12
Client Bulletin Performance Suite Solutions ALM, Budgeting & Financial Reporting | Business Profitability & Reporting | Loan & Deposit Pricing APRIL 2014 ProfitStars ® Loan Prepayment Estimates ................................ 2 Beyond Basic Training ............................................................... 3 Development Update .............................................................. 4 Margin Maximizer Minute ......................................................... 5 Profitability Corner..................................................................... 6 Classroom Training ................................................................... 7 eLearning Training ..................................................................... 7 ProfitStars University .................................................................. 7 Educational Webinar Series ...................................................... 9 Meet the Team ......................................................................... 10 Learn at Your Convenience .................................................... 11 ProfitStars Services .................................................................. 12 Key Rate Announcement ........................................................ 12 Key Rates .................................................................................. 12

Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

  • Upload
    others

  • View
    0

  • Download
    0

Embed Size (px)

Citation preview

Page 1: Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

Client BulletinPerformance Suite SolutionsALM, Budgeting & Financial Reporting | Business Profitability & Reporting | Loan & Deposit Pricing

APRIL 2014

ProfitStars® Loan Prepayment Estimates ................................ 2

Beyond Basic Training ............................................................... 3

Development Update .............................................................. 4

Margin Maximizer Minute ......................................................... 5

Profitability Corner ..................................................................... 6

Classroom Training ................................................................... 7

eLearning Training ..................................................................... 7

ProfitStars University .................................................................. 7

Educational Webinar Series ...................................................... 9

Meet the Team ......................................................................... 10

Learn at Your Convenience .................................................... 11

ProfitStars Services .................................................................. 12

Key Rate Announcement ........................................................ 12

Key Rates .................................................................................. 12

Page 2: Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

PERFORMANCE SUITE SOLUTIONSAPRIL 2014

02

ProfitStars® Loan Prepayment Estimates

With the dissolution of the Office of Thrift Supervision (OTS), many ALM managers lost their primary source for conforming residential mortgage prepayment estimates. Understanding that modeling prepayments is essential for effective ALM modeling as well as a regulatory requirement, ProfitStars® has partnered with Interactive Data Corporation and its BondEdge Solutions division to offer Loan Prepayment Estimates. It works seamlessly with your PROFITstar® model and automatically updates the Prepayments Speeds table within the Chart of Account Setup. Loan Prepayment Estimates will:

■■ Give you easy access to the prepayment speeds your institution needs.

■■ Save time and frustration with an automatic download process.

■■ Integrate seamlessly with PROFITstar.

Learn more by downloading the webinar playback – click here.

For more information on Loan Prepayment Estimates please visit the Client Resources section on the For Clients portal, or contact your sales executive at 800-356-9099.

Page 3: Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

PERFORMANCE SUITE SOLUTIONSAPRIL 2014

Beyond Basic Training: Conquer the Challenges of Intermediate ALM ModelingLearn How to Improve Your ALM Strategies With Beyond Basic Training

Beyond Basic Training is an instructor-led blend of hands-on model training and analysis of ALM strategies. This is intermediate, live classroom training.

This CPE-accredited course will:■■ Increase your knowledge of the model.■■ Help you achieve your business objectives.■■ Provide a great opportunity to network with your peers.

Don’t miss this chance to earn 14 CPE credits (for only $700 per person) and learn keys to succeed in the coming year (and beyond)! Discover how to use your PROFITstar® ALM model more effectively and take your ALM process to the next level. Click here to register today.

A sneak peak at the Beyond Basic Training and the topics we’ll help you master:

Understanding Your Risk Modeling Tools■■ Key Rate Ties for Modeling Interest Rate Risk■■ Yield Curve Discounting for Balance Sheet Valuation

Increasing the Effectiveness of Your PROFITstar ALM Model■■ Learn How Your Chart of Accounts Can Impact Results■■ Utilizing Embedded Options (i.e., Prepayments)

Communicating Results through Effective Reporting■■ Incorporating Policy Guidelines■■ Reporting Designed for Improved Decision Making

Analyzing Strategies and Understanding Potential Risk■■ Managing Interest Rate Risk■■ Improving Your Forecasting Skills

Gain the knowledge to conquer even the biggest challenges in ALM Modeling. Join us for Beyond Basic Training!

