NY credit unions report impressive 2015 operating results

ALBANY, NY (04/05/2016)(readMedia)-- For Immediate Release

April 5, 2016

Contact: Ronald McLean

(800) 342-9835, ext. 8191 | Ronald.McLean@nycua.org

NY credit unions report impressive 2015 operating results

ALBANY, N.Y. – New York credit unions reported impressive full-year 2015 operating results despite a slow-down in economic growth in the final two quarters of the year. As a group, the state's credit unions reported strong membership growth, increasing loan growth, and a near-record aggregate capital ratio in the year, according to the New York Credit Union Association's Year End 2015 New York Credit Union Profile report.

Developed in partnership with the Credit Union National Association, each report delivers the most relevant and up-to-date analysis of key statistics and trends that impact credit union performance. The report is provided to New York credit unions as a benefit of NYCUA membership.

Notably, the report found that the 2.3 percent twelve-month increase in New York credit union memberships significantly outpaced the state's 0.2 percent population growth.

Other highlights include:

• Membership growth: New York credit union memberships now stand at more than 5,239,000, representing an increase of 0.8 percent in the fourth quarter.

• Loan growth: The 9.5 percent loan growth in 2015 was the fastest seen since 2005, when the credit unions posted a 9.6 percent increase.

• Auto loans: New York's credit unions once again outpaced national averages for auto lending. In 2015, the state's credit unions grew new auto loans by 17.2 percent, which is higher than the national average of 16 percent.

• HELOCs/second mortgages: Home equity lines of credit and second mortgages increased at a rate of 9.9 percent, dwarfing the national growth rate of 3.5 percent.

• Capital levels: The state's credit unions continued to hold strong capital levels, with an average net-worth-to-asset ratio of 10.9 percent-the same as the national average.

"The credit union movement is growing and thriving, and nowhere is that more apparent than here in New York," said NYCUA President and CEO William J. Mellin. "New York credit union memberships are on the rise, and for good reason: These not-for-profit financial cooperatives have a unique mission to serve their members and their communities. Each day, more consumers are discovering the credit union difference."

The New York Credit Union Association serves as the trade association for the state's credit unions, which collectively hold more than $72 billion in assets and serve more than 5.2 million members. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.