N.Y. CUs report strong 2Q lending, membership numbers
ALBANY, N.Y. (9/30/14)--New York credit unions' aggregate membership and loans increased in the second quarter, the Credit Union Association of New York (CUANY) reported.
Membership expanded by 0.5% throughout the quarter to push the state's total number of credit union members up to 5.03 million. Loan totals increased by 2.6%, up from 0.9% in the first quarte (The Point Sept. 30).
On a year-over-year basis, the second quarter saw membership and outstanding loans grow by 2.6% and 10.4%. The year-to-date membership growth, CUANY pointed out, is almost seven times greater than the state's population growth rate.
The smallest credit unions in the state, those with fewer than $20 million in assets, saw loan portfolios grow year-over-year in the second quarter by 8%. Overall, 62.2% of state credit unions said their assets increased.
Auto lending expanded by 4.9%, with new auto loans growing by 4.4%.
Outstanding member business loans increased by 4.3% to a year-to-date 13.7% expansion rate. The quarterly growth, CUANY noted, was higher than the national average of 3.1%.
Throughout the first half of the year, New York credit unions originated $7.2 in loans, with $2 of that coming from mortgages.
New York credit unions finished the second quarter with a cumulative net worth-to-asset ratio of 10.9%.
The CUANY quarterly report is developed with the Credit Union National Association of America.