For more information and to register please visit the For Clients portal and click on the JHA University link at the top of the page or contact us directly at 800-356-9099.

Cancellation and Refund Policy: If you must change your PROFITstar ALM Beyond Basics training reservation, you will need to notify ProfitStars immediately in writing to [email protected] or postal mail to our Omaha address. For changes up to 14 days prior to your training date, you will receive a refund of 100% of your training fee less a $100 cancellation charge. For cancellations less than 14 days before your registered training begins, no refunds are available. ProfitStars reserves the right to cancel or reschedule its events; however, if such a change results in a revised event date unacceptable to you, ProfitStars will refund your entire reservation payment. For inquiries regarding this policy, please call 1-800-356-9099.

Jack Henry and Associates 109042 is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.

2014 BEYOND BASIC TRAINING DATES AND LOCATIONS:

May 20 – 21 ProfitStars® Office 1021 Central Expressway South Allen, TX 75013Hotel Information: HomewoodSuites (preferred hotel)Reservations: 214-383-6673

June 16 – 17 Symitar® Office 8985 Balboa Ave San Diego, CA 92123

Hotel Information: HamptonInn (preferred hotel)Reservations: 858-292-1482

June 18 – 19 Symitar Office 8985 Balboa Ave San Diego, CA 92123

Hotel Information: HamptonInn (preferred hotel)Reservations: 858-292-1482

September 23 – 24 ProfitStars Office 17110 Marcy Street, Suite 200 Omaha, NE, 68118

Hotel Information: Hilton GardenInn Hotel (preferred hotel)Reservations: 402.289.9696Room Rate:$102/night single/double(Please indicate ProfitStars)

Field of Study: Accounting Prerequisites: PROFITstar® Classic™ Basic Training Advanced Preparation: None Program Level: Intermediate Delivery Method: Group-Live

14 CPE Credits

03

Page 4: Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

PERFORMANCE SUITE SOLUTIONSAPRIL 2014

04

PROFITstar® Releases

PROFITstar® 2014 was released to several clients in March. Development is currently working on a version that will support the PROFITstar Portfolio add-on product and integration with Optimizer. If you would like to be included on a list for early adoption of the 2014 version, please contact your Client Services Analyst. PROFITstar 2014 features a new service-oriented architecture using Microsoft SQL Server®, which is designed to allow for ongoing improvements in performance and scalability. See the information below for operating system and software requirements.

PROFITstar® 2012c remains available for download from JHA Downloads. Please review the “What’s New in the 2012 Edition” document to review the details of the 2012c version. Please note that you must be on a 2012 version prior to converting to 2014.

Hosted Budget Manager Updates

The hosted Budget Manager product is also available. This product runs on the Microsoft® Windows Azure™ platform. Benefits to PROFITstar’s Budget Manager users include secure, anywhere availability for their distributed budgeting needs, reduced demand on their own internal IT infrastructure, and useful enhancements on top of prior versions. Supported browsers include Internet Explorer 8 and later as well as current versions of Chrome and Firefox. Please note that when you upgrade to PROFITstar 2014, legacy versions of Budget Manager (prior to Budget Manager 2012) will no longer be supported.

Operating System and Software Requirements

PROFITstar 2014 supports the following operating systems:

■■ Client machines: Windows Vista® SP2 or higher, Windows 7, Windows 8 (desktop mode only). 32- or 64-bit versions are acceptable for all client operating systems.

■■ Server machines: Windows Server 2008 SP2 or higher; Windows Server 2008 R2 SP1 or higher; Windows Server 2012; or Windows Server 2012 R2.

PROFITstar 2014 no longer supports installation of its client and server components on a single PC running a client Windows operating system such as Windows XP, Windows Vista, or Windows 7. The server component must be installed on one of the Windows Server operating systems mentioned above.

