ALBANY, N.Y. (10/4/13)--New York credit unions continued to outpace national averages in asset growth, share growth, membership growth and loan growth during the first half of 2013.
The trends are highlighted in the second quarter 2013 New York Credit Union Performance & Trends Report, published by the Credit Union Association of New York in partnership with Callahan & Associates, Inc.
Share balances at New York credit unions rose by 5.9%--compared with the national credit union average of 4.7%--as regular shares and share drafts grew at a double-digit annual pace, said the report. Total shares outstanding stood at $56.2 billion as of June 30.
Capital levels remain strong at 10.8% of assets, said CUANY. This is a higher level than banks nationwide and banks and thrifts in New York, and is in line with credit unions nationwide.
The average member relationship--the outstanding combined loan and share balances per member, excluding member business loans--at New York credit unions also increased to $17,710 at the end of June.
New York credit union loan originations grew 7.7% over the first half of 2012 to $9.1 billion. The rise was due to strong growth in both first mortgage and business loan originations.
The state's credit unions originated close to $3.8 billion in first mortgages in the first half of 2013.
Business loans at New York credit unions rose 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. In aggregate, 14.3% of New York's loans are classified as business loans--more than double the U.S. average of 6.2%.