The New York Credit Union Association, in conjunction with CUNA, has released the 2019 Third Quarter 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.
Collectively, the state’s member-owned, not-for-profit financial institutions reported membership increases, strong loan growth, healthier earnings and marginally higher net-worth ratios in the third quarter of 2019.
Highlights from the report include:
Membership growth: New York’s credit unions reported a 0.1% increase in total memberships in the third quarter of 2019. The increase over the year between September 2018 and September 2019 was 1.6%, despite the decline in New York state population. In total, New York’s credit unions now report 5.97 million memberships — equal to roughly 31% of the state’s population.
Earnings: Healthy loan growth continued to help boost earnings results. Overall, New York’s credit unions reported annualized returns on assets (net income as percentage of average assets) totaling 0.86% in the third quarter, up from 0.13% in the second quarter. Annualized earnings through the first three quarters of the year were 0.62%.
Assets: Total assets at New York credit unions grew 5.9% over a 12-month period, which is above the 2018 growth rate of 3.7%.
First mortgages: First mortgages saw a 2.7% increase in the third quarter, an increase over the 1.3% increase for the second quarter, and even with the national rate.
Credit card loan growth: Credit card loans grew 1.8% in the third quarter, which is above the 1.6% growth recorded in the second quarter.
New auto loans: New auto loans at New York credit unions increased by 2.6% in the third quarter and by 4% between September 2018 and September 2019. Nationally, new auto loans grew by 0.7% on the quarter and 2.2% over the year.
Used auto loans: Used auto loans at New York credit unions grew by 2% in the third quarter, which is above the national growth rate of 1.4%. For the year ending in September 2019, used auto loans at New York’s credit unions grew by 10% — well above the national growth rate of 4.4%.
Commercial loans: New York’s credit unions saw commercial loans grow by 3.7% in the third quarter, outpacing the national growth rate of 3.3% and more than tripling the growth recorded in the second quarter.