First quarter stats all positive for Maine CUs
July 1, 2016
For Maine's credit unions, 2016 got off to a strong start. In recently-released first quarter statistics by the Maine Credit Union League, Maine's credit unions grew in every major, measurement category including adding more than 5,000 new members bringing total membership to an all-time high at 672,672 members statewide.
"Maine credit unions continue to report positive results with membership growth and an increase in product usage and penetration by existing members. This reinforces our research and the feedback we receive from credit unions across the state indicating that credit unions' popularity among consumers remain on the rise," stated John Murphy, President of the Maine Credit Union League.
For the period from January 1 - March 31, 2016, total assets at Maine credit unions grew by nearly 2% to $6.96 billion. Although first quarter lending is traditionally slow coupled with very little snow which further reduced loan demand, total loans increased by more than $41 million to $4.8 billion. Share growth during the period increased by just over 2% or $135.5 million, while the rise in membership was impressive with the addition of 5,245 new members in the first quarter bringing total statewide credit union membership to 672,672.
When statistics are compared with the same period a year ago, the growth is much more impressive especially with lending and membership. Maine credit unions saw strong year-over-year first quarter origination growth of 26.0%, helping push total loan balances up 8.6% to $4.8 billion. Every major loan category except other real estate posted an annual increase of at least 5%, with used auto loans expanding at the fastest rate of 14.2%. Asset quality continues to improve at Maine credit unions, as of March 2016 the delinquency rate in the state declined 22 basis points year-over-year, and sits 6 basis points below the national average. Finally, from March 2015 to March 2016, nearly 17,000 new members were added.
"Overall, the first quarter reflects the fact that Maine's credit unions are reaching more consumers and consumers are utilizing credit unions in record numbers. We are well-positioned for more positive trends as the year goes on," added Murphy.