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Callahan & Associates released its third quarter 2019 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 had strong gains in deposit and auto loan balances.
Key Takeaways:
- As of September 2019, there were 55 credit unions operating in Maine, collectively serving just under 715,000 members.
- The average member relationship, which is the average combined loan and share balances per member (excluding business loans) in the state was $18,189, $578 more than last year!
- In the last three months, credit unions in Maine, including CUSO Home Lending, booked $286.5 million in first mortgage loans. Year-to-date, credit unions in the state have originated $584 million in first mortgage loans, down 14.2% year-over-year. Total originations at credit unions nationwide surpassed $119.8 billion through the first 9 months of the year, more than any year on record.
- The overall loan portfolio at Maine credit unions expanded modestly. Loan balances totaled just under $8.4 billion, up 5.7% annually as of September 2019. Contrasting national trends, the fastest growing product was new auto loans, which increased 16.3%.
- The delinquency rate in Maine declined 4 basis points from the rate reported in September 2018, falling to 0.63% at the end of the third quarter. This ratio is 4 basis points below the national average of 0.67%. Additionally, credit unions in Maine reported a net charge-off ratio of 0.27% as of September 2019, less than half the national average of 0.55%.
- Aided by a 10.2% increase in undivided earnings, total net worth at Maine credit unions increased 7.6% annually to $934.3 million as of the third quarter. The net worth ratio for credit unions in the state is 11.2%, above the regional peer average of 10.8%.
Callahan & Associates will issue a fourth quarter 2019 Performance Comparison Report for Maine in March of 2020.