The New York Credit Union Association, in conjunction with CUNA, has released the Third Quarter 2018 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 2018.
Highlights from the report include:
- Membership growth: Memberships at New York credit unions increased by 5.8 percent in the year ending September 2018, well above the 3.3 percent recorded in the 2017 calendar year. There are now 5.87 million memberships at New York credit unions.
- Loan growth: New York credit union total loan growth increased by 3.3 percent in the in the third quarter of 2018, above the 2.4 percent recorded in the third quarter of 2017, and above the 2.6 percent national average growth rate.
- First Mortgages: First mortgages at New York credit unions grew by 4 percent on the quarter, outpacing the national average of 2.3 percent.
- HELOCs/second mortgages: New York credit unions saw HELOCs/second mortgages grow by 1.4 percent in the third quarter, beating the 1.1 percent recorded in the same timeframe in 2017.
- Credit card loan growth: Credit card loan growth increased 2.8 percent in the third quarter, ahead of the 2.5 percent increase from a year prior in September 2017. The 2.8 percent increase for New York credit unions also surpassed the 2.5 percent national average.
- New auto loans: New York credit union total new auto loans increased by 4.2 percent, above the national average of 3.6 percent.
- Used auto loans: Used auto loans also increased at 3.7 percent in the year ending September 2018, outpacing the national increase of 2.3 percent.
- IRAs: New York credit unions saw IRAs grow by 4.5 percent in the third quarter, outpacing the national average growth of 0.5 percent.