0.13 0.09 0.04 Money market accounts 0.27 0.15 0.12 1 Year certificate $10,000 balance 0.65 0.41 0.24 Retirement (IRA) accounts 0.46 0.28 0.18 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 $22,733,507 $16,671,158 $3,072,254 $1,236,246 $304,223 $182,318 $133,500 -$109,996 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 $2,620,133 $916,216 $802,143 $680,239 $240,876 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 730,230,318-2.28 $16,671,158 Used car loans 797,107,544-2.85 $22,733,507 Personal unsecured loans 255,422,692-0.48 $1,236,246 5-year adjustable rate 1st mortgage 125,194,529-0.24 $304,223 15-year fixed rate 1st mortgage 343,996,820-0.05 $182,318 30-year fixed rate 1st mortgage 379,295,995 0.03 -$109,996 Home equity / 2nd mortgage loans 61,805,629-0.22 $133,500 Credit cards 128,613,474-2.23 $3,072,254 Interest rebates $1,341 Total CU member benefits arising from lower interest rates on loan products: $44,224,552 Savings Regular shares 1,796,502,378 0.05 $916,216 Share draft checking 573,513,978 0.04 $240,876 Money market accounts 691,502,169 0.12 $802,143 Certificate accounts 1,082,699,565 0.24 $2,620,133 Retirement (IRA) accounts 380,021,908 0.18 $680,239 Bonus dividends in period $0 Total CU member benefit arising from higher interest rates on savings products: $5,259,607 Fee Income Estimated Financial Benefits for Mississippi Credit Unions September 2017 Total CU member benefit arising from fewer / lower fees: $14,938,080 Total CU member benefit arising from interest rates on loans, savings products and lower fees: $64,422,238 Total CU member benefit / member: $104 Total CU member benefit / member household: $197 Source: Datatrac, NCUA, and CUNA (1) Average balance as of September 2017 and September 2016, according to the NCUA call report.; (2) Source for rates and fees: Datatrac;
Mississippi Credit Union Performance Profile Demographic Information Sep 17 Sep 16 Number of branches 191 180 Total assets ($ mil) 5,506 5,275 Total loans ($ mil) 3,241 2,862 Total surplus funds ($ mil) 2,040 2,210 Total savings ($ mil) 4,656 4,486 Total members (thousands) 629 613 Growth Rates (Trailing 12 months) * Total assets 4.5 % 6.6 % Total loans 13.3 % 9.7 % Total surplus funds -7.5 % 2.6 % Total savings 3.9 % 6.7 % Total members 2.8 % 3.3 % Earnings - Basis Pts. * Yield on total assets 372 358 Dividend / interest cost of assets 56 56 Fee & other income 209 186 Operating expense 371 351 Loss Provisions 65 47 Net Income (ROA) after stabilization exp 89 90 Capital Adequacy Net worth / assets 14.0 13.8 Asset Quality * Delinquencies / loans 1.3 1.2 Net chargeoffs / average loans 1.0 0.8 Total borrower-bankruptcies 17 13 Bankruptcies per 1000 members 2.1 1.6 Asset/Liability Management Loans / savings 69.6 63.8 Loans / assets 58.9 54.3 Long-term assets / assets 28.7 26.3 Core deposits/shares & borrowings 52.1 51.2 Productivity Members / potential members 13.5 13.8 Borrowers / members 50.6 48.6 Members / FTE 359 378 Average shares / members ($) 7,399 7,316 Average loan balances ($) 10,176 9,611 Salary & Benefits / FTE 53,405 52,353 * 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.