Fourth Quarter 2018 Performance Results Released for Maine Credit Unions

March 21, 2019 |

Callahan & Associates released its fourth quarter 2018 Performance Comparison Report for Maine credit unions. The report highlights the strength of the state’s credit union network.  According to the analysis, Maine credit unions grew their membership base and expanded their loan portfolio.

Key takeaways:

  • In 2018, loan originations at credit unions in Maine, including CUSO Home Lending, increased 1.7% over December 2017 levels. Non-real estate consumer originations posted the strongest growth, up 11.6% from year-end 2017 numbers.
  • First mortgages fell 10.7% from $991.6 million last December to just over $885.7 million as of December 31, 2018. Other real estate originations stayed constant over the year at $185.7 million.
  • The overall loan portfolio at Maine credit unions expanded year-over-year.
  • The delinquency ratio for credit unions in Maine decreased 9 basis points from December 2017 levels, reaching 68 basis points at the end of the fourth quarter. This rate is 3 basis points below the national average of 71 basis points.
  • Interest income from loans and investments posted strong growth in 2018. Total interest income in Maine was up 12.3% annually, while non-interest income expanded 6.8%. Overall, total income increased 12.1% in Maine.

The performance summary also recognized the important contributions credit unions make to Maine’s workforce.  The report notes Maine credit unions added 87 full-time equivalent employees over the course of 2018.  Unemployment in Maine remains below the national average.

Callahan and Associates will release a 1st quarter 2019 performance analysis for Maine credit unions in late spring.