The New York Credit Union Association, in conjunction with CUNA, has released the Mid-Year 2019 New York Credit Union Profile report. 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 reported a 0.8% increase in total memberships in the second quarter, which represents a marginal increase compared to the 0.6% first quarter gain.
Total loans: Total loans at New York credit union grew by 2% in the second quarter. That figure represents an increase over the first quarter growth rate of 0.6% and is above the national second quarter growth rate of 1.8%.
Assets: Total assets at New York credit unions grew at an annualized rate of 4.9%, which is outpacing the 2018 growth rate of 3.7%.
New Auto Loans: For the year ending in June, new auto loans at New York credit unions grew by 5.5%. Nationally, new auto loans grew by 5.2% during the same time period. In just the second quarter, new auto loans at New York credit unions grew by 3.4%, which was noticeably higher than the national average of 0.4%.
Used auto loans: Used auto loans at New York credit unions grew by 11.8% for the four quarters leading up to June 30, which was significantly higher than the national growth rate of 5.4%. In the second quarter of 2019, used auto loans at New York credit unions increased by 4.3%. Nationally, used auto loans grew by 1.7% on the quarter.
First Mortgages: First mortgages increased by 1.3% in the second quarter; up from the 0.6% growth recorded in the first quarter of this year.
Commercial loans: Commercial loans held steady in the second quarter, at an increase of 1.2% – the same growth rate recorded in the first quarter.
The report was emailed to the main contacts at Association member credit unions yesterday. For assistance with accessing the reports, contact the Association’s member relations team at firstname.lastname@example.org or (800) 342-9835 ext. 8546.