New York credit unions saw solid membership, loan and savings growth in the second quarter of 2017, according to the New York Credit Union 2017 Second 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 1.5 percent increase in total memberships in the second quarter of 2017, which is slightly higher than the 1.3 percent national average. Year-over-year, credit union membership in New York have grown by 3.8 percent. There are now more than 5.5 million memberships at New York’s credit unions.
- Loan growth: New York credit union loan portfolios grew by 2.7 percent in the second quarter of 2017, representing a slight increase over the 2.4 percent growth rate recorded in the second quarter of 2016.
- First mortgages: The state’s credit unions saw first mortgages grow by 2.6 percent in the quarter, matching the national average (also 2.6 percent). Year-over-year, New York’s credit unions grew by 11.5 percent, while the national credit union growth rate averaged 10.8 percent.
- Auto loans: Year-over-year, New York credit union auto loans grew by 16.4 percent, which is slightly higher than national credit union average of 16.3 percent. Meanwhile, used auto loans at New York credit unions grew by 3.8 percent in the second quarter, while nationally they grew by 3.6 percent.
- HELOCs/second mortgages: In the year ending on June 30, 2017, New York credit unions saw HELOCs/second mortgages grow by 8.4 percent, outpacing the national average of 5.3 percent.
“New York credit unions have continued to post solid numbers through the second quarter of this year,” said Association President/CEO William J. Mellin. “Through the first half of the year, memberships are at an all-time high, and many other metrics are increasing at a steady clip. We expect this trend to continue for the foreseeable future.”