ALBANY, N.Y. (10/14/15)--Strong membership and lending strength stood out on the balance sheets of New York credit unions, according to the New York Credit Union Association’s (NYCUA) Second Quarter 2015 New York Credit Union Profile report.
“Consumers are continuing to gravitate toward the not-for-profit financial cooperative model of credit unions,” said NYCUA President/CEO William J. Mellin. “These numbers illustrate how the state’s credit unions continue to grow and expand, while reaching more New Yorkers than ever before.”
According to the second quarter report, New York has nearly 5.2 million credit union members.
New York credit union memberships grew by 0.7% over the quarter. The 3.3% 12-month membership growth rate was the fastest annual increase since 2013, and well above the state’s 0.3% population increase. The figure is also slightly higher than the national membership growth rate of 3.2%.
Loan growth was also strong. For the year ending in the second quarter 2015, New York credit union loans increased by 9.8%--the fastest annual increase in 11 years.
Home-equity lines of credit and second mortgages soared year-over-year, increasing by 9.2%--far greater than the 2.3% increase nationally.
Lending growth also was helped by auto loans. New-auto loans continued to climb steadily, with a 5.2% quarterly increase, while used-auto loans increased by 4% on the quarter.
First mortgages grew by an average of 2.7% in the quarter, up from the 1.8% growth rate in the first quarter and the 1.3% growth rate recorded in the second quarter 2014.
New York’s credit unions remain well-capitalized, with an aggregate net worth-to-asset ratio of 11%, which is slightly higher than the national average of 10.9%.