Mid-Year 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 16.76 11.75 10.84 11.36 10.97 9.10 2.89 4.87 3.49 5.76 3.32 3.27 3.56 3.57 4.24 4.14 3.88 4.96 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 - classic Credit card - platinum Rhode Island Credit Unions Rhode Island Banks
Savings Product Comparative Interest Rates (%) by Savings Account Type Retirement (IRA) accounts 0.24 0.36 1 Year certificate $10,000 balance 0.41 0.54 Money market accounts 0.07 0.18 Share draft checking, $5,000 balance 0.09 0.15 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 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) 2.89 4.87-1.98 48-month used car (A paper) 3.49 5.76-2.27 Unsecured loan (A paper) 11.75 10.84 0.91 5-year adjustable rate 1st mortgage, 0 pts 3.32 3.27 0.05 15-year fixed rate 1st mortgage, 0 pts 3.56 3.57-0.01 30-year fixed rate 1st mortgage, 0 pts 4.24 4.14 0.10 Home equity / 2nd mtg, 80% LTV 0 pts 3.88 4.96-1.08 Credit card - classic 11.36 16.76-5.40 Credit card - platinum 9.10 10.97-1.87 Savings Products Regular savings, $1,000 balance 0.13 0.07 0.06 Share draft checking, $5,000 balance 0.15 0.09 0.06 Money market accounts 0.18 0.07 0.11 1 Year certificate $10,000 balance 0.54 0.41 0.13 Retirement (IRA) accounts 0.36 0.24 0.12 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 $13,611,770 $5,798,227 $5,406,505 $79,111 $925,474 -$567,161 -$460,145 -$932,194 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 $2,032,756 $1,132,911 $696,585 $466,118 $301,126 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 293,135,846-1.98 $5,798,227 Used car loans 599,637,467-2.27 $13,611,770 Personal unsecured loans 62,394,002 0.91 -$567,161 5-year adjustable rate 1st mortgage 958,634,696 0.05 -$460,145 15-year fixed rate 1st mortgage 988,889,375-0.01 $79,111 30-year fixed rate 1st mortgage 922,964,834 0.10 -$932,194 Home equity / 2nd mortgage loans 500,602,286-1.08 $5,406,505 Credit cards 20,486,417-5.40 $925,474 Interest rebates $0 Total CU member benefits arising from lower interest rates on loan products: $23,861,587 Savings Regular shares 1,201,008,930 0.06 $696,585 Share draft checking 537,725,185 0.06 $301,126 Money market accounts 1,011,527,943 0.11 $1,132,911 Certificate accounts 1,516,981,842 0.13 $2,032,756 Retirement (IRA) accounts 378,957,976 0.12 $466,118 Bonus dividends in period $0 Total CU member benefit arising from higher interest rates on savings products: $4,629,497 Fee Income Estimated Financial Benefits for Rhode Island Credit Unions June 2017 Total CU member benefit arising from fewer / lower fees: $4,155,001 Total CU member benefit arising from interest rates on loans, savings products and lower fees: $32,646,085 Total CU member benefit / member: $88 Total CU member benefit / member household: $166 Source: Datatrac, NCUA, and CUNA (1) Average balance as of June 2017 and June 2016, according to the NCUA call report.; (2) Source for rates and fees: Datatrac;
Rhode Island Credit Union Performance Profile Demographic Information Jun 17 Jun 16 Number of branches 67 68 Total assets ($ mil) 6,009 5,605 Total loans ($ mil) 4,890 4,466 Total surplus funds ($ mil) 934 960 Total savings ($ mil) 4,886 4,537 Total members (thousands) 384 362 Growth Rates (Trailing 12 months) * Total assets 7.2 % 8.9 % Total loans 9.5 % 10.8 % Total surplus funds -2.6 % 0.8 % Total savings 7.7 % 8.6 % Total members 6.0 % 6.1 % Earnings - Basis Pts. * Yield on total assets 323 323 Dividend / interest cost of assets 69 70 Fee & other income 67 68 Operating expense 238 249 Loss Provisions 13 9 Net Income (ROA) after stabilization exp 69 63 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 9 9 Bankruptcies per 1000 members 0.4 0.5 Asset/Liability Management Loans / savings 100.1 98.4 Loans / assets 81.4 79.7 Long-term assets / assets 49.2 48.9 Core deposits/shares & borrowings 33.6 33.5 Productivity Members / potential members 9.3 9.1 Borrowers / members 40.3 39.3 Members / FTE 382 378 Average shares / members ($) 12,736 12,532 Average loan balances ($) 31,593 31,390 Salary & Benefits / FTE 75,878 75,366 * 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.