Third Mid Quarter Year 2017 2018 Massachusetts Massachusetts 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 15.13 12.31 12.68 11.70 13.32 10.21 4.64 3.33 3.40 5.14 4.03 3.87 4.33 4.33 4.80 4.79 4.83 5.09 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 Massachusetts Credit Unions Massachusetts Banks
Savings Product Comparative Interest Rates (%) by Savings Account Type Retirement (IRA) accounts 0.49 0.72 1 Year certificate $10,000 balance 0.76 1.20 Money market accounts 0.21 0.25 Share draft checking, $5,000 balance 0.08 0.14 Regular savings, $1,000 balance 0.15 0.12 Massachusetts Credit Unions Massachusetts Banks
Comparative Fees by Type $1,361.00 $1,151.00 $28.13 $28.97 $24.56 $34.18 Share draft checking, NSF fee Credit cards, late fee Mortgages, closing costs Massachusetts Credit Unions Massachusetts Banks
Massachusetts Credit Union and Banking Institution September 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) 3.33 4.64-1.31 48-month used car (A paper) 3.40 5.14-1.74 Unsecured loan (A paper) 10.21 12.31-2.09 5-year adjustable rate 1st mortgage, 0 pts 4.03 3.87 0.16 15-year fixed rate 1st mortgage, 0 pts 4.33 4.33 0.00 30-year fixed rate 1st mortgage, 0 pts 4.80 4.79 0.00 Home equity / 2nd mtg, 80% LTV 0 pts 4.83 5.09-0.26 Credit card - rewards 12.68 15.13-2.44 Credit card - platinum 11.70 13.32-1.62 Savings Products Regular savings, $1,000 balance 0.15 0.12 0.03 Share draft checking, $5,000 balance 0.14 0.08 0.06 Money market accounts 0.25 0.21 0.03 1 Year certificate $10,000 balance 1.20 0.76 0.44 Retirement (IRA) accounts 0.72 0.49 0.24 Fee Income Share draft checking, NSF fee $28.13 $28.97 -$0.85 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 $84,903,446 $34,089,636 $16,919,680 $11,585,016 $20,043,980 -$31,580 -$267,750 -$9,236,575 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 $25,668,120 $3,498,678 $2,657,022 $1,927,186 $4,708,261 Regular shares Share draft checking Money market accounts Certificate accounts Retirement (IRA) accounts
Rate Total Avg. Balance Difference Financial Benefit at vs. Massachusetts to Your Loans Credit Unions (1) Banks (%) (2) Members New car loans 2,606,241,309-1.31 $34,089,636 Used car loans 4,890,751,492-1.74 $84,903,446 Personal unsecured loans 808,393,700-2.09 $16,919,680 5-year adjustable rate 1st mortgage 5,809,166,799 0.16 -$9,236,575 15-year fixed rate 1st mortgage 3,157,982,613 0.00 -$31,580 30-year fixed rate 1st mortgage 5,354,998,477 0.00 -$267,750 Home equity / 2nd mortgage loans 4,438,703,271-0.26 $11,585,016 Credit cards 895,820,331-2.44 $20,043,980 Interest rebates $2,626,439 Total CU member benefits arising from lower interest rates on loan products: $160,632,292 Savings Regular shares 11,662,261,374 0.03 $3,498,678 Share draft checking 4,581,072,005 0.06 $2,657,022 Money market accounts 6,022,456,318 0.03 $1,927,186 Certificate accounts 5,833,663,617 0.44 $25,668,120 Retirement (IRA) accounts 1,995,025,705 0.24 $4,708,261 Bonus dividends in period $0 Total CU member benefit arising from higher interest rates on savings products: $38,459,267 Fee Income Estimated Financial Benefits for Massachusetts Credit Unions September 2018 Total CU member benefit arising from fewer / lower fees: $16,824,641 Total CU member benefit arising from interest rates on loans, savings products and lower fees: $215,916,199 Total CU member benefit / member: $73 Total CU member benefit / member household: $153 Source: Datatrac, NCUA, and CUNA (1) Average balance as of September 2018 and September 2017, according to the NCUA call report.; (2) Source for rates and fees: Datatrac;
Massachusetts Credit Union Performance Profile Demographic Information Sep 18 Sep 17 Number of branches 492 490 Total assets ($ mil) 39,341 37,613 Total loans ($ mil) 30,744 28,622 Total surplus funds ($ mil) 7,391 7,866 Total savings ($ mil) 31,666 30,501 Total members (thousands) 3,044 2,902 Growth Rates (Trailing 12 months) * Total assets 4.6 % 6.1 % Total loans 7.5 % 7.6 % Total surplus funds -6.0 % 0.6 % Total savings 3.9 % 6.1 % Total members 4.9 % 4.7 % Earnings - Basis Pts. * Yield on total assets 351 330 Dividend / interest cost of assets 66 55 Fee & other income 89 78 Operating expense 280 265 Loss Provisions 26 20 Net Income (ROA) after stabilization exp 68 69 Capital Adequacy Net worth / assets 11.0 10.8 Asset Quality * Delinquencies / loans 0.6 0.6 Net chargeoffs / average loans 0.3 0.2 Total borrower-bankruptcies 8 7 Bankruptcies per 1000 members 0.4 0.4 Asset/Liability Management Loans / savings 97.1 93.8 Loans / assets 78.1 76.1 Long-term assets / assets 40.0 40.3 Core deposits/shares & borrowings 49.8 48.6 Productivity Members / potential members 3.9 3.7 Borrowers / members 50.1 49.8 Members / FTE 443 439 Average shares / members ($) 10,404 10,509 Average loan balances ($) 20,145 19,788 Salary & Benefits / FTE 79,187 74,930 * 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.