Also note that PROFITstar 2014 requires Microsoft SQL Server for its database. The following versions of SQL Server are supported:

■■ SQL Server 2008 R2 (Standard Edition or higher)

■■ SQL Server 2012 (Standard Edition or higher)

Full requirements can be found here: System Requirements.

If your institution does not currently have a license for any of the supported SQL Server editions, ProfitStars, as a SQL Server reseller, can offer the software at very competitive pricing. Contact your sales representative for more information.

Development Update

Page 5: Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

PERFORMANCE SUITE SOLUTIONSAPRIL 2014

05

Margin Maximizer MinuteHave You Heard? Now is a Great Time to Migrate to Margin Maximizer Interactive™

It’s true. ProfitStars® has taken your existing Margin Maximizer solution and made it even better! The solution is now centralized, integrated, faster, and easier to access anytime, anywhere. And migrating is now easier than ever.

When you make the switch, you’ll get all of the same great features you’ve come to know from Margin Maximizer, but now it’s web-based, enabling you to more easily receive product updates, saving you money on hardware and support costs.

MMi also integrates with your core – regardless of provider – giving you access to invaluable customer information.

Hosted by Microsoft® Windows Azure, MMi utilizes a convenient cloud computing framework to make your Margin Maximizer experience more accessible and affordable than ever before. Loan and deposit pricing has come a long way!

Preferred Service and Enhanced FeaturesHere are just a few of the benefits you will see when you migrate to MMi:

■■ Improved navigation

■■ Superior customer relationship monitoring

■■ Custom filters

■■ Convenient drag-and-drop grouping

■■ At-a-glance relationship summaries and more

And did you know? Margin Maximizer Interactive was recently named an ICBA Preferred Service. This year’s announcement adds Margin Maximizer Interactive to the remote deposit capture, remittance, small business lending, website design and hosting, and security services ProfitStars already provides ICBA members at exclusive discounted rates.

As a trusted partner, ProfitStars offers your institution a solution, not just software. The dedicated consultants in our Margin Maximizer Group are here to guide you every step of the way. Make the move to a tailored solution that’s hosted, online, and at your fingertips. Improved net interest income and net interest margin have never been so simple.

Learn more: Profitstars.com/MMi

Email: [email protected]

Call: 877.827.7101

Page 6: Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

PERFORMANCE SUITE SOLUTIONSAPRIL 2014

06

Profitability Corner Funds Transfer Pricing in a Rising Rate EnvironmentFunds Transfer Pricing (FTP) provides the necessary component to measure performance at a branch, product or customer/member level by fairly distributing your net interest margin. Because margin represents such a large portion of your income and expense statement – changes to the inputs (including yield curve rates) to your FTP calculations will impact the bottom line results.

One industry standard method utilized for FTP – the matched funded approach – requires the use of an external yield curve to price your loans and deposits. Yield curve examples include Treasury, Libor/Swap, and FHLB. As these yield curve rates rise and/or the shape of the curve steepens, FTP results are affected.

As with any profitability measurement tool, the level of impact will vary depending on a number of factors.Your balance sheet mix (fixed rate vs. variable rate products as well as the term and durations of your product offerings) and the rates assigned to your non maturity deposits are two of the bigger factors that will highlight these yield curve changes.

For example, with a matched funded approach, your variable rate loans tied to an index receive a very short-term rate on the yield curve as a funding charge. This is to imply these instruments are constantly refunded with short term money (think credit cards or HELOCs). If short term rates rise and the yield curve flattens, the margin (interest earned minus funding charge) at the record level has been reduced equal to the yield curve changes. Without increasing the stated interest rates on these instruments, those loan portfolios are now less profitable.

Changes to the yield curve will also directly impact the value and profitability of your non-maturity deposits. Non-maturity deposits cannot be matched funded at the record level because an average life or a cash flow cannot be calculated at that level. Alternatively, a pool rate is assigned to the portfolio to match the assumed duration or desired value of the account. These accounts (think savings, checking & money markets) are often valued using three to seven year average lives. As we saw last year, the average seven year FHLB rate rose over 100 bps. An additional 1% earnings credit on your entire savings portfolio could be substantial.

