New York Credit Unions continue to outpace key national growth averages
State posts above-average asset, share, membership and loan growth
During the first half of 2013, New York credit unions continued to outpace national averages in asset growth, share growth, membership growth and loan growth. These trends are highlighted in the second quarter 2013 New York Credit Union Performance & Trends Report, which was recently published by the Credit Union Association of New York (CUANY) in partnership with Callahan & Associates, Inc.
Share growth: New York credit unions saw share balances increase by 5.9 percent (compared to the national credit union average of 4.7 percent) as regular shares and share drafts both grew at a double-digit annual pace. Total shares outstanding at New York credit unions stood at $56.2 billion as of June 30.
Capital levels: Capital levels remain strong at New York credit unions at 10.8 percent of assets. This is a higher level than banks nationwide and banks and thrifts in New York, and is in line with credit unions nationwide.
Member relationship: The average member relationship (the outstanding combined loan and share balances per member, excluding member business loans) at New York credit unions also increased, up to $17,710 at the end of June.
Loan growth: New York credit union loan originations increased 7.7 percent over the first half of 2012 to $9.1 billion. This was due to strong growth in both first mortgage and business loan originations.
• New York credit unions originated close to $3.8 billion in first mortgages in the first half of 2013.
• Business loans on the books of New York credit unions increased 14.4 percent from June 2012, as member business loan originations through the end of the second quarter grew 17.8 percent from the first half of 2012. In aggregate, 14.3 percent of New York’s loans are classified as business loans-more than double the U.S. average of 6.2 percent.
“Credit unions across the state-and the nation-are seeing exciting growth as consumers continue to discover and demand the credit union difference,” said CUANY President/CEO William J. Mellin. “Here in New York, credit unions deliver nearly $300 million in benefits annually to their members, whether through lower fees, higher returns or lower interest rates on loans. So it’s no surprise that more and more New Yorkers are turning to credit unions for their financial services.”
The quarterly New York Credit Union Performance & Trends Report is provided to CUANY member credit unions as a benefit of Association membership. Developed in partnership with Callahan & Associates, Inc., each report delivers the most relevant and up-to-date analysis of key statistics and trends that may impact credit union performance.