Third-Quarter Mid Year 2017 2017 Rhode Island Rhode Island 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 13.49 11.75 10.84 11.59 11.39 9.99 3.22 4.84 3.62 5.77 3.19 3.27 3.49 3.44 4.16 4.06 4.13 5.15 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 0.26 0.40 1 Year certificate $10,000 balance 0.44 0.62 Money market accounts 0.07 0.18 Share draft checking, $5,000 balance 0.09 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 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) 3.22 4.84-1.62 48-month used car (A paper) 3.62 5.77-2.15 Unsecured loan (A paper) 11.75 10.84 0.91 5-year adjustable rate 1st mortgage, 0 pts 3.19 3.27-0.08 15-year fixed rate 1st mortgage, 0 pts 3.49 3.44 0.05 30-year fixed rate 1st mortgage, 0 pts 4.16 4.06 0.10 Home equity / 2nd mtg, 80% LTV 0 pts 4.13 5.15-1.02 Credit card - rewards 11.59 13.49-1.90 Credit card - platinum 9.99 11.39-1.40 Savings Products Regular savings, $1,000 balance 0.13 0.07 0.06 Share draft checking, $5,000 balance 0.14 0.09 0.04 Money market accounts 0.18 0.07 0.11 1 Year certificate $10,000 balance 0.62 0.44 0.18 Retirement (IRA) accounts 0.40 0.26 0.14 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 $13,487,748 $4,901,351 $5,125,548 $767,114 $369,209 -$563,624 -$494,839 -$925,846 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 $2,732,480 $1,149,899 $688,964 $551,367 $228,728 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 302,926,524-1.62 $4,901,351 Used car loans 627,337,127-2.15 $13,487,748 Personal unsecured loans 62,004,832 0.91 -$563,624 5-year adjustable rate 1st mortgage 958,892,516-0.08 $767,114 15-year fixed rate 1st mortgage 989,677,015 0.05 -$494,839 30-year fixed rate 1st mortgage 954,479,972 0.10 -$925,846 Home equity / 2nd mortgage loans 502,504,741-1.02 $5,125,548 Credit cards 20,800,526-1.90 $369,209 Interest rebates $0 Total CU member benefits arising from lower interest rates on loan products: $22,666,663 Savings Regular shares 1,187,868,126 0.06 $688,964 Share draft checking 544,591,456 0.04 $228,728 Money market accounts 1,026,695,279 0.11 $1,149,899 Certificate accounts 1,543,773,882 0.18 $2,732,480 Retirement (IRA) accounts 381,569,036 0.14 $551,367 Bonus dividends in period $0 Total CU member benefit arising from higher interest rates on savings products: $5,351,438 Fee Income Estimated Financial Benefits for Rhode Island Credit Unions September 2017 Total CU member benefit arising from fewer / lower fees: $4,262,995 Total CU member benefit arising from interest rates on loans, savings products and lower fees: $32,281,096 Total CU member benefit / member: $85 Total CU member benefit / member household: $162 Source: Datatrac, NCUA, and CUNA (1) Average balance as of September 2017 and September 2016, according to the NCUA call report.; (2) Source for rates and fees: Datatrac;
Rhode Island Credit Union Performance Profile Demographic Information Sep 17 Sep 16 Number of branches 67 68 Total assets ($ mil) 6,084 5,681 Total loans ($ mil) 4,991 4,547 Total surplus funds ($ mil) 907 953 Total savings ($ mil) 4,913 4,587 Total members (thousands) 390 368 Growth Rates (Trailing 12 months) * Total assets 7.1 % 9.2 % Total loans 9.8 % 9.8 % Total surplus funds -4.7 % 6.8 % Total savings 7.1 % 9.4 % Total members 6.1 % 6.0 % Earnings - Basis Pts. * Yield on total assets 327 323 Dividend / interest cost of assets 70 70 Fee & other income 68 72 Operating expense 239 251 Loss Provisions 14 9 Net Income (ROA) after stabilization exp 72 65 Capital Adequacy Net worth / assets 10.3 10.3 Asset Quality * Delinquencies / loans 0.4 0.5 Net chargeoffs / average loans 0.2 0.1 Total borrower-bankruptcies 14 12 Bankruptcies per 1000 members 0.7 0.7 Asset/Liability Management Loans / savings 101.6 99.1 Loans / assets 82.0 80.0 Long-term assets / assets 47.6 49.0 Core deposits/shares & borrowings 33.1 33.0 Productivity Members / potential members 9.4 9.3 Borrowers / members 40.6 39.4 Members / FTE 396 373 Average shares / members ($) 12,584 12,466 Average loan balances ($) 31,456 31,377 Salary & Benefits / FTE 77,761 74,988 * 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.