New York's credit unions are among those nationwide that are performing better than the national industry average, with higher growth in assets, deposits, loans and members, and lower credit problems, according to new data for the second quarter from the National Credit Union Administration.
New York's performance came despite an increase in unemployment and a decrease in housing prices in the past year, according to data reported by the industry's federal regulator. Other states with similar better performances included North Dakota, New Mexico, Iowa and Washington, while states such as Nevada, New Jersey and Hawaii continue to struggle with local economic issues.
"Nationally, trends in the credit union industry are generally positive," NCUA Chairman Debbie Matz said in a news release.
The regulator found that member-owned credit unions in New York increased assets by 9 percent from the second quarter of 2011, ranking the state ninth in the country. North Dakota was No. 1, with 13.7 percent, while the national average was 6.9 percent. Nevada was the only state to post a decline, 1.3 percent.
Deposits in New York also grew 9 percent, ranking it eighth nationwide. Again, North Dakota was No. 1, with 13.2 percent, while the national average was 7 percent, and Nevada was the only state to report a drop, down 2 percent.
And while loans nationally grew by 3.2 percent, New York credit unions posted 8.2 percent growth, putting the state in the No. 6 position. North Dakota was again No. 1, with 13.7 percent. Eight states, the Virgin Islands and Guam posted declines, led by Nevada's 10.4 percent drop.
Credit unions in New York increased membership by 3.7 percent, putting the state 10th in the nation. Alaska was No. 1, at 6.1 percent, while the national average was 2.4 percent. Six states and the Virgin Islands reported declines, with Nevada performing the worst with a 4.9 percent drop.
And New York had the 13th-best rate of loan losses, or net chargeoffs, at 0.43 percent, compared with 0.08 percent for North Dakota and 0.75 percent nationwide. Nevada was highest at 2.9 percent, and the rate fell in 46 states from the second quarter of 2011.
On the other hand, New York struggled more with bad debts and profitability, though it was still above average. The average delinquency rate among the state's credit unions was 1.2 percent - exactly matching the national average but much higher than No. 1 New Hampshire with 0.40 percent. New York ranked 38th, while Montana was the worst at 3.1 percent. The rate fell in 46 states and territories in the past year.
And it was 21st for return on average assets, with 0.88 percent, compared with 0.86 percent nationally and 1.49 percent for No. 1 Arizona. New Jersey was the lowest, with 0.36 percent. Returns rose in 37 states.