Finally, as external yield curve rates change, it is worth noting the secondary inputs or assumptions that may be affected with your FTP modeling. For example, increasing market rates typically translate to reduced prepayment assumptions. As rates rise, prepayments on loans go down. If this is a factor in your average life calculations, those new volume loans will be charged a longer term on the yield curve – translating into higher funding costs than similar loans put on the books in previous timeframes.

In a rising rate environment, there is not just one factor to review to determine the effects on your FTP results. Give our PROFITability® services department a call to discuss how to best interpret your changing results and maximize this information’s value.

Page 7: Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

PERFORMANCE SUITE SOLUTIONSAPRIL 2014

07

eLearning Courses Is your daily planner overflowing with appointments and meetings? Are you looking for some convenient training? Do you retain information better when you’re wearing your fuzzy bunny slippers? Then take advantage of our self-paced, web-based eLearning training sessions at your convenience – even if that is at 2 a.m. These eLearning sessions are pre-recorded, topic-specific, on-demand training sessions that you can attend when your schedule allows you.

Click here to register for eLearning.

ProfitStars® University

PROFITstar: Hosted Budget ManagerThis is a one-hour session for new users of Budget Manager. The training utilizes sample data online. We will provide clients with a basic understanding of the software and how to get started. We will also discuss the overall budget process including user setup, different budgeting techniques, how to review and approve budgets, and the data integration between Budget Manager and PROFITstar.

April 17 from 2 p.m. to 3:30 p.m. Central Cost: free

Managing Risk to EarningsThis course defines IRSA, which focuses on risk to earnings, and discusses approaches to measure and manage this form of interest rate risk.

April 17 from 10:30 a.m. to 12 p.m. Central Cost: $150 or three KIA credits

Classroom TrainingThe PROFITstar® Classic™ Basic Training course is a two-day training class on the PROFITstar ALM Budgeting™ – an asset/liability management (ALM) and budgeting system. The key areas of focus will be on understanding the ALM process and the model’s role in effective risk management, as well as the model’s basic functions to provide reasonable forecasts and risk measurement reports for the ALM function.

Program level: Basic Prerequisites: None Type of delivery: Group-live

This course is available for 11 CPE credit hours. To register, log in to the For Clients portal and choose Learning Management System under the Education tab.

PROFITstar Classic Basic TrainingApril 15 – 16 May 13 – 14 June 10 – 11

Jack Henry and Associates (#109042) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of

individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

Page 8: Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

PERFORMANCE SUITE SOLUTIONSAPRIL 2014

08

ProfitStars® University – continuedPROFITstar: Hosted Budget ManagerThis is a one-hour session for new users of Budget Manager. The training utilizes sample data online. We will provide clients with a basic understanding of the software and how to get started. We will also discuss the overall budget process including user setup, different budgeting techniques, how to review and approve budgets, and the data integration between Budget Manager and PROFITstar.

May 15 from 2 p.m. to 3:30 p.m. Central Cost: free

Managing Risk to CapitalThis course defines fair value analysis, which focuses on risk to capital, and discusses approaches to measure and manage this form of interest rate risk.

May 15 from 10:30 a.m. to 12 p.m. Central Cost: $150 or three KIA credits

To register for eSeries webinars please use the following link: Online Course List. If you have questions or would like more information, please call 800-356-9099. Price is for complete webinar sessions; price per institution. The PROFITstar: Hosted Budget Manager training sessions are being offered at no charge.

Page 9: Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

PERFORMANCE SUITE SOLUTIONSAPRIL 2014

09

Educational Webinar SeriesFree Pre-recorded Webinars For Learning at Your Convenience

Do you know who your Key Customers are?In most banks 180% of the profit comes from 20% of the customers, and the bottom 70% are unprofitable. In this session we will focus on how to identify those key clients, quantify the benefits of enhanced retention and discuss strategies to increase retention of these most important customers.

