Report Demonstrates New York Credit Unions are National Leaders
Loan Growth is Nearly 50% Above National Average, Loans to Businesses up Nearly 15%
ALBANY, NY – Credit unions across New York State continue to post strong financial performance and exceed national averages in many key categories according to data from the quarterly Credit Union Performance and Trends Report developed by Callahan & Associates. Fourth quarter 2012 data shows that New York credit unions are growing and lending at a pace that far exceeds national averages.
Most notably, New York credit unions had annual outstanding loan growth of 6.5 percent in 2012, significantly higher than the national average of 4.5 percent. In addition, loans to businesses were up by 14.6 percent over 2011 totals.
“This report clearly shows that credit unions are playing a significant role in helping grow the economy and provide critical funds to families and businesses in the communities they serve,” said William Mellin, president/CEO of the Credit Union Association of New York. “Credit unions are truly about people helping people – and having New York outpace national trends demonstrates that New York consumers understand this philosophy more and more each year.”
Additional highlights from the report include:
- Annual growth figures for assets, shares, members and loans in 2012 all exceeded national averages. The average member relationship also increased.
- Credit unions in New York saw share balances increasing at 7.8 percent, faster than the national average of 6.1 percent. Regular shares, money market accounts and share drafts all grew at a double-digit annual pace.
- Asset quality at New York’s credit unions posted an annual improvement. The overall delinquency rate was 1.26 percent, which is below the local bank average.
- Capital levels remained high at New York credit unions at 11.3 percent of assets. This is a higher level than New York banks and thrifts, as well as credit unions and banks nationwide.
- Business loans on the books of New York credit unions increased 14.6 percent from 2011 levels, as member business loan originations totaled just under $3.0 billion in 2012.
The Credit Union Association of New York has served as the trade association for the state’s credit unions for 96 years. New York credit unions have assets of more than $62 billion and serve 4.8 million members. To learn more about the Association, visit www.cuany.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.