CREDIT UNION TRENDS REPORT

Size: px
Start display at page:

Download "CREDIT UNION TRENDS REPORT"

Transcription

1 CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics June 2 (April 2 data) Highlights During April, credit unions picked up 3, new memberships, credit union loan balances grew at an annualized 1.7% pace, members tax payments slowed savings balance growth to.1%, firms hired 221, workers, consumer spending stagnated, and long-term interest rates fell 1 basis points as the 1 basis point rise in inflation expectations was more than offset by the 2 basis point decline in real interest rates. At the end of February, CUNA s monthly estimates reported 6,413 CUs in operation, down 11 CUs from one month earlier. Year-to-date the number of credit unions declined by 1, greater than the 96 lost in the first four months of 2. Credit union savings balances remained above the one trillion dollar mark in April even though money market account balances fell 1.1% to pay taxes. Consumers are saving their gas price dividend due to their belief that gas prices will not stay at their current levels for long. The nation s CUs increased their loan portfolios 1.% in April, slightly more than the.9% pace reported in April 2. During the last months, credit union loan portfolios increased 1.7%, slightly above the 9.1% pace reported by community banks. Credit union memberships rose a robust 37, in April, or.3% month-overmonth, up from 333, reported in April 2, or.3, to reach 13.2 million. The underlying annualized membership growth rate is now 4.3%, the highest in modern times. Credit union loan delinquency rates fell to.77% in April, down from. one year earlier due to a stronger economy and double digit loan growth. Loan charge-off rates fell to.47%. ECONOMIC, COMPETITIVE AND INTEREST RATE ENVIRONMENT During April, the economy added 221, jobs, the unemployment rate fell to., personal income jumped.39%, consumer prices climbed.1%, consumer confidence declined, new home sales rose 6.%, existing home sales fell 3.3%, auto sales slowed 3.%, home prices rose 2.7%, and the 1-year Treasury interest rate fell 1 basis points to average 1.9. These cross currents mask an economy that is growing much faster than the.7% drop in GDP reported in the first quarter. Competition from the,946 community banks is on the rise. In the year ending in the first quarter, community bank loan balances surged 9.1%, deposits increased 4.9% and loans to individuals rose.7%. Community banks return on asset ratios rose to.9 in the first quarter, up from.7% one year earlier, with only.% of banks reporting negative earnings, down from 2 five years earlier. Total Lending Credit union loan balances rose 1% in April, slightly above the.9% pace reported in April 2, due to strong growth in home equity loans (3.%), adjustable-rate first mortgages (2.1%) and new auto loans (1.9%). The only lending product reporting negative growth was fixed-rate first mortgage loans (-.%). Credit union loan balances rose 2. in the first 4 months of this year (Figure 1) faster than the 2.1% set in 2 and the.9% set in 213. This is the fastest year-to-date pace since 2. Credit unions are picking up a greater market share of the consumer loan market. Currently, credit unions have a 9. share of the consumer loan market, up from. a year ago but below the 9.% share credit unions had in 2. With loans growing faster than savings over the last year - 1.% versus 4.% - the credit union average loan-to-savings ratio reached 74. in April compared to 7. in April Figure 1 Total CU Loans Year-to-Date Growth Comparison April 2 2. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec %

2 Credit Union Consumer Installment Credit (CUCIC) Credit union consumer-installment-credit loan balances (auto, credit card and other unsecured loans) rose 13.9% during the months ending in April, a modest deceleration from the.9% year over pace set in February (Figure 2). The slowdown was due to a reduction in the pace of credit card balance growth. Credit union credit card loan balances grew at a modest 4.% seasonally-adjusted annualized growth rate in April due to low gas prices reducing the amount of credit used at gas stations (Figure 3). Credit quality improved over the last year. Consumer loan delinquency rates fell to.6 in the first quarter, down from.71% in the first quarter of 2 due to a stronger overall U.S. economy Loan Growth Trends 13 6 April 2 Total Loans Consumer Installment Credit (CUCIC) 13 6 Figure 2 Figure % 6 1.7% CU Credit Card Growth Seasonally Adjusted Annualized Growth Rate 1 % % 13% % 11% 1% 9% % 7% % 3% 1% % -1% % % 13% % 11% 1% 9% % 7% % 3% 1% % -1% - Vehicle Loans Credit union new-auto loan balances grew at a 23.7% seasonally-adjusted annualized growth rate in April, which is the fastest pace on record (Figure 4). On a month over month basis, new auto loan balances increased 1.9% in April, faster than the 1. reported in April 2. One factor driving the strong new-auto lending at credit unions is very competitive interest rates; the average interest rate on a credit union -year new auto loan is 2.% compared to the bank average of 3.7%, according to Informa Research Services. May through October is considered the new-auto buying and lending season % 1 % % 1% % % - CU New Auto Growth Seasonally Adjusted Annualized Growth Rate % -% - -% -% -1-1% Figure % 1 % % 1% % % % -1% -% -% -1-1% Millions of Units U.S. Vehicles Sales Seasonally Adjusted Annual Rate Figure Source: Autodata Corp. Recession New Auto Sales Vehicle sales eased up slightly to a 16. million unit seasonally-adjusted annualized sales rate in April, down from the strong 17.1 million units reported in March. Sales were up 2.% year over year. Lower gas prices are fueling the demand for light trucks, which now make up % of all sales the highest in 1 years. Consumer fundamentals job gains, wage growth, rising household formations, and rising stock and home prices will improve during the remainder of the year, which will keep auto sales and credit union auto lending going strong (Figure ). 2 Credit Union Trends Report

