Pennsylvania Credit Unions surpass $50 billion in assets
HARRISBURG, PA (July 9, 2019) — The Pennsylvania Credit Union Association (PCUA) is pleased to announce that the total assets for credit unions in the Commonwealth now exceeds $50 billion. Pennsylvania ranks No. 9 in the nation for total asset size.
The first quarter data for 2019 was released this week from Callahan & Associates, with information current as of March 30, 2019. The report,Pennsylvania Profile, showed 365 credit unions operating in Pennsylvania that serve over 4.2 million members. The average member relationship (the outstanding combined loan and share balances per member, excluding business loans) in the state was $17,169, which was $678 more than what was reported in the previous year.
Despite a 0.7% decrease in loan originations, the overall loan portfolio at Pennsylvania credit unions expanded year-over-year. Loan balances totaled over $33.0 billion, up 8.5% annually, as of March 2019. The fastest growing product was new auto loans, which increased 15.2% year-over-year. Used auto loans followed, increasing balances 12.3% over the past 12 months. Industrywide, loan growth was 7.9% and outstanding balances reached nearly $1.1 trillion. Pennsylvania credit unions reported a net charge-off ratio of 0.44%, below the national average of 0.57%. Credit card delinquency in the state improved 3 basis points year-over-year to 0.83%, well below the industry average of 1.26%.
A growing loan portfolio coupled with rising interest rates has led to a strong increase in interest income in the state. Loan interest income, the largest component of total income, posted 14.4% growth from March 2018. Interest income from investments was up 35.6% despite just a 2.0% increase in the investment portfolio. Credit unions in Pennsylvania reported strong earnings, with total income increasing 13.5% to $621.2 million, led by growth in interest income from loans and investments.
About Pennsylvania Credit Union Association
Credit unions are financial cooperatives that provide affordable financial services to help their owner/members. The Harrisburg-based Pennsylvania Credit Union Association is a trade association that provides legislative, promotional, educational, and operational support for credit unions in Pennsylvania. There are 363 credit unions headquartered in Pennsylvania with assets in excess of $50 billion and 4.2 million members. For additional information about credit unions or to find a credit union near you, visit www.ibelong.org.