Mass. credit unions behind on growth
A new report from the National Credit Union Administration shows Massachusetts credit union growth was behind the national average across many major measures in the third quarter.
While the numbers were mostly positive for Massachusetts’ credit unions, they still lagged behind the national medians. Growth was positive across median assets (up 3 percent year over year) and deposit growth (up 3.6 percent year-over-year) both measures were behind the national averages of 4.2 and 4.5 percent, respectively. Additionally, only 77 percent of the credit unions in Massachusetts had a net income year to date.
Areas in which Massachusetts outperformed the national average were median year-over-year loan growth that was up 4.2 percent (compared to 3.9 percent nationally), membership decline of 0.3 percent (compared to a decline of 0.1 nationally).
One highlight for the Massachusetts market were a 0.5 percent delinquency rate that placed the state ninth in the nation (which had a median of 0.7-percent delinquency rate).
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