View here

PROFITstar® ALM and Balance Sheet Strategies for the New Normal – View here

Managing Liquidity Risk – View here

Page 10: Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

PERFORMANCE SUITE SOLUTIONSAPRIL 2014

10

Meet the Team

Chad Schmeits Technical Support Analyst-Advanced [email protected]

Chad joined the ProfitStars team as a Client Services Analyst in January of 2013 where he gained knowledge in assisting clients in the ALM/Budgeting process, and has since moved on to become part of our Technical Support team. Prior to working for ProfitStars, Chad worked as a Client Service Representative and a Conversion Coordinator for a banking software company, where he supported numerous banking applications. He also worked as a Customer Service Representative at a local bank for over three years. Chad graduated from Bellevue University in Bellevue, Nebraska with a degree in Business Analysis and Management.

Daniel Bays Client Services Analyst [email protected]

Prior to joining ProfitStars in 2007, Dan spent more than two years as a Customer Support Analyst in the banking software industry and two more years supporting web-based eCommerce software. Dan supports clients on the PROFITstar model and all related add-on products. He holds a Bachelor’s degree from the University of Nebraska at Kearney.

Kevin Koob Training Consultant [email protected]

Prior to joining ProfitStars, Kevin worked at an investment management and brokerage firm as well as a local bank while he obtained his Accounting degree. Kevin came to ProfitStars in 2002. Starting as a Client Support Representative, he gained knowledge and experience assisting clients with their ALM process. In addition to his Accounting degree from the University of Nebraska at Omaha, Kevin holds a Bachelor’s degree in Finance from the University of Iowa.

Page 11: Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

PERFORMANCE SUITE SOLUTIONSAPRIL 2014

11

Webinar Recordings – Learn at Your ConvenienceTapping into high-opportunity niche markets and building new relationships is more important than ever to ensure recurring fee income and a strong competitive position for your bank. Whether you are new to ProfitStars® or an existing client simply intrigued by additional opportunities, we have the tools you need to help your bank take advantage of today’s ripe market segments.

These on-demand webinars will help you learn more at your convenience.

■■ Five Prescribed Steps for Tapping into Healthcare Lending

■■ Road to Greater Net Income from the Trucking Industry

■■ A Community Bank’s Guide to Financing Domestic Staffing Services

What if you could gain an accurate view of the true profitability of each branch, department, or region? Our Organizational PROFITability® Analysis System™ can help you achieve all that and more.

Learn more by viewing our recent webinar presentation:

■■ Why Should I Care About Branch Profitability?

What difference could improved product profitability make to the health of your financial institution? Do you have the systems and internal expertise to understand potential regulatory changes to your institution’s fee structure? Is your deposit pricing competitive (or are you “too” competitive)?

Learn more by viewing our recent webinar presentation:

■■ Why Should I Care About Product Profitability?

Are you able to enhance your competitive position by maximizing your customer/member relationships? Relationship Profitability Management™ (RPM) from ProfitStars® can help you do that and more.

Learn more by viewing our recent webinar presentation:

■■ Why Should I Care About Customer/Member Profitability?

Page 12: Client Bulletin - ProfitStars · PERFORMANCE SUITE SOLUTIONS APRIL 2014 Beyond Basic Training: Conquer the Challenges of Intermediate ALM Modeling Learn How to Improve Your ALM Strategies

Additional information is available at www.ProfitStars.com or by calling 877.827.7101© 2014 Jack Henry & Associates, Inc.® All rights reserved. ProfitStars is a registered trademark of Jack Henry & Associates, Inc.