3 Billions of Dollars Real Estate-Secured Lending 1 st Mortgages and Other Real Estate Credit union first mortgage loan balances rose.3% in April, down from the.% increase in April 2. All of the gain was due to adjustable-rate mortgage balances, which make up 3% of all first mortgage loan balances rising 2.1% while fixed-rate mortgage loans fell.%. The contract interest rate on a 3-year fixed-rate conventional home mortgage fell to 3.% in April, down from 3.9% in March, and 64 basis points lower than a year earlier. The Mortgage Bankers Association Purchase Mortgage Index rose 13.7% in April from its March reading indicating that the housing market recovery is gaining momentum. Another housing/mortgage market leading indicator is pending home sales, which rose 3. in April and is up % year over year. We can therefore expect faster mortgage loan balance growth in a month or two as these applications turn into new loan balances. Home prices rose 2.7% in April from March, according to the Core Logic Home Price Index, the fastest pace since February 197, and 6.% year-over-year. The index is now only 9% below the peak set in April 26 and should reach new highs by the end of 216. Other home price indexes are also reporting robust home price appreciation: the S&P/Case Shiller Home Price Index rose 4.1% year over year, and the FHFA Purchase-Only House Price Index rose % year over year. Home prices are expected to rise another % in 2 and in 216. With home prices rising credit union members increased their home equity loan balances 3.% in April to mostly pay for taxes, but also purchase cars and other durable goods. This monthly gain is greater than the.% increase reported in April 2. During the last months home equity loan balances increased.9% the fastest pace since August 29 when members were turning to this source of funds as the labor market was in a free fall (Figure 6). Credit union real estate lending will remain robust through 216 because the fundamental drivers of housing demand are moving in the right direction: improving labor market, rising real average weekly earnings, increasing household formation, lower secondary-market down-payment requirements, improving household balance sheets, and rising consumer confidence All Real Estate Loans Growth CU Real Estate Loans Fixed Rate 1 st Mortgages 2 = April Adjustable Rate 1 st Mortgages Home Equity Loans.9 Second Mortgages -1.9 Credit Union Liquidity Flows $ $72.4 $7 $6 $ $4.4 $4 $3 $2 $1 $7. $9. $1.4 $.7 $. $3.1 $ -$1 -$3. -$.1 -$2 From 1 month ago From 1 year ago Loans Investments Savings borrowings Capital Figure 6 Figure 7 Surplus Funds (Cash + Investments) Credit union surplus funds as a percent of assets fell to 33. in April, down from 3.7% in April 2, as credit unions partly funded $7. billion in new loans with $3. billion in surplus funds (Figure 7). During the last year, credit unions added $72.4 billion in loans to their balance sheets, the fastest in credit union history. The lion s share was funded with $4.4 billion in new savings deposits. The remainder was funded by $9. billion in additional borrowings, $1.4 billion in additional capital (net income), and a $.1 billion reduction in the investment portfolio (Figure 7). Surplus funds with a maturity less than 1 year rose to 4. at the end of the first quarter, from 42. at year-end 2, due to credit unions parking the seasonal first-quarter surge in savings deposits into cash deposits at financial institutions and cash deposits in corporate credit unions. The opportunity cost of keeping funds in cash lessened in April as the slope of yield curve (3-year Treasury interest rate minus the fed funds interest rate) fell to.7% in April from.9 last December. More recently, however, the yield curve has steepened as real interest rates and inflation expectations both increased due to a better global economy, rising expectations for faster U.S. economic growth in the 2 nd half of the year, and forecasts of a Federal Reserve rate hike in the fourth quarter of this year. 3 Credit Union Trends Report

4 Basis Points Savings and Assets Credit union savings balances grew at a slow 3. seasonally-adjusted annualized growth rate in April, due to members beginning to spend their accumulated low-gas-prices windfall. April s credit union savings seasonal factors (tax payments) typically subtract. percentage points from the underlying savings trend growth. In the year ending in the first quarter of 2, credit union assets rose 4., slightly above the growth rate reported for the year ending in the first quarter of 2. Asset growth accelerated for all asset size categories, but larger credit unions reported faster growth than smaller (Figure ). Credit union cost of funds fell to a record low.1% in the first quarter of 2, from.3% in the first quarter of 2, due to low-cost regular share and share draft accounts making up a larger share of credit union total deposits (Figure 9) Credit Union Asset Growth (by Asset size) 2 Q1 2 Q < $2 mil $2-$ $-$1 $1- $2 Figure Figure $2- $ $-$1 bil. 7.4 >$1 bil Savings Distribution U.S. Credit Unions Certificates Share Drafts MMAs IRAs Regular Shares Capital and Other Key Measures Credit union return-on-asset ratios averaged.7% in the first quarter of 2, exactly equal to the first quarter of 2. The average ratio however masks the large income inequality that pervades the credit union movement (Figure 1). The components that make up the return-on-asset ratio were not constant year over year. Net interest margins and fee/other income ratios rose 2 and basis points, respectively, while operating expense and provision for loan loss ratios increased 4 and 3 basis points, respectively, which mean the 7 basis points in additional income were exactly offset by the 7 basis points in additional expenses. The credit union net-charge-off-to-average-loan ratio fell to.47% in the first quarter, down from the.% reported in the first quarter of 2 (Figure 11). Prudent loan underwriting over the last few years along with an improving economy has brought the loan charge-off ratio back to levels reported prior to the Great Recession. 1 Credit Union Return on Assets (by Asset size) 2 Q1 2 Q1 9 9 % 13% % 11% CU Net Chargeof Rate Versus Unemployment Rate Unemployment Rate (Left Axis) Net Chargeoff Rate (Right Axis) % % < $2 mil $2-$ $-$1 $1- $2 6 6 $2- $ $-$1 bil >$1 bil Figure 1 Figure 11 1% 9% % 7% % 3% 1% % 7:1 :1 9:1 1:1 11:1 :1 13:1 :1 :1 Source: Department of Labor, NCUA,CUNA 1.%.9%.%.7%..%..3%..1%.% 4 Credit Union Trends Report

