New York Credit Unions Outpace National Averages
During the first half of 2013, New York credit unions outpaced national averages in loan and share growth, according to the second-quarter New York Credit Union Performance & Trends Report.
The quarterly New York Credit Union Performance & Trends Report is developed in partnership between the Credit Union Association of New York and Callahan & Associates.
New York credit union loan originations increased 7.7% over the first half of 2012 to $9.1 billion because of strong growth in first mortgage and business loans, the CUANY said.
Credit unions originated close to $3.8 billion in first mortgages in the first half of 2013.
In addition, business loans increased 14.4% from June 2012, as member business loan originations through the end of the second quarter grew 17.8% from the first half of 2012, according to the report. In aggregate, 14.3% of New York’s loans are classified as business loans—more than double the U.S. average of 6.2%, the CUANY said.
Capital levels at New York credit unions stood at 10.8% of assets. This is a higher level than banks nationwide and banks and thrifts in New York, and is in line with credit unions nationwide, the report said.
Empire State cooperatives also saw share balances increase by 5.9%, compared to the national credit union average of 4.7%, as regular shares and share drafts both grew at a double-digit annual pace. Total shares outstanding at New York credit unions stood at $56.2 billion, as of June 30.
“Here in New York, credit unions deliver nearly $300 million in benefits annually to their members, whether through lower fees, higher returns or lower interest rates on loans,” said CUANY President/CEO William J. Mellin. “So it’s no surprise that more and more New Yorkers are turning to credit unions for their financial services.”