Association, CUNA release Q3 New York CU Profile report

CUProfileWordPress

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.

 

 

Leave a Reply