PERFORMANCE SUITE SOLUTIONSAPRIL 2014

To see the key rates from the client portal, please follow the steps below:

1. Go to https://forclients.jackhenry.com

2. Select the client login page by clicking on the link PROFITstar® ALM or PROFITability® under products & services

3. Key in your username and password to enter the Client Portal for the key rates. (link located in Documentation Section – Client Resources)

We’re Here for You: ProfitStars® Services

Back-Test Your Projections with ProfitStars In response to recent regulatory pressures and client requests, ProfitStars is now offering our ALM clients a service to back-test their model projections. Back-testing is a component of the model validation process that performs an attribution analysis on the variance of projected results from actual results. ProfitStars can show you how much of your model variance was caused by rates, how much was caused by mix, and how much was caused by balances. Reviewing the back-test analysis will help our software users gain insight into some of the more subtle changes on net interest margin and become more accurate in projection results. Click here for more information, or call your ProfitStars sales executive for more details.

ALM Reporting ServiceAre you considering outsourcing your ALM? Don’t have time to run your model yourself? Look no further. ProfitStars offers a service bureau option which allows you to relax because we do the work for you. This ALM analysis focuses on interest rate risk for our bank and credit union clients. ProfitStars retains and updates your model and provides you with quarterly ALM reports. The service bureau is an alternative method for obtaining the information you need, without the hassle. Click here for more information.

IHS Global Insights Rate ForecastingImprove the accuracy of your asset/liability management and budgeting results with rate forecasts from IHS Global Insight’s award-winning economists. This enhancement provides monthly forecasts of more than 30 rates for five future years, plus interest rate forecasts (including High and Low scenarios), automatically downloaded to your PROFITstar® ALM and Budgeting system. Click here for a sample economic update.

What’s Your Profitability Risk?Not sure because you’re short on resources, experience, or both? ProfitStars can help! Did you know that ProfitStars offers a profitability outsourcing service designed to help you meet your profitability strategies and regulatory requirements? PROFITability® Reporting Service™ from ProfitStars was created to provide organizational and product profitability analysis to our clients. ProfitStars retains a model in-house and updates the model monthly while providing quarterly reports. In addition to these reports, the service includes a meeting with a profitability consultant to review the reports and draw insights from the results. Learn more by clicking here.

Other Products and Services to Improve Your Financial Reporting and Help Grow Your Bottom Line. Click to learn more.

Multi-User Add-on Software for PROFITstar® and PROFITability®

Technical Model Validation

PROFITstar® Branch Break Out

Liquidity Perspectives Report Service

Rate Sensitivity Study

Monthly Administrative Service

Budget Manager

Optimizer™

Key Rate AnnouncementAccording to the Freddie Mac website, they are no longer publishing the yield that we were using for the FHLMC rate. The last published date was January 25, 2013.

U.S. Key Interest Rates:

Monthly Averages – March 2014

91 Day T-Bill 0.05 Discount Rate 0.75

182 Day T-Bill 0.08 B.A. 0.15

1 Year T-Bill 0.13 FNMA 3.96

2 Year T-Notes 0.40 FRDMAC N/A

3 Year T-Notes 0.81 1 Month LIBOR 0.16

5 Year T-Notes 1.64 3 Month LIBOR 0.23

7 Year T-Notes 2.23 6 Month LIBOR 0.33

10 Year T-Bond 2.72 1 Year LIBOR 0.56

20 Year T-Bond 3.35 Repurchase Rate 0.09

30 Year T-Bond 3.62 AAA Municipal 4.40

Fed Funds 0.08 City N/A

National Prime 3.25 State 4.44

Canadian Key Rates

Monthly Averages – March 2014

Chartered Bank Prime 3.00

Bank Rate (official) 1.25

Overnight Money Market 1.00

3 Month T-Bill Daily Series 0.85

6 Month T-Bill Daily Series 0.89

1 Year T-Bill Daily Series 0.95

Gov't of Canada 2-yr Bond Yields (daily) 1.04

Gov't of Canada 3-yr Bond Yields (daily) 1.21

Gov't of Canada 5-yr Bond Yields (daily) 1.67

Gov't of Canada 7-year Bond Yields (daily)

2.00

Gov't of Canada 10-year Bond Yields (daily)

2.45

Gov't of Canada Long Term Bond Yields (daily)

2.97