First Mid Quarter 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 13.41 13.72 11.77 11.62 10.76 10.57 3.41 5.25 4.17 5.97 3.48 3.77 4.02 4.12 4.53 4.58 4.39 5.43 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 0.29 0.40 1 Year certificate $10,000 balance 0.51 0.60 Money market accounts 0.07 0.20 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 March 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) 3.41 5.25-1.84 48-month used car (A paper) 4.17 5.97-1.80 Unsecured loan (A paper) 11.77 10.76 1.01 5-year adjustable rate 1st mortgage, 0 pts 3.48 3.77-0.29 15-year fixed rate 1st mortgage, 0 pts 4.02 4.12-0.09 30-year fixed rate 1st mortgage, 0 pts 4.53 4.58-0.06 Home equity / 2nd mtg, 80% LTV 0 pts 4.39 5.43-1.03 Credit card - rewards 13.41 13.72-0.31 Credit card - platinum 10.57 11.62-1.04 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 0.20 0.07 0.13 1 Year certificate $10,000 balance 0.60 0.51 0.09 Retirement (IRA) accounts 0.40 0.29 0.11 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 $12,100,362 $5,750,407 $4,810,745 $2,906,218 $933,811 $607,348 $104,936 -$603,003 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 $1,431,899 $1,208,157 $710,422 $418,237 $258,140 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 312,862,202-1.84 $5,750,407 Used car loans 671,869,084-1.80 $12,100,362 Personal unsecured loans 59,644,234 1.01 -$603,003 5-year adjustable rate 1st mortgage 1,009,103,631-0.29 $2,906,218 15-year fixed rate 1st mortgage 993,416,302-0.09 $933,811 30-year fixed rate 1st mortgage 1,029,404,118-0.06 $607,348 Home equity / 2nd mortgage loans 465,706,149-1.03 $4,810,745 Credit cards 21,156,524-0.31 $104,936 Interest rebates $0 Total CU member benefits arising from lower interest rates on loan products: $26,610,825 Savings Regular shares 1,392,984,750 0.05 $710,422 Share draft checking 573,645,157 0.05 $258,140 Money market accounts 922,257,627 0.13 $1,208,157 Certificate accounts 1,645,861,152 0.09 $1,431,899 Retirement (IRA) accounts 383,703,370 0.11 $418,237 Bonus dividends in period $0 Total CU member benefit arising from higher interest rates on savings products: $4,026,856 Fee Income Estimated Financial Benefits for Rhode Island Credit Unions March 2018 Total CU member benefit arising from fewer / lower fees: $4,883,537 Total CU member benefit arising from interest rates on loans, savings products and lower fees: $35,521,218 Total CU member benefit / member: $91 Total CU member benefit / member household: $192 Source: Datatrac, NCUA, and CUNA (1) Average balance as of March 2018 and March 2017, according to the NCUA call report.; (2) Source for rates and fees: Datatrac;
Rhode Island Credit Union Performance Profile Demographic Information Mar 18 Mar 17 Number of branches 70 67 Total assets ($ mil) 6,310 5,941 Total loans ($ mil) 5,137 4,734 Total surplus funds ($ mil) 970 1,024 Total savings ($ mil) 5,147 4,825 Total members (thousands) 400 378 Growth Rates (Trailing 12 months) * Total assets 6.2 % 9.1 % Total loans 8.5 % 10.0 % Total surplus funds -5.3 % 5.4 % Total savings 6.7 % 9.9 % Total members 5.9 % 6.1 % Earnings - Basis Pts. * Yield on total assets 339 319 Dividend / interest cost of assets 74 69 Fee & other income 78 66 Operating expense 245 240 Loss Provisions 12 13 Net Income (ROA) after stabilization exp 86 62 Capital Adequacy Net worth / assets 10.3 10.2 Asset Quality * Delinquencies / loans 0.3 0.3 Net chargeoffs / average loans 0.1 0.2 Total borrower-bankruptcies 5 4 Bankruptcies per 1000 members 0.3 0.2 Asset/Liability Management Loans / savings 99.8 98.1 Loans / assets 81.4 79.7 Long-term assets / assets 46.0 48.5 Core deposits/shares & borrowings 38.3 33.5 Productivity Members / potential members 9.9 9.5 Borrowers / members 40.9 39.8 Members / FTE 390 383 Average shares / members ($) 12,857 12,768 Average loan balances ($) 31,367 31,467 Salary & Benefits / FTE 80,843 77,632 * 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.