5 Credit Unions and Members As of April 2, CUNA estimates 6,413 credit unions were in operation, 11 fewer than March. During the first four months of 2, approximately 1 credit unions ceased to exist because of mergers, purchase and assumptions, or liquidation. This rate is slightly faster than the 96 reported during the similar time period in 2, as shown by the left-most bars in Figure. Expect the annual decline in the number of credit unions to rise over the next two years (Figure 13). The largest 1 credit unions by asset size (1. of all credit unions) controlled 41.3% of all credit union assets in March, up from 39. in March 2 and 3.% in March 213. To make it on the top 1 credit union list today, a credit union must have assets greater than $2 billion. These large credit unions enjoy significant economies of scale advantage over smaller institutions. For example, the top 1 credit unions reported operating-expense-to-average-asset ratios of 2.61%, approximately 1 basis points below the average reported by all other credit unions. This high level of productivity raises the barrier to entry for new credit unions and increases the competitive pressure on smaller credit unions. 4 Figure Comparison of Declines in # of CUs April 2 Actual = 6,413 Number of CUs YTD April Declines Annual Declines April to April Annual Declines Annual Decline in Number of Credit Unions Figure Figure 13 Credit union memberships grew a strong 3, in April, or.3%, up from April 2 when the movement added 33, memberships, an increase of.3. In the year to April 2, credit union memberships rose 3. faster than the 2.7% pace set in the year to April 2 (Figure ). The membership gain was partly driven by the 221, new jobs created in April, according to the Bureau of Labor Statistics. Jobs and credit union membership data is cointegrated because when many individuals obtain a job they also become eligible to join a credit union and/or find the need to obtain credit for car loans and other durable goods. Credit unions should expect membership growth to exceed 3% in 2 and 216 as the economic recovery and credit demand continue for the next two years (Figure ) Figure Comparison of Membership Increases Members in Millions 4..4 April 2 Actual = 13.2 Million YTD April Increase.6 Annual Increase April to April Annual Increase 3.6 Figure Annual Membership Growth April 2 = 13.2 Million Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2 Credit Union Trends Report

6 National Monthly Credit Union Aggregates CAPITAL/ ($ Billions) (Millions) CREDIT LOAN / ASSET YR/MO LOANS ASSETS SAVINGS CAPITAL MEMBERS UNIONS SAVINGS RATIO , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,11.4 1, , ,1. 1, , Credit Union Growth Rates Change Previous Year # OF CUs Delinquency YR/MO LOANS ASSETS SAVINGS CAPITAL MEMBERS # OF CUs DECLINE Ratio* (3.6) (261) 1.1% (3.) (22) (4.) (29) 1.33% (4.) (29) (3.9) (22) 1.1% (3.9) (2) 1.13% (4.) (21) 1.9% (4.) (2) (3.9) (27) 1.% (4.2) (29).9% (4.3) (31) (3.9) (273).9% (4.3) (3) (4.4) (31).49% (3.7) (29) (3.) (244).2% (3.3) (226).41% (4.) (272) (3.7) (24) (4.3) (297) (4.2) (22) (4.2) (2).9% (4.6) (39) (4.6) (311).74% (4.3) (26).767% * Loans two or more months delinquent as a percent of total loans. 6 Credit Union Trends Report

7 Distribution of Credit Union Loans Estimated $ (Billions) Outstanding 1 ST TOT. OTHR TOTAL TOTAL NEW USED TOTAL UNSEC CREDIT MORT MORT REAL YR/MO LOANS VEHICLE LOANS Ex. CC S CARDS CUCIC TOTAL 2 ND +HE ESTATE MBLs* * Member Business Loans Distribution of Credit Union Loans Change From Prior Year 1 ST TOT. OTHR TOTAL TOTAL NEW USED TOTAL UNSEC CREDIT MORT MORT REAL YR/MO LOANS VEHICLE LOANS Ex. CC S CARDS CUCIC TOTAL 2 ND +HE ESTATE MBLs* (7.2) (7.2) (7.1) (7.) (6.) (6.1) 4.4 (.) (6.1) (6.) (4.1) (3.6) (3.) (3.1) (2.7) (1.7) (.) Credit Union Trends Report

8 Annual Growth Rates Total Loans & Installment Credit Total Loans CUCIC $ in Billions $ % 1.% 4.1% CU Loan Portfolio $66.1 $6.1 $. $7.4 $.3 $7. $44.1 $11.1 $ % 9.3% % 61.% 6.3% 9.% April CIC Other $72.9 $746.1.%.1% CIC Share of Total Loans at Credit Unions $ Billions Consumer Installment Credit at Credit Unions This report on key CU indicators is based on data from CUNA E&S s Monthly Credit Union Estimates, the Federal Reserve Board, and CUNA Mutual Group Economics. To access this report on the Internet: Sign in at cunamutual.com Go to the Resource Library tab Under Publications heading, select Credit Union Trends Report If you have any questions, comments, or need additional information, please call. Thank you. Steven Rick , Ext CUNA Mutual Group Economics CUNA Mutual Group, 2 All Rights Reserved. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Credit Union Trends Report

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT $ in Billions CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics July 216 (May 216 Data) Highlights During May, credit unions picked-up 431, in new memberships, loan and savings balances grew at an

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics May 216 (March 216 Data) Highlights During March, credit unions picked-up 577, in new memberships, loan and savings balances grew at a % and 7.6%

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics July 2 (May 2 data) Highlights First quarter data revisions were modest. The number of credit unions was revised down by and assets and loans were

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics May 215 (March 215 data) Highlights During March, credit unions picked up 496, new memberships, credit union loan balances grew at an annualized pace,

