The Association, in conjunction with CUNA, has released the Third Quarter 2017 New York Credit Union Profile report.
According to the report, which provides relevant and up-to-date analysis of key statistics and trends that impact credit union performance, New York credit unions continued to post solid loan and membership growth in the third quarter of 2017.
Highlights from the report include:
Membership growth: Memberships at New York credit unions increased by 3.2 percent in the year ending September 2017, matching the 3.2 percent growth recorded in the 2016 calendar year. There are now nearly 5.6 million memberships at New York credit unions.
Loan growth: Year-over-year, New York credit union loan portfolios grew by 8.8 percent, slightly above the 8.6 percent growth rate recorded in all of 2016.
First mortgages: Between Sept. 30, 2016, and Sept. 30, 2017, first mortgages at New York’s credit unions grew by 11.9 percent, outpacing the national average of 10.6 percent. On the quarter, the state’s credit unions saw first mortgages grow by 3.4 percent, while nationally first mortgages grew by 2.9 percent.
HELOCs/second mortgages: In the year ending on Sept. 30, 2017, New York credit unions saw HELOCs/second mortgages grow by 6.4 percent, outpacing the national average of 5.7 percent.
Share certificates: Share certificates—the credit union equivalent of a certificate of deposit, or CD—increased by 2.5 percent at New York’s credit unions during the third quarter. The statewide growth outpaced the national growth rate of 1.9 percent.
“New Yorkers are increasingly and understandably embracing the not-for-profit financial services sector,” said Association President/CEO William J. Mellin. “Statewide, credit union membership is at an all-time high, because consumers understand that New York’s credit unions are committed to providing economic opportunity and advancement to individuals from all walks of life.”