Mid-Year 2017 2018 Rhode Island Rhode Island 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 14.59 13.66 12.74 11.87 10.76 10.82 3.45 5.29 4.21 5.99 3.65 3.94 4.31 4.30 4.76 4.76 4.61 5.58 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 Rhode Island Credit Unions Rhode Island Banks
Savings Product Comparative Interest Rates (%) by Savings Account Type Retirement (IRA) accounts 0.35 0.42 1 Year certificate $10,000 balance 0.63 0.62 Money market accounts 0.07 0.21 Share draft checking, $5,000 balance 0.10 0.14 Regular savings, $1,000 balance 0.07 0.13 Rhode Island Credit Unions Rhode Island Banks
Comparative Fees by Type $1,361.00 $1,151.00 $28.33 $32.43 $24.56 $34.18 Share draft checking, NSF fee Credit cards, late fee Mortgages, closing costs Rhode Island Credit Unions Rhode Island Banks
Rhode Island 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) 3.45 5.29-1.84 48-month used car (A paper) 4.21 5.99-1.77 Unsecured loan (A paper) 11.87 10.76 1.11 5-year adjustable rate 1st mortgage, 0 pts 3.65 3.94-0.29 15-year fixed rate 1st mortgage, 0 pts 4.31 4.30 0.01 30-year fixed rate 1st mortgage, 0 pts 4.76 4.76 0.00 Home equity / 2nd mtg, 80% LTV 0 pts 4.61 5.58-0.97 Credit card - rewards 13.66 14.59-0.93 Credit card - platinum 10.82 12.74-1.92 Savings Products Regular savings, $1,000 balance 0.13 0.07 0.05 Share draft checking, $5,000 balance 0.14 0.10 0.05 Money market accounts 0.21 0.07 0.13 1 Year certificate $10,000 balance 0.63 0.62 0.00 Retirement (IRA) accounts 0.42 0.35 0.07 Fee Income Share draft checking, NSF fee $28.33 $32.43 -$4.10 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 $12,602,751 $5,942,474 $4,590,866 $3,069,296 $251,076 -$666,506 -$109,523 -$32,096 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 $1,242,140 $716,031 $281,184 $266,212 $68,548 Regular shares Share draft checking Money market accounts Certificate accounts Retirement (IRA) accounts
Rate Total Avg. Balance Difference Financial Benefit at vs. Rhode Island to Your Loans Credit Unions (1) Banks (%) (2) Members New car loans 323,840,561-1.84 $5,942,474 Used car loans 711,617,782-1.77 $12,602,751 Personal unsecured loans 59,991,514 1.11 -$666,506 5-year adjustable rate 1st mortgage 1,047,541,407-0.29 $3,069,296 15-year fixed rate 1st mortgage 995,664,049 0.01 -$109,523 30-year fixed rate 1st mortgage 1,069,856,796 0.00 -$32,096 Home equity / 2nd mortgage loans 471,825,920-0.97 $4,590,866 Credit cards 21,350,005-0.93 $251,076 Interest rebates $0 Total CU member benefits arising from lower interest rates on loan products: $25,648,339 Savings Regular shares 1,403,982,258 0.05 $716,031 Share draft checking 585,800,168 0.05 $281,184 Money market accounts 926,970,330 0.13 $1,242,140 Certificate accounts 1,713,705,863 0.00 $68,548 Retirement (IRA) accounts 385,814,798 0.07 $266,212 Bonus dividends in period $0 Total CU member benefit arising from higher interest rates on savings products: $2,574,116 Fee Income Estimated Financial Benefits for Rhode Island Credit Unions June 2018 Total CU member benefit arising from fewer / lower fees: $4,808,509 Total CU member benefit arising from interest rates on loans, savings products and lower fees: $33,030,964 Total CU member benefit / member: $84 Total CU member benefit / member household: $176 Source: Datatrac, NCUA, and CUNA (1) Average balance as of June 2018 and June 2017, according to the NCUA call report.; (2) Source for rates and fees: Datatrac;
Rhode Island Credit Union Performance Profile Demographic Information Jun 18 Jun 17 Number of branches 70 67 Total assets ($ mil) 6,456 6,009 Total loans ($ mil) 5,333 4,890 Total surplus funds ($ mil) 913 934 Total savings ($ mil) 5,278 4,886 Total members (thousands) 406 384 Growth Rates (Trailing 12 months) * Total assets 7.4 % 7.2 % Total loans 9.1 % 9.5 % Total surplus funds -2.3 % -2.6 % Total savings 8.0 % 7.7 % Total members 5.9 % 6.0 % Earnings - Basis Pts. * Yield on total assets 344 323 Dividend / interest cost of assets 77 69 Fee & other income 73 67 Operating expense 245 238 Loss Provisions 12 13 Net Income (ROA) after stabilization exp 84 69 Capital Adequacy Net worth / assets 10.3 10.3 Asset Quality * Delinquencies / loans 0.3 0.4 Net chargeoffs / average loans 0.1 0.2 Total borrower-bankruptcies 9 9 Bankruptcies per 1000 members 0.5 0.4 Asset/Liability Management Loans / savings 101.0 100.1 Loans / assets 82.6 81.4 Long-term assets / assets 46.5 49.2 Core deposits/shares & borrowings 37.7 33.6 Productivity Members / potential members 9.6 9.3 Borrowers / members 41.1 40.3 Members / FTE 384 382 Average shares / members ($) 12,990 12,736 Average loan balances ($) 31,959 31,593 Salary & Benefits / FTE 79,034 75,878 * 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.