More information

Washington. Mid-Year 2015. Prepared by: CUNA Economics and Statistics

Washington. Mid-Year 2015. Prepared by: CUNA Economics and Statistics Washington Mid-Year 2015 Prepared by: CUNA Economics and Statistics Source: Informa Research Services, NCUA, and CUNA. (1)Assumes 1.9 credit union members per household. Loan Product Comparative Interest

More information

Georgia. Mid-Year 2015. Prepared by: CUNA Economics and Statistics

Georgia. Mid-Year 2015. Prepared by: CUNA Economics and Statistics Georgia Mid-Year 2015 Prepared by: CUNA Economics and Statistics Source: Informa Research Services, NCUA, and CUNA. (1)Assumes 1.9 credit union members per household. Loan Product Comparative Interest

More information

Key monetary statistics September 2014

Key monetary statistics September 2014 Key monetary statistics September 2014 On a monthly basis, the monetary aggregate M3 increased by 0.6 percent to 1,059 billion dirhams. This change is mainly due to the 1.4 percent increase in bank lending

More information

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3

More information

Housing Price Forecasts, 2015. Illinois and Chicago MSA

Housing Price Forecasts, 2015. Illinois and Chicago MSA Housing Price Forecasts, 2015 Illinois and Chicago MSA Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs

More information

McQueen Financial Advisors

McQueen Financial Advisors Fall Leadership Development Conference Interest Rate Risk and Industry Trends Jim Craven McQueen Financial Advisors SEC Registered Investment Advisor $4 Billion + under management Municipal & Corporate

More information

The Benefits of Membership. National

The Benefits of Membership. National The Benefits of Membership National June 2008 Prepared by: Credit Union National Association Economics and Statistics Department About Your Membership Benefits Report The Membership Benefits report communicates

More information

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation October 2006 The gauges below indicate the economic outlook for the current year and for 2007 for factors that typically

More information

Sonoma County Economic Development Board BUSINESS BAROMETER

Sonoma County Economic Development Board BUSINESS BAROMETER BUSINESS BAROMETER September 2006 In This Month s Report: Newly revised employment data shows that Sonoma County added 3,000 jobs in the 12-month period ending July 2006. The seasonally adjusted unemployment

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

STATEMENT 7: DEBT MANAGEMENT

STATEMENT 7: DEBT MANAGEMENT STATEMENT 7: DEBT MANAGEMENT This statement discusses debt management, including maintaining the Commonwealth Government Securities (CGS) market and the proposed investment of financial assets in the Future

More information

Challenges & Opportunities in a New Era

Challenges & Opportunities in a New Era Challenges & Opportunities in a New Era May 1, 2010 Today s Discussion Credit union results in the Great Recession How does Alaska credit unions performance compare with national credit union averages?

More information

MBA Forecast Commentary Joel Kan

MBA Forecast Commentary Joel Kan MBA Forecast Commentary Joel Kan Mortgage Originations Estimates Revised Higher MBA Economic and Mortgage Finance Commentary: February 2016 In our most recent forecast, we presented revisions to our mortgage

More information

Massachusetts Department of Revenue. Briefing Book FY2015 Consensus Revenue Estimate Hearing. December 11, 2013. Presented by: Amy Pitter COMMISSIONER

Massachusetts Department of Revenue. Briefing Book FY2015 Consensus Revenue Estimate Hearing. December 11, 2013. Presented by: Amy Pitter COMMISSIONER Massachusetts Department of Revenue Briefing Book FY2015 Consensus Revenue Estimate Hearing December 11, 2013 Presented by: Amy Pitter COMMISSIONER Kazim P. Ozyurt DIRECTOR OFFICE OF TAX POLICY ANALYSIS

More information

MBA Forecast Commentary Joel Kan, jkan@mba.org

MBA Forecast Commentary Joel Kan, jkan@mba.org Jun 20, 2014 MBA Forecast Commentary Joel Kan, jkan@mba.org Improving Job Market, Weak Housing Market, Lower Mortgage Originations MBA Economic and Mortgage Finance Commentary: June 2014 Key highlights

More information

Arrow Reports Solid First Quarter Operating Results and Strong Asset Quality Ratios

Arrow Reports Solid First Quarter Operating Results and Strong Asset Quality Ratios 250 Glen Street Glens Falls, NY Contact: Timothy C. Badger Tel: (518)745-1000 Fax: (518)745-1976 TO: All Media DATE: Tuesday, April 19, 2011 Arrow Reports Solid First Quarter Operating Results and Strong

More information

Economic Factors Affecting Small Business Lending and Loan Guarantees

Economic Factors Affecting Small Business Lending and Loan Guarantees Order Code RL34400 Economic Factors Affecting Small Business Lending and Loan Guarantees February 28, 2008 N. Eric Weiss Analyst in Financial Economics Government & Finance Division Economic Factors Affecting

More information

THE STATE OF THE ECONOMY

THE STATE OF THE ECONOMY THE STATE OF THE ECONOMY CARLY HARRISON Portland State University Following data revisions, the economy continues to grow steadily, but slowly, in line with expectations. Gross domestic product has increased,

More information

Territorial Bancorp Inc. Announces 2015 Results

Territorial Bancorp Inc. Announces 2015 Results PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Walter Ida (808) 946-1400 Territorial Bancorp Inc. Announces 2015 Results Fully diluted earnings per share for the three months ended December 31, 2015 rose

More information

MBA Forecast Commentary Joel Kan, jkan@mba.org

MBA Forecast Commentary Joel Kan, jkan@mba.org MBA Forecast Commentary Joel Kan, jkan@mba.org Weak First Quarter, But Growth Expected to Recover MBA Economic and Mortgage Finance Commentary: May 2015 Broad economic growth in the US got off to a slow

