ALBANY, N.Y. (1/2/15)--Credit unions nationwide fared well in the third quarter, and in New York the story was no different.
For 3Q, New York's credit unions posted solid gains in memberships, loan portfolios and capital levels; gains that outperformed the national averages for credit unions, which is a common trend according to New York Credit Union Association (NYCUA) President/CEO William J. Mellin.
"Once again, New York credit unions continue to lead the way," Mellin said. "As the state's credit unions continue to increase their loan portfolios and post record-high membership levels, it's clear that New Yorkers are recognizing the state's credit unions as their best financial partners."
Memberships at New York's credit unions climbed by 61,300, or by 1.3% in the quarter, according to the numbers from NYCUA and the Credit Union National Association.
New York's credit unions also saw a 3.1% annual increase in memberships in 3Q, which comes in about six-times higher than the state's population's growth.
Loan portfolios, meanwhile, continue to be the strongest facet of growth for the credit union movement in New York, as overall loan growth posted a 2.9% increase in the third quarter after a 2.6% jump in the second quarter.
The state's credit unions also recorded an 8.6% annual gain in loan growth in 3Q, which is nearly 25% higher than the growth rate seen in 2013.
New-auto loans drove much of the overall gains for the quarter, with a 6% increase after a 4.9% jump in the second quarter. Used-auto loans also came in strong for the quarter with a 3.4% increase.
Business lending improved in the quarter for the state's credit unions as well.
For the quarter, credit unions in New York posted a 3.2% increase in member business loans. For the year ending in the third quarter, New York's credit unions posted a 16.2% jump in business lending, according to the numbers.
Nationally, credit unions performed well in the third quarter according to numbers from the National Credit Union Administration. The median growth rate for loans outstanding climbed 3.5% in the year that ended in the third quarter for U.S. credit unions, after edging up only 1.8% over the same stretch the prior year.