Mid-Year 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 16.76 11.36 10.97 9.42 9.90 9.10 2.66 3.80 2.92 4.33 3.47 3.74 3.59 3.56 4.21 4.18 4.18 4.45 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 South Carolina Credit Unions South Carolina Banks
Savings Product Comparative Interest Rates (%) by Savings Account Type Retirement (IRA) accounts 0.19 0.34 1 Year certificate $10,000 balance 0.30 0.49 Money market accounts 0.07 0.18 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 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) 2.66 3.80-1.14 48-month used car (A paper) 2.92 4.33-1.40 Unsecured loan (A paper) 9.42 9.90-0.47 5-year adjustable rate 1st mortgage, 0 pts 3.47 3.74-0.27 15-year fixed rate 1st mortgage, 0 pts 3.59 3.56 0.03 30-year fixed rate 1st mortgage, 0 pts 4.21 4.18 0.03 Home equity / 2nd mtg, 80% LTV 0 pts 4.18 4.45-0.27 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 0.14 0.08 0.06 Share draft checking, $5,000 balance 0.09 0.07 0.01 Money market accounts 0.18 0.07 0.10 1 Year certificate $10,000 balance 0.49 0.30 0.19 Retirement (IRA) accounts 0.34 0.19 0.15 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 $33,099,410 $27,615,876 $11,545,116 $2,932,310 $3,438,656 $1,786,166 -$344,924 -$297,724 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 $3,700,647 $2,087,669 $2,175,236 $1,571,250 $256,669 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 1,016,295,380-1.14 $11,545,116 Used car loans 2,359,188,165-1.40 $33,099,410 Personal unsecured loans 618,630,857-0.47 $2,932,310 5-year adjustable rate 1st mortgage 1,283,080,430-0.27 $3,438,656 15-year fixed rate 1st mortgage 985,497,648 0.03 -$344,924 30-year fixed rate 1st mortgage 1,026,633,878 0.03 -$297,724 Home equity / 2nd mortgage loans 654,273,183-0.27 $1,786,166 Credit cards 611,308,832-5.40 $27,615,876 Interest rebates $30,396 Total CU member benefits arising from lower interest rates on loan products: $79,805,282 Savings Regular shares 3,727,980,150 0.06 $2,087,669 Share draft checking 1,974,377,950 0.01 $256,669 Money market accounts 2,091,573,496 0.10 $2,175,236 Certificate accounts 1,927,420,334 0.19 $3,700,647 Retirement (IRA) accounts 1,061,655,350 0.15 $1,571,250 Bonus dividends in period $0 Total CU member benefit arising from higher interest rates on savings products: $9,791,471 Fee Income Estimated Financial Benefits for South Carolina Credit Unions June 2017 Total CU member benefit arising from fewer / lower fees: $23,491,621 Total CU member benefit arising from interest rates on loans, savings products and lower fees: $113,088,374 Total CU member benefit / member: $76 Total CU member benefit / member household: $144 Source: Datatrac, NCUA, and CUNA (1) Average balance as of June 2017 and June 2016, according to the NCUA call report.; (2) Source for rates and fees: Datatrac;
South Carolina Credit Union Performance Profile Demographic Information Jun 17 Jun 16 Number of branches 332 331 Total assets ($ mil) 13,794 12,846 Total loans ($ mil) 9,478 8,586 Total surplus funds ($ mil) 3,484 3,427 Total savings ($ mil) 11,356 10,514 Total members (thousands) 1,511 1,469 Growth Rates (Trailing 12 months) * Total assets 7.7 % 8.5 % Total loans 10.7 % 9.8 % Total surplus funds 2.1 % 4.2 % Total savings 8.4 % 7.8 % Total members 3.2 % 2.6 % Earnings - Basis Pts. * Yield on total assets 372 366 Dividend / interest cost of assets 46 45 Fee & other income 221 219 Operating expense 423 430 Loss Provisions 46 41 Net Income (ROA) after stabilization exp 79 69 Capital Adequacy Net worth / assets 11.6 11.7 Asset Quality * Delinquencies / loans 0.5 0.6 Net chargeoffs / average loans 0.7 0.6 Total borrower-bankruptcies 16 16 Bankruptcies per 1000 members 0.7 0.7 Asset/Liability Management Loans / savings 83.5 81.7 Loans / assets 68.7 66.8 Long-term assets / assets 25.8 24.6 Core deposits/shares & borrowings 52.3 50.5 Productivity Members / potential members 8.4 8.4 Borrowers / members 55.6 55.5 Members / FTE 350 353 Average shares / members ($) 7,516 7,155 Average loan balances ($) 11,284 10,528 Salary & Benefits / FTE 65,852 64,048 * 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.