More information

U.S. Credit Card. Trends, Liquidation and Portfolio Pricing

U.S. Credit Card. Trends, Liquidation and Portfolio Pricing U.S. Credit Card Sector Update: Market Trends, Liquidation and Portfolio Pricing Agenda U.S. Credit Card Sector AY Year in Review Key Economic Trends Liquidation and Pricing Changes Market Trends Unfolding

More information

Federal Housing Finance Agency

Federal Housing Finance Agency Fourth Quarter 20 FHFA Federal Property Manager's Report This report contains data on foreclosure prevention activity, refinance and MHA program activity of Fannie Mae and Freddie Mac (the Enterprises)

More information

Casey Peterson Senior Advisor Mike McGinnis- Vice President, Investment Sales SSI 1 - INTRODUCTION TO CREDIT UNION FINANCIAL MANAGEMENT

Casey Peterson Senior Advisor Mike McGinnis- Vice President, Investment Sales SSI 1 - INTRODUCTION TO CREDIT UNION FINANCIAL MANAGEMENT Casey Peterson Senior Advisor Mike McGinnis- Vice President, Investment Sales Sponsored by Catalyst Corporate FCU SSI 1 - INTRODUCTION TO CREDIT UNION FINANCIAL MANAGEMENT Reviews the basic financial components

More information

Is U.S. Household Savings Rate Dangerously Low?

Is U.S. Household Savings Rate Dangerously Low? GLOBAL COMMENTARY July 22, 28 David Malpass 212-876-44 dmalpass@encimaglobal.com Is U.S. Household Savings Rate Dangerously Low? The front page of Sunday s New York Times highlighted the heavy household

More information

The President s Report to the Board of Directors

The President s Report to the Board of Directors The President s Report to the Board of Directors May 5, 2015 CURRENT ECONOMIC DEVELOPMENTS - May 5, 2015 Data released since your last Directors' meeting show that economic growth continued to slow in

More information

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact

More information

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners July 2014 U.S. Department of Housing and Urban Development Office of Policy Development and Research U.S

More information

Bond Market Perspectives

Bond Market Perspectives LPL FINANCIAL RESEARCH Bond Market Perspectives December 16, 2014 Tempting TIPS Anthony Valeri, CFA Fixed Income & Investment Strategist LPL Financial Highlights Lower inflation expectations as a result

More information

Bond Market Insights October 10, 2014

Bond Market Insights October 10, 2014 Bond Market Insights October 10, 2014 by John Simms, CFA and Jerry Wiesner, CFA General Bond Market Treasury yields rose in September as prices fell. Yields in the belly of the curve (5- to 7-year maturities)

More information

Logo and tagline. 2014 Investment Shareholders Update. meridiancu.ca 1-866-592-2226. Dear Shareholder,

Logo and tagline. 2014 Investment Shareholders Update. meridiancu.ca 1-866-592-2226. Dear Shareholder, 2014 Investment Shareholders Update Dear Shareholder, As we look back on the first half of 2014, I m happy to report that Meridian s continued focus on serving and meeting the needs of our Members while

More information

Bank of Ghana Monetary Policy Report. Financial Stability Report

Bank of Ghana Monetary Policy Report. Financial Stability Report BANK OF GHANA E S T. 1 9 5 7 Bank of Ghana Monetary Policy Report Financial Stability Report Volume 5: No.1/2013 February 2013 5.0 Introduction Conditions in global financial markets have improved significantly

More information

The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners March 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research U.S

More information

Territorial Bancorp Inc. Announces Second Quarter 2015 Results

Territorial Bancorp Inc. Announces Second Quarter 2015 Results PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Walter Ida (808) 946-1400 Territorial Bancorp Inc. Announces Second Quarter 2015 Results Earnings per share for the three months ended June 30, 2015 rose to

More information

BANK OF UGANDA STATISTICS DEPARTMENT BANK LENDING SURVEY FOR APRIL TO JUNE 2012 (Q4)

BANK OF UGANDA STATISTICS DEPARTMENT BANK LENDING SURVEY FOR APRIL TO JUNE 2012 (Q4) BANK OF UGANDA STATISTICS DEPARTMENT BANK LENDING SURVEY FOR APRIL TO JUNE 2012 (Q4) Abstract: The credit conditions survey captures past, present and prospective perceptions or developments in the Ugandan

More information

December 2015 Lutgert College Of Business 10501 FGCU Blvd. South Fort Myers, FL 33965 Phone 239-590-7090 www.fgcu.edu/cob/reri

December 2015 Lutgert College Of Business 10501 FGCU Blvd. South Fort Myers, FL 33965 Phone 239-590-7090 www.fgcu.edu/cob/reri Southwest Florida Regional Economic Indicators December 2015 Lutgert College Of Business 10501 FGCU Blvd. South Fort Myers, FL 33965 Phone 239-590-7090 www.fgcu.edu/cob/reri Table of Contents Introduction:

More information

White Paper. ALM: Manage Your Interest Rate Risk From the Bottom Up

White Paper. ALM: Manage Your Interest Rate Risk From the Bottom Up White Paper ALM: Manage Your Interest Rate Risk From the Bottom Up Use asset and liability management (ALM) software and effective business practices to manage interest rate risk. As a credit union leader,

More information

The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners February 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research

More information

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network

More information

Quarterly Credit Conditions Survey Report

Quarterly Credit Conditions Survey Report Quarterly Credit Conditions Report Contents List of Figures & Tables... 2 Background... 3 Overview... 4 Personal Lending... 7 Micro Business Lending... 10 Small Business Lending... 12 Medium-Sized Business

More information

Architectural Services Data Summary March 2011

Architectural Services Data Summary March 2011 Firms Typically Small in Size According to the latest U.S. Census Survey of Business Owners, majority of the firms under the description Architectural Services are less than 500 in staff size (99.78%).

