New York credit unions reported increasingly strong membership growth, healthy loan growth, steady asset quality and stable earnings results in the first quarter of 2017, according to the New York Credit Union 2017 First Quarter Profile report.
Developed in partnership with CUNA, the report provides relevant and up-to-date analysis of key statistics and trends that impact credit union performance.
Highlights from the report include:
- Membership growth: New York credit unions saw a 0.9 percent increase in total membership in the first quarter of 2017, which is slightly faster than the 0.7 percent increase seen in the previous quarter. From March 2016 through March 2017, memberships grew by 3.6 percent, representing the strongest gains since 2013.
- Loan growth: New York credit union loan portfolios grew by 1.5 percent in the first quarter of 2017, representing a slight increase over the 1.3 percent growth rate recorded in the first quarter of 2016.
- First mortgages: The state’s credit unions saw first mortgages grow by 11.3 percent year over year. The state’s credit unions outpaced the national credit union growth rate of 10.2 percent. On the quarter, first mortgages at New York credit unions grew by 2.5 percent, again outpacing the national average of 2.3 percent.
- Auto loans: Year-over-year, New York credit union auto loans grew by 18.2 percent, while nationally new auto loans grew by 16.6 percent.
- HELOCs/second mortgages: On the quarter, the state’s credit unions saw home equity lines of credit and second mortgages grow by 1.3 percent, which is above the national average of 1 percent. In the year ending on March 31, 2017, New York credit unions saw HELOCs/second mortgages grow by 8.3 percent, nearly doubling the national average of 4.4 percent.
- Asset growth: New York credit unions saw assets grow by 6.3 percent over the 12-month period, significantly outperforming the state’s banks, which saw assets decrease by 0.2 percent.
“The latest Credit Union Profile Report shows that more New Yorkers are turning to credit unions than ever before,” said Association President/CEO William J. Mellin. “The state’s credit unions are performing exceptionally well through the first quarter of 2017, and they’re even outpacing national averages in many areas.”