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News Now

CU System
New York CUs Outperforming Banks
ALBANY, N.Y. (7/10/13)--New York State credit unions began 2013 with a strong financial performance, exceeding bank and national industry averages in several key categories, said the Credit Union Association of New York.

"This report reaffirms that more and more New Yorkers are choosing credit unions for their financial services, from mortgages and business loans, to savings and checking accounts," said William J. Mellin, president/CEO of CUANY. "Along the way, they're discovering the unique financial and personal benefits that come with credit union membership."

The statistics are highlighted in a new quarterly New York Credit Union Performance and Trends Report published by CUANY in partnership with Callahan & Associates Inc.

New York credit unions exceeded national averages in asset, share, membership and loan growth during the first quarter, the report indicated.
 
Highlights include:
  • New York credit unions remain more highly capitalized than their local competitors. As of March, credit unions in the state reported an average capital ratio of 11%--well above their local bank peers, CUANY said.
  • Asset quality for New York credit unions also is stronger than that of banks nationwide, which are charging off 0.83% of their loan portfolios. Credit unions also continue to have a lower delinquency ratio than local and national banks.
  • New York credit unions recorded a return on assets (ROA) in the first quarter that is 41 basis points above local banks' ROA.
  • Credit union loan originations hit $4.4 billion in March 2013--a nearly 9% increase over March 2012.
  • First mortgages, bolstered by the current refinancing boom, continue to be the largest portion of the loan portfolio at New York credit unions. At the end of March, first mortgages made up 41.1% of all outstanding loans.
  • Credit unions originated $850 million in first-quarter member business loans, holding 19.1% of all outstanding small-business loans at New York financial institutions by the end of March.
  • Membership growth at New York credit unions during first quarter remained faster than the national average, CUANY said.
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