More information

Small Business Lending *

Small Business Lending * Reserve Small Business Bank of Lending Australia Bulletin Small Business Lending * These notes were prepared in response to a request from the House of Representatives Standing Committee on Financial Institutions

More information

Bank of Ireland Asset Covered Securities

Bank of Ireland Asset Covered Securities Bank of Ireland Asset Covered Securities Investor Presentation 24 September 2013 Forward-looking Statement The Governor and Company of the Bank of Ireland is regulated by the Central Bank of Ireland. In

More information

Bond Market Perspectives

Bond Market Perspectives LPL FINANCIAL RESEARCH Bond Market Perspectives April 8, 2014 The Future According to the Bond Market Anthony Valeri, CFA Market Strategist LPL Financial Highlights At any given time, current bond market

More information

Quarterly Financial and Transparency Report

Quarterly Financial and Transparency Report Quarterly Financial and Transparency Report 3 rd Quarter 2015 SUMMARY Alloya s year-to-date net income as of September 30, 2015, was $3.9 million compared to $6.3 million for the same period in 2014. Earnings

More information

Economic indicators dashboard

Economic indicators dashboard AS OF NOVEMBER 17, 2015 Economic indicators dashboard Vist www.blog.helpingadvisors.com for the full commentary of the Economic Indicators Dashboard. MOST RECENT 3-MO. trend TYPICAL range EXTREME range

More information

Preparing Financial Projections - Basic Tips Prepared by the Office of Small Credit Union Initiatives (OSCUI)

Preparing Financial Projections - Basic Tips Prepared by the Office of Small Credit Union Initiatives (OSCUI) Preparing Financial Projections - Basic Tips Prepared by the Office of Small Credit Union Initiatives (OSCUI) The steps below are provided as general guidance on preparing financial projections using Excel

More information

THE POTENTIAL MACROECONOMIC EFFECT OF DEBT CEILING BRINKMANSHIP

THE POTENTIAL MACROECONOMIC EFFECT OF DEBT CEILING BRINKMANSHIP OCTOBER 2013 THE POTENTIAL MACROECONOMIC EFFECT OF DEBT CEILING BRINKMANSHIP Introduction The United States has never defaulted on its obligations, and the U. S. dollar and Treasury securities are at the

More information

Household Debt and Credit: Student Debt

Household Debt and Credit: Student Debt Household Debt and Credit: Student Debt February 28, 2013 Donghoon Lee The views presented here are those of the author and do not necessarily reflect those of the Federal Reserve Bank of New York, or

More information

Monthly Economic Dashboard

Monthly Economic Dashboard RETIREMENT INSTITUTE SM Economic perspective Monthly Economic Dashboard Modest acceleration in economic growth appears in store for 2016 as the inventory-caused soft patch ends, while monetary policy moves

More information

City and County of Denver Investment Portfolio Performance Report

City and County of Denver Investment Portfolio Performance Report Cash & Sr. Report I. Discussion of Volatility returned to capital markets during the third quarter of 2015. Concerns over the impact of an economic slowdown in China, along with mediocre domestic economic

More information

April Gross Receipts Show Impact of Low Oil and Gas Prices

April Gross Receipts Show Impact of Low Oil and Gas Prices OKLAHOMA STATE TREASURER KEN MILLER For Immediate Release: May 5, 2015 April Gross Receipts Show Impact of Low Oil and Gas Prices OKLAHOMA CITY Oklahoma s April Gross Receipts to the Treasury report shows

More information

FEDERAL DEPOSIT INSURANCE CORPORATION Washington, DC 20429 FORM 8-K

FEDERAL DEPOSIT INSURANCE CORPORATION Washington, DC 20429 FORM 8-K FEDERAL DEPOSIT INSURANCE CORPORATION Washington, DC 20429 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported)

More information

The first quarter was highlighted by:

The first quarter was highlighted by: Mercantile Bank Corporation Reports Strong First Quarter 2013 Results Diluted earnings per share increased 79 percent Continued asset quality improvement and outlook remains positive GRAND RAPIDS, Mich.,

More information

Earnings Conference Call January 28, 2015

Earnings Conference Call January 28, 2015 Fourth Quarter 2014 Earnings Conference Call January 28, 2015 Steven G. Bradshaw Chief Executive Officer Daniel H. Ellinor Chief Operating Officer Steven Nell Chief Financial Officer Stacy Kymes Chief

More information

JOHNSON ASSOCIATES FINANCIAL SERVICES COMPENSATION First Quarter Trends and Year-End Projections 5/12/14

JOHNSON ASSOCIATES FINANCIAL SERVICES COMPENSATION First Quarter Trends and Year-End Projections 5/12/14 JOHNSON ASSOCIATES FINANCIAL SERVICES COMPENSATION First Quarter Trends and Year-End Projections 5/12/14 After the first quarter, Johnson Associates projects mixed incentive compensation across financial

More information

NATIONAL CREDIT UNION SHARE INSURANCE FUND

NATIONAL CREDIT UNION SHARE INSURANCE FUND NATIONAL CREDIT UNION SHARE INSURANCE FUND PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS RENDELL L. JONES CHIEF FINANCIAL OFFICER MANAGEMENT OVERVIEW Balance Sheet Other - Insurance and Guarantee Program

More information

Contacts: Investor Relations Evan Black & Kristina Carbonneau 800.493.8219 InvestorRelations@santanderconsumerusa.com

Contacts: Investor Relations Evan Black & Kristina Carbonneau 800.493.8219 InvestorRelations@santanderconsumerusa.com Contacts: Investor Relations Evan Black & Kristina Carbonneau 800.493.8219 InvestorRelations@santanderconsumerusa.com Media Relations Laurie Kight 214.801.6455 LKight@santanderconsumerusa.com Santander

