Third-Quarter Mid Year 2017 2017 South Carolina South Carolina 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 11.79 9.42 10.15 9.62 8.79 2.67 3.91 2.90 4.26 3.47 3.68 3.52 3.50 4.13 4.08 4.44 4.90 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 South Carolina Credit Unions South Carolina Banks
Savings Product Comparative Interest Rates (%) by Savings Account Type Retirement (IRA) accounts 0.21 0.36 1 Year certificate $10,000 balance 0.34 0.54 Money market accounts 0.08 0.19 Share draft checking, $5,000 balance 0.07 0.09 Regular savings, $1,000 balance 0.08 0.14 South Carolina Credit Unions South Carolina Banks
Comparative Fees by Type $1,361.00 $1,151.00 $31.00 $33.80 $24.56 $34.18 Share draft checking, NSF fee Credit cards, late fee Mortgages, closing costs South Carolina Credit Unions South Carolina Banks
South Carolina 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) 2.67 3.91-1.24 48-month used car (A paper) 2.90 4.26-1.36 Unsecured loan (A paper) 9.42 10.15-0.73 5-year adjustable rate 1st mortgage, 0 pts 3.47 3.68-0.21 15-year fixed rate 1st mortgage, 0 pts 3.52 3.50 0.02 30-year fixed rate 1st mortgage, 0 pts 4.13 4.08 0.05 Home equity / 2nd mtg, 80% LTV 0 pts 4.44 4.90-0.46 Credit card - rewards 9.62 12.97-3.35 Credit card - platinum 8.79 11.79-3.01 Savings Products Regular savings, $1,000 balance 0.14 0.08 0.06 Share draft checking, $5,000 balance 0.09 0.07 0.02 Money market accounts 0.19 0.08 0.11 1 Year certificate $10,000 balance 0.54 0.34 0.20 Retirement (IRA) accounts 0.36 0.21 0.16 Fee Income Share draft checking, NSF fee $31.00 $33.80 -$2.80 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 $32,665,279 $20,318,431 $13,148,481 $4,555,754 $2,823,693 $2,938,787 -$241,375 -$607,040 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 $3,854,250 $2,400,874 $2,388,432 $1,669,504 $300,193 Regular shares Share draft checking Money market accounts Certificate accounts Retirement (IRA) accounts
Rate Total Avg. Balance Difference Financial Benefit at vs. South Carolina to Your Loans Credit Unions (1) Banks (%) (2) Members New car loans 1,064,654,299-1.24 $13,148,481 Used car loans 2,401,858,774-1.36 $32,665,279 Personal unsecured loans 628,379,869-0.73 $4,555,754 5-year adjustable rate 1st mortgage 1,325,677,259-0.21 $2,823,693 15-year fixed rate 1st mortgage 1,005,730,584 0.02 -$241,375 30-year fixed rate 1st mortgage 1,103,709,230 0.05 -$607,040 Home equity / 2nd mortgage loans 644,470,828-0.46 $2,938,787 Credit cards 622,882,631-3.35 $20,318,431 Interest rebates $29,993 Total CU member benefits arising from lower interest rates on loan products: $75,632,002 Savings Regular shares 3,751,365,871 0.06 $2,400,874 Share draft checking 2,001,288,938 0.02 $300,193 Money market accounts 2,113,656,765 0.11 $2,388,432 Certificate accounts 1,936,808,831 0.20 $3,854,250 Retirement (IRA) accounts 1,070,194,610 0.16 $1,669,504 Bonus dividends in period $0 Total CU member benefit arising from higher interest rates on savings products: $10,613,253 Fee Income Estimated Financial Benefits for South Carolina Credit Unions September 2017 Total CU member benefit arising from fewer / lower fees: $24,205,060 Total CU member benefit arising from interest rates on loans, savings products and lower fees: $110,450,315 Total CU member benefit / member: $74 Total CU member benefit / member household: $140 Source: Datatrac, NCUA, and CUNA (1) Average balance as of September 2017 and September 2016, according to the NCUA call report.; (2) Source for rates and fees: Datatrac;
South Carolina Credit Union Performance Profile Demographic Information Sep 17 Sep 16 Number of branches 336 333 Total assets ($ mil) 13,883 13,091 Total loans ($ mil) 9,704 8,849 Total surplus funds ($ mil) 3,356 3,458 Total savings ($ mil) 11,361 10,694 Total members (thousands) 1,524 1,478 Growth Rates (Trailing 12 months) * Total assets 6.1 % 10.3 % Total loans 9.7 % 11.2 % Total surplus funds -2.9 % 9.0 % Total savings 6.3 % 9.9 % Total members 3.2 % 3.2 % Earnings - Basis Pts. * Yield on total assets 377 368 Dividend / interest cost of assets 46 45 Fee & other income 225 223 Operating expense 422 427 Loss Provisions 48 39 Net Income (ROA) after stabilization exp 86 80 Capital Adequacy Net worth / assets 11.8 11.7 Asset Quality * Delinquencies / loans 0.6 0.6 Net chargeoffs / average loans 0.7 0.6 Total borrower-bankruptcies 23 22 Bankruptcies per 1000 members 1.0 1.0 Asset/Liability Management Loans / savings 85.4 82.7 Loans / assets 69.9 67.6 Long-term assets / assets 26.3 24.9 Core deposits/shares & borrowings 52.0 50.8 Productivity Members / potential members 8.5 8.3 Borrowers / members 56.5 55.7 Members / FTE 352 354 Average shares / members ($) 7,457 7,236 Average loan balances ($) 11,271 10,749 Salary & Benefits / FTE 65,942 64,325 * 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.