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NY credit unions grow at fastest rate since 2000

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Wed, Dec 23rd 2015 02:00 pm

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New York credit unions posted impressive third-quarter operating results despite economic challenges spawned by slower economic growth, according to the New York Credit Union Association's Third Quarter 2015 New York Credit Union Profile report. The report is provided to New York credit unions as a benefit of NYCUA membership.

Notably, the report found the 2.2 percent 12-month increase in New York credit union memberships is the fastest annual growth rate posted by the state's credit unions since the year 2000.

Other highlights include:

•Membership growth: New York credit union memberships surpassed the 5.2 million mark for the first time ever.

•Loan growth: Every loan portfolio segment reflected quarterly increases in the third quarter. Overall, New York credit union loans increased by 9.9 percent in the year ending in September - faster than the 2014 rate of 8.8 percent, and the fastest 12-month increase since 2004.

•Auto loans: New York's credit unions continued to beat national averages in auto lending. From September 2014 through September 2015, new auto loans grew by 18.1 percent (versus the national average of 17.6 percent), and used auto loans grew by 14.3 percent (versus the national average of 13.2 percent).

•HELOCs/second mortgages: Home equity lines of credit and second mortgages continued to soar year-over-year, increasing by 9.7 percent - far greater than the 2.7 percent national increase.

•Capital levels: The state's credit unions continue to hold strong capital levels, with an average net-worth-to-asset ratio of 11.1 percent, which is the highest ratio since 2008, and slightly higher than the national average of 11 percent.

"The latest New York Credit Union Profile report further illustrates that our statewide movement is growing, thriving and, in many cases, outpacing national trends," NYCUA President and CEO William J. Mellin said. "It was especially encouraging to see loan- and asset-growth at credit unions in every asset category, reflecting the strength and diversity of the New York credit union movement."

Developed in partnership with the Credit Union National Association, each report delivers the most relevant and up-to-date analysis of key statistics and trends that impact credit union performance.

The New York Credit Union Association serves as the trade association for the state's credit unions, which collectively hold more than $71 billion in assets and serve more than 5.2 million members. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.

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