More information

10/27/14. Consumer Credit Risk Management. Tackling the Challenges of Big Data Big Data Analytics. Andrew W. Lo

10/27/14. Consumer Credit Risk Management. Tackling the Challenges of Big Data Big Data Analytics. Andrew W. Lo The Challenge of Consumer Credit Risk Management Consumer Credit Risk Management $3T of consumer credit outstanding as of 8/13 $840B of it is revolving consumer credit Average credit card debt as of 10/13:

More information

Quarterly Financial and Transparency Report

Quarterly Financial and Transparency Report Quarterly Financial and Transparency Report 1 st Quarter 2015 SUMMARY Alloya s net income for the quarter ended March 31, 2015 was $1.2 million compared to $2.1 million for the first quarter of 2014. Earnings

More information

Annual Treasury And Investment Portfolio Update for 2015

Annual Treasury And Investment Portfolio Update for 2015 Item No.: 7d_Supp Meeting Date: March 8, 2016 Annual Treasury And Investment Portfolio Update for 2015 Commission Briefing Presented by Diane Campbell March 8, 2016 Treasury Management Update Background

More information

U.S. and Regional Housing Markets

U.S. and Regional Housing Markets U.S. and Regional Housing Markets House Prices Boom, Bust and Rebound Index, 1991: Q1=1* 3 CoreLogic house price index Real FHFA house price index 25 2 15 1 5 1991 199 1997 2 23 26 29 212 215 *Seasonally

More information

Thursday July 18, 2013 FOR IMMEDIATE RELEASE

Thursday July 18, 2013 FOR IMMEDIATE RELEASE Thursday July 18, 2013 FOR IMMEDIATE RELEASE Washington Federal Reports Higher Net Income, Announces the Acquisition of 51 Branches in Four States, and Completes Conversion to a National Bank Charter.

More information

Global Financials Update April 13, 2012

Global Financials Update April 13, 2012 Global Financials Update April 13, 2012 Global Market Update After posting a fairly strong and consistent rally over much of the last six months, the global equity markets have changed course over the

More information

Bond Market Perspectives

Bond Market Perspectives LPL FINANCIAL RESEARCH Bond Market Perspectives 20, 20 Municipals Bloom Amid Drought Anthony Valeri, CFA Market Strategist LPL Financial Highlights Limited new issuance and Treasury market strength have

More information

Recent Developments in Small Business Finance

Recent Developments in Small Business Finance April 1 Recent Developments in Small Business Finance Introduction In 1, a Small Business Panel was formed by the Reserve Bank to advise it on the availability of finance to small business. At about the

More information

Treasury Presentation to TBAC

Treasury Presentation to TBAC Treasury Presentation to TBAC Office of Debt Management Fiscal Year 2015 Q1 Report Table of Contents I. Fiscal II. A. Quarterly Tax Receipts p. 4 B. Monthly Receipt Levels p. 5 C. Eleven Largest Outlays

More information

Bank of Ireland. November 2013

Bank of Ireland. November 2013 Bank of Ireland Presentation November 2013 (as at 15 Nov 2013) 1 Forward looking statement 2 Irish Economy Overview 3 Government finances continuing to improve Public finances continue towards sustainability

More information

Quarterly Credit Conditions Survey Report Contents

Quarterly Credit Conditions Survey Report Contents Quarterly Credit Conditions Report Contents List of Figures & Tables... 2 Background... 3 Overview... 4 Personal Lending... 7 Micro Business Lending... 9 Small Business Lending... 12 Medium-Sized Business

More information

Joint Channel Forecast Model 2015 Conducted by IHS-Polk

Joint Channel Forecast Model 2015 Conducted by IHS-Polk Joint Channel Forecast Model 2015 Conducted by IHS-Polk A collaborative effort between the Automotive Aftermarket Suppliers Association and Auto Care Association About the Joint Channel Forecast Model

More information

Kansas City 2Life Insurance Company

Kansas City 2Life Insurance Company Kansas City 2Life Insurance Company 2012 Second Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Econ 330 Exam 1 Name ID Section Number

Econ 330 Exam 1 Name ID Section Number Econ 330 Exam 1 Name ID Section Number MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) If during the past decade the average rate of monetary growth

More information

Small Business Lending During the Recession

Small Business Lending During the Recession Economic Brief February 211, EB11-2 Small Business Lending During the Recession By Betty Joyce Nash and Kimberly Zeuli Access to credit enables businesses to smooth income streams and take advantage of

More information

South Carolina Unemployment Insurance Trust Fund Annual Assessment FY2015

South Carolina Unemployment Insurance Trust Fund Annual Assessment FY2015 South Carolina Unemployment Insurance Trust Fund Annual Assessment FY2015 Executive Summary For each fiscal year, the South Carolina Department of Employment and Workforce is required to submit, by October

More information

Nonfarm Payrolls Jump 321K in November

Nonfarm Payrolls Jump 321K in November Economic Analysis Nonfarm Payrolls Jump 321K in November Kim Fraser Chase Employment growth was a jaw-dropper in November, up an astounding 321K following a revised 243K gain in October. This marks the

More information

Risks and Rewards in High Yield Bonds

Risks and Rewards in High Yield Bonds Risks and Rewards in High Yield Bonds Peter R. Duffy, CFA, Partner, Senior Portfolio Manager Navy Yard Corporate Center, Three Crescent Drive, Suite 400, Philadelphia, PA 19112 www.penncapital.com 1 What

More information

U.S. Residential Mortgage Market Update Housing fundamentals improved but headwinds remain

U.S. Residential Mortgage Market Update Housing fundamentals improved but headwinds remain U.S. Residential Mortgage Market Update Housing fundamentals improved but headwinds remain June 2013 Deloitte Center for Financial Services Foreword After years of excess inventory and depressed prices,

