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 Rates (%) by Loan Type 16.83 14.46 11.80 9.36 10.44 10.00 3.84 3.96 2.79 2.79 3.06 3.00 3.37 3.42 4.16 4.15 4.27 4.60 60-month new car (A paper) 48-month used car (A paper) Unsecured loan (A paper) 5-year adjustable rate 1st mortgage, 0 pts 15-year fixed rate 1st mortgage, 0 pts 30-year fixed rate 1st mortgage, 0 pts Home equity / 2nd mtg, 80% LTV 0 pts Credit card - classic Credit card - gold Washington Credit Unions Washington Banks
Savings Product Comparative Interest Rates (%) by Savings Account Type Retirement (IRA) accounts 0.16 0.23 1 Year certificate $10,000 balance 0.24 0.35 Money market accounts 0.08 0.11 Share draft checking, $5,000 balance 0.10 0.43 Regular savings, $1,000 balance 0.12 0.17 Washington Credit Unions Washington Banks
Comparative Fees by Type $1,361.00 $1,151.00 $26.35 $29.34 $24.56 $34.18 Share draft checking, NSF fee Credit cards, late fee Mortgages, closing costs Washington Credit Unions Washington Banks
Average Rate at Average Rate Rate Difference Loan Products Credit Unions (%) at Banks (%) vs. Banks (%) 60-month new car (A paper) 2.79 3.84-1.05 48-month used car (A paper) 2.79 3.96-1.17 Unsecured loan (A paper) 9.36 10.44-1.08 5-year adjustable rate 1st mortgage, 0 pts 3.06 3.00 0.06 15-year fixed rate 1st mortgage, 0 pts 3.37 3.42-0.05 30-year fixed rate 1st mortgage, 0 pts 4.16 4.15 0.02 Home equity / 2nd mtg, 80% LTV 0 pts 4.27 4.60-0.33 Credit card - classic 11.80 16.83-5.03 Credit card - gold 10.00 14.46-4.46 Savings Products Regular savings, $1,000 balance 0.17 0.12 0.05 Share draft checking, $5,000 balance 0.43 0.10 0.33 Money market accounts 0.11 0.08 0.03 1 Year certificate $10,000 balance 0.35 0.24 0.10 Retirement (IRA) accounts 0.23 0.16 0.06 Fee Income Washington Credit Union and Banking Institution Mid-year 2015 Average Interest Rates and Fees Share draft checking, NSF fee $26.35 $29.34 -$2.99 Credit cards, late fee $24.56 $34.18 -$9.62 Mortgages, closing costs $1,151.00 $1,361.00 -$210.00 Source: Informa Research Services
State Credit Union's Total Loan Rate Benefits Compared to State Banking Institutions by Loan Type $97,701,894 $59,981,116 $36,147,310 $9,558,076 $1,591,850 $10,853,044 -$1,911,706 -$565,382 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 $15,118,060 $6,911,338 $5,306,713 $1,842,846 $1,443,451 Regular shares Share draft checking Money market accounts Certificate accounts Retirement (IRA) accounts
Rate Total Avg. Balance Difference Financial Benefit at vs. Washington to Your Loans Credit Unions (1) Banks (%) (2) Members New car loans 3,449,170,774-1.05 $36,147,310 Used car loans 5,117,842,625-1.17 $59,981,116 Personal unsecured loans 889,123,308-1.08 $9,558,076 5-year adjustable rate 1st mortgage 2,987,040,906 0.06 -$1,911,706 15-year fixed rate 1st mortgage 3,248,674,367-0.05 $1,591,850 30-year fixed rate 1st mortgage 3,325,777,334 0.02 -$565,382 Home equity / 2nd mortgage loans 3,249,414,440-0.33 $10,853,044 Credit cards 1,999,015,733-5.03 $97,701,894 Interest rebates $3,638 Total CU member benefits arising from lower interest rates on loan products: $213,359,839 Savings Regular shares 14,699,041,466 0.05 $6,911,338 Share draft checking 4,608,987,826 0.33 $15,118,060 Money market accounts 7,229,067,413 0.03 $1,842,846 Certificate accounts 5,140,311,399 0.10 $5,306,713 Retirement (IRA) accounts 2,242,612,989 0.06 $1,443,451 Bonus dividends in period $0 Total CU member benefit arising from higher interest rates on savings products: $30,622,407 Fee Income Estimated Financial Benefits for Washington Credit Unions Mid-year 2015 Total CU member benefit arising from fewer / lower fees: $39,904,990 Total CU member benefit arising from interest rates on loans, savings products and lower fees: $283,887,236 Total CU member benefit / member: $88 Total CU member benefit / member household: $168 Source: Informa Research Services, NCUA, and CUNA (1) Average balance as of Mid-year 2015 and Mid-year 2014, according to the NCUA call report.; (2) Source for rates and fees: Informa Research Services;
Washington Credit Union Performance Profile Demographic Information Jun 15 Jun 14 Number of branches 503 504 Total assets ($ mil) 40,919 37,816 Total loans ($ mil) 28,031 25,018 Total surplus funds ($ mil) 10,979 11,041 Total savings ($ mil) 35,400 32,879 Total members (thousands) 3,312 3,137 Growth Rates (Trailing 12 months) * Total assets 8.8 % 6.3 % Total loans 12.5 % 11.0 % Total surplus funds 0.2 % -3.1 % Total savings 8.3 % 5.1 % Total members 6.3 % 3.6 % Earnings - Basis Pts. * Yield on total assets 338 339 Dividend / interest cost of assets 34 36 Fee & other income 141 129 Operating expense 307 310 Loss Provisions 28 20 Net Income (ROA) after stabilization exp 110 102 Capital Adequacy Net worth / assets 10.9 10.7 Asset Quality * Delinquencies / loans 0.4 0.5 Net chargeoffs / average loans 0.4 0.4 Total borrower-bankruptcies 37 35 Bankruptcies per 1000 members 1.1 1.2 Asset/Liability Management Loans / savings 79.2 76.1 Loans / assets 68.5 66.2 Long-term assets / assets 33.3 36.1 Core deposits/shares & borrowings 57.1 55.0 Productivity Members / potential members 2.7 2.8 Borrowers / members 59.7 57.1 Members / FTE 397 389 Average shares / members ($) 10,688 10,481 Average loan balances ($) 14,174 13,958 Salary & Benefits / FTE 74,143 72,118 * 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.