Mutual peer data for 2021 reflected “more of the same” especially in terms of loan growth, expense management and net income. Loan growth for all of 2021 grew at a paltry rate of one percent for mutuals nationwide, 1.3 percent for mutuals based in the Midwest and 2.3 percent for Ohio-based mutuals.

From an expense management perspective, asset size remains as the key determinative for controlling overhead costs. Total non interest expense as a percent of average assets for all mutuals nationally was 2.51 percent compared with 2.63 percent and 2.72 percent for mutuals in the Midwest and in Ohio, respectively.

However, closer scrutiny of the data shows an even greater gap of overhead expense management when comparing mutuals in the $500 million-plus asset class (169 mutuals) with the 79 mutuals with assets less than $100 million. The larger asset class group of mutuals with assets greater than $500 million for 2021 had a total non interest expense ratio of 2.36 percent compared with about 2.74 percent for mutuals with assets less than $100 million.

Certainly the capacity and flexibility afforded to larger financial institutions to manage balance sheets, spread costs across their companies, among other factors, are distinct advantages for them. Mutuals nationwide, which encompass more sizable institutions than those based in the Midwest and in Ohio, have a deposits per office advantage ($79.5 million deposits per office nationwide, $53 million for Midwest mutuals and $40.7 million for Ohio mutuals).

Net income measured on the basis of return on average assets (ROAA) for 2021 totaled 0.56 percent for all mutuals nationally, 0.43 percent for Midwest-based mutuals and 0.33 percent for those mutuals headquartered in Ohio. As previously noted, the advantage of asset size makes its impact to the bottom line with mutuals in the $500 million-plus asset class earning at twice the rate on an ROAA basis at 0.75 percent compared with mutuals with less than $100 million in total assets (0.23 to 0.29 percent).

For a more comprehensive view of year-end 2021 data, see the attached links for detailed balance sheet, income, expense and other performance metrics. If you would like a customized report for your mutual institution comparing your results with regional and national peers, contact: Paul Simoff at