More information

2015 Farm Bank Performance Report Key Findings

2015 Farm Bank Performance Report Key Findings 2015 Farm Bank Performance Report Key Findings The banking industry is the nation s most important supplier of credit to agriculture providing nearly 50 percent of all farm loans in the U.S. $170 billion

More information

Business Expectations Survey

Business Expectations Survey Business Expectations Survey Dun & Bradstreet Q1 2016 FINAL RESULTS RELEASED 5 JANUARY 2016 Index CapEx plans up despite low expectations The results from Dun & Bradstreet s December Business Expectations

More information

The Westpac Group third quarter 2011 sound core earnings growth

The Westpac Group third quarter 2011 sound core earnings growth Media Release 16 August 2011 The Westpac Group third quarter 2011 sound core earnings growth Third quarter 2011 highlights (compared to results for the average of 1Q and 2Q 2011) 1 Cash earnings of approximately

More information

The case for high yield

The case for high yield The case for high yield Jennifer Ponce de Leon, Vice President, Senior Sector Leader Wendy Price, Director, Institutional Product Management We believe high yield is a compelling relative investment opportunity

More information

BALANCE SHEET AND INCOME STATEMENT

BALANCE SHEET AND INCOME STATEMENT BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 1,879 BILLION FOR 2014, AN INCREASE OF 24% COMPARED TO 2013. Operating income increased 23.8% during 2014 and

More information

OPERATING FUND. PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS September 30, 2015 RENDELL L. JONES CHIEF FINANCIAL OFFICER

OPERATING FUND. PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS September 30, 2015 RENDELL L. JONES CHIEF FINANCIAL OFFICER PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS September 30, 2015 RENDELL L. JONES CHIEF FINANCIAL OFFICER MANAGEMENT OVERVIEW September 30, 2015 Balance Sheet Cash and cash equivalents had a month-end balance

More information

How To Make Money From A Bank Loan

How To Make Money From A Bank Loan NEWS RELEASE FOR FURTHER INFORMATION: WEBSITE: www.bnccorp.com TIMOTHY J. FRANZ, CEO TELEPHONE: (612) 305-2213 DANIEL COLLINS, CFO TELEPHONE: (612) 305-2210 BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME

More information

Third Quarter 2014 Earnings Conference Call. 13 August 2014

Third Quarter 2014 Earnings Conference Call. 13 August 2014 Third Quarter 2014 Earnings Conference Call 13 August 2014 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the

More information

Development of consumer credit in China

Development of consumer credit in China Development of consumer credit in China Shen Bingxi and Yan Lijuan 1 Summary Consumer credit particularly personal consumer loans such as home mortgages and loans financing purchases of automobiles and

More information

Taiwan Life Insurance Market Report for First Half of 2013

Taiwan Life Insurance Market Report for First Half of 2013 Taiwan Life Insurance Market Report for First Half of 2013 I. Life Insurance Financial and Business Overview A. Business Statistics and Overview In the first half of 2013, Taiwan life insurance companies

More information

Taking stock of China s external debt: low indebtedness, but rapid growth is a concern

Taking stock of China s external debt: low indebtedness, but rapid growth is a concern 1991 1993 1995 1997 1999 21 23 25 27 29 211 213 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 ECONOMIC ANALYSIS Taking stock of China s external debt: low indebtedness,

More information

Morgan Stanley Reports First Quarter Net Income of $848 Million; Return on Equity of 16%

Morgan Stanley Reports First Quarter Net Income of $848 Million; Return on Equity of 16% Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley Reports First Quarter Net Income of $848 Million; Return on Equity of

More information

FDIC Quarterly Banking Profile 2015 Q3

FDIC Quarterly Banking Profile 2015 Q3 Commercial Banking Analysis FDIC Quarterly Banking Profile 2015 Q3 Filip Blazheski Positive Third Quarter but Profitability Remains Subdued as Risks Lurk grew and earnings were up in the third quarter

More information

P A R A G O N CAPITAL MANAGEMENT

P A R A G O N CAPITAL MANAGEMENT Bond Market Overview July 2013 Bonds declined in value last quarter as interest rates rose by the most in over two years. The increase was a function of economic surprises, Federal Reserve policy confusion,

More information

Comments on Goldstein, Jiang, and Ng, Investor Flows and Fragility in Corporate Bond Funds

Comments on Goldstein, Jiang, and Ng, Investor Flows and Fragility in Corporate Bond Funds May 2, 2016 Comments on Goldstein, Jiang, and Ng, Investor Flows and Fragility in Corporate Bond Funds Sean Collins, Senior Director, Industry and Financial Analysis, Investment Company Institute Atlanta

More information

MACROECONOMIC OVERVIEW

MACROECONOMIC OVERVIEW MACROECONOMIC OVERVIEW MAY 20 Koç Holding CONTENTS Global Economy... 3 Global Financial Markets... 3 Global Economic Growth Forecasts... 3 Turkey Macroeconomic Indicators... Economic Growth... Industrial

More information

FIRST COMMAND FINANCIAL BEHAVIORS INDEX

FIRST COMMAND FINANCIAL BEHAVIORS INDEX FIRST COMMAND FINANCIAL BEHAVIORS INDEX Third Quarter 2015 FIRST COMMAND FINANCIAL SERVICES, INC. with SENTIENT DECISION SCIENCE, INC WWW.SENTIENTDECISIONSCIENCE.COM POSITIVE TRENDING ON THE FINANCIAL

More information

SEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013

SEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013 SEB s Swedish Residential Mortgage Lending and Covered Bonds Stockholm September, 2013 Contents SEB s Residential Mortgage Lending p.3 Asset Quality p.19 Cover Pool and Covered Bond Funding p.24 2 SEB

More information