New York credit unions continue strong performance in third quarter
Empire State posts above-average asset, share, membership and loan growth
Mindi Schwab, Communications Director
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(Albany, N.Y.) - Credit unions across the state continued to post strong performance in several key areas during the third quarter, according to the latest New York Credit Union Performance & Trends Report provided by the Credit Union Association of New York (CUANY). Notably, New York credit unions’ annual growth figures for membership, assets and shares all exceeded national averages last quarter.
- Membership growth: New York credit unions posted annual membership growth of 3.3 percent, compared to the national credit union average of 2.1 percent.
- Member relationship: The average member relationship (the outstanding combined loan and share balances per member, excluding member business loans) at New York credit unions has remained higher than the national average, up to $17,673 at the end of September. This is more than $2,000 higher than the average relationship at credit unions nationwide.
- Capital levels: Capital levels remain strong at New York credit unions, at 10.9 percent of assets. This is a higher level than banks nationwide and New York banks and thrifts, and is in line with credit unions nationwide.
- Shares: Share balances at New York credit unions increased by 5.3 percent (compared to the national average of 4.1 percent) as regular shares and share drafts grew at the fastest annual paces. Total shares outstanding at New York credit unions stood at $55.8 billion as of Sept. 30.
- Loan originations: The average New York credit union branch originated more loans ($13.2 million) than the national credit union average of $12.9 million.
- Business lending: Member business loans remain a key part of New York credit unions’ loan portfolios, particularly compared to the industry average. In aggregate, 14.1 percent of New York’s loans are classified as business loans—more than double the U.S. average of 6.2 percent. Business loans on the books of New York credit unions increased 13.0 percent from September 2012, as MBL originations through the end of the third quarter grew 12.7 percent from the first nine months of 2012.
“Credit unions across New York and the nation are continuing to build on the momentum they’ve gained since the recession,” said CUANY President/CEO William J. Mellin. “Consumers and small businesses are turning to credit unions as a competitive, preferred alternative to banks, and they’re benefiting from lower fees, higher returns and lower interest rates—not to mention the ‘people over profit’ philosophy that makes credit unions so unique.”
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.
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 $65 billion and serve 4.9 million members. To learn more about CUANY, visit www.cuany.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.