Rhode Island and its designated region, as defined by the National Credit Union Administration, served 18.5 million members as of March 2016, marking a 4.4 percent jump compared with the previous year, according to data collected by Callahan & Associates.
WASHINGTON – Rhode Island and its designated region, as defined by the National Credit Union Administration, served 18.5 million members as of March 2016, marking a 4.4 percent jump compared with the previous year, according to data collected by Callahan & Associates.
The Washington-based credit union consultancy released an analysis of first-quarter data showing credit union industry performance in each region of the country. Rhode Island’s region, Region I, also comprises Connecticut, Maine, Massachusetts, Michigan, New Hampshire, New York, Vermont and Wisconsin.
“Americans in general are embracing the cooperative spirit and choosing credit unions are their primary financial institutions in growing numbers,” according to the consultancy.
The 4.4 percent growth, as of the quarter ending March 31, is 64 basis points more than the national growth rate, according to Callahan & Associates. Membership nationwide grew 3.9 percent to 105.2 million people compared with the same period last year.
Other highlights from the report include:
Mid-Atlantic credit unions (NCUA Region II) bested national averages in profitability with a return on assets of 0.85 percent. Nationwide, the industry average fell 3 basis points year-over-year to 0.75 percent.
Loan balances grew at western credit unions (NCUA Region V), with loan balances expanding 13.8 percent, 3 percentage points faster than the national average of 10.8 percent.
Credit unions in the central region (NCUA Region IV) were more effective at converting their deposits to loans than their national peers. These institutions posted an average loan-to-share ratio of 76.6 percent, 62 basis points above the national average.
Southeastern credit unions (NCUA Region III) excelled at deepening their relationships with members, as core deposits expanded 9.1 percent from March 2015 to March 2016 compared to 8.4 percent at the national level.
WASHINGTON – Rhode Island and its designated region, as defined by the National Credit Union Administration, served 18.5 million members as of March 2016, marking a 4.4 percent jump compared with the previous year, according to data collected by Callahan & Associates.
The Washington-based credit union consultancy released an analysis of first-quarter data showing credit union industry performance in each region of the country. Rhode Island’s region, Region I, also comprises Connecticut, Maine, Massachusetts, Michigan, New Hampshire, New York, Vermont and Wisconsin.
“Americans in general are embracing the cooperative spirit and choosing credit unions are their primary financial institutions in growing numbers,” according to the consultancy.
The 4.4 percent growth, as of the quarter ending March 31, is 64 basis points more than the national growth rate, according to Callahan & Associates. Membership nationwide grew 3.9 percent to 105.2 million people compared with the same period last year.
Other highlights from the report include:
Mid-Atlantic credit unions (NCUA Region II) bested national averages in profitability with a return on assets of 0.85 percent. Nationwide, the industry average fell 3 basis points year-over-year to 0.75 percent.
Loan balances grew at western credit unions (NCUA Region V), with loan balances expanding 13.8 percent, 3 percentage points faster than the national average of 10.8 percent.
Credit unions in the central region (NCUA Region IV) were more effective at converting their deposits to loans than their national peers. These institutions posted an average loan-to-share ratio of 76.6 percent, 62 basis points above the national average.
Southeastern credit unions (NCUA Region III) excelled at deepening their relationships with members, as core deposits expanded 9.1 percent from March 2015 to March 2016 compared to 8.4 percent at the national level.
