NY credit unions post strong Q1 numbers
ALBANY, NY (July 7, 2016) — New York’s credit unions got off to a strong start in 2016, according to the New York Credit Union Association’s First Quarter New York Credit Union Profile report. Developed in partnership with the Credit Union National Association, the report provides relevant and up-to-date analysis of key statistics and trends that impact credit union performance.
Notably, the report found the state’s credit unions shrugged off a slowing economy with strong membership growth, healthy loan and asset growth, and big earnings in the first quarter.
Other highlights include:
- Membership growth: New York credit union memberships now stand at more than 5,268,000, representing an increase of 0.9 percent in the first quarter, which is slightly greater than the growth posted in the previous quarter.
- Loan growth: New York credit union loan portfolios grew by 1.3 percent in the quarter, which was a slight increase over the 1.2 percent growth posted in the first quarter of 2015. From March 2015 through March 2016, credit union loan portfolios in the state have grown by 9 percent.
- First mortgages: Year over year, New York credit union first mortgages soared by 11.4 percent, significantly higher than the national credit union average of 10.4 percent. In the first three months of 2016 alone, first mortgages among the state’s credit unions grew by 3.1 percent, versus the national average of 1.8 percent.
- Auto loans: From March 2015 through March 2016, new auto loans at New York’s credit unions grew at a quicker clip than the national average: 11.4 percent versus 10.4 percent, respectively.
- HELOCs/second mortgages: Home equity lines of credit and second mortgages continued to post solid gains year over year. The 16.7 percent growth rate among the state’s credit unions dwarfed the national average of 9.3 percent.
- Personal balances: Share drafts—the credit union equivalent of a personal checking account—saw balances climb by 7.2 percent on the quarter, which was more than double the national growth rate of 3.1 percent. Balances in certificates grew by 2.7 percent on the quarter, higher than the national average of 1.9 percent, and likely buoyed by New York’s highly successful prize-linked savings program, Lucky Savers.
“Credit unions provide significant benefits to New Yorkers from every corner of the state and from all walks of life,” said NYCUA President and CEO William J. Mellin. “The beginning of 2016 proved to be another strong quarter for the state’s credit unions, and we have every reason to believe this momentum will continue throughout the remainder of the year.”
About The New York Credit Union Association
For more than 100 years, the New York Credit Union Association has served as the trade association for the state’s credit unions, which collectively hold more than $83 billion in assets and serve 5.9 million members. NYCUA strives to advance the credit union movement by advocating, educating, uniting and supporting the interests of all credit unions statewide. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit yourmoneyfurther.com.