Credit unions in the south are touting continued growth during the first half of 2017, according to data provided by the League of Southeastern Credit Unions, the trade association for credit unions in Alabama and Florida.
Credit unions in both states saw continued improvements across a variety of growth metrics during the first two quarters of the year. In Alabama, average assets are up 3.2 percent, rising from $185 million to $191 million. Member business lending has also risen from $610 million to $653 million (7 percent) since the start of the year, while total loans have grown by about $500 million.
Among other data from Alabama:
- Membership exceeded two million members, or 1.6 percent growth
- Loan growth stands at 4.9 percent, on par with the national average
- ROA rose to 62 basis points, up from 58 basis points at the end of 2016
- Loan-to-asset ratios rose from 48.2 percent to 48.9 percent
Sunshine State success
Florida’s CUs are also sitting pretty, the league said, exceeding the national average when it comes to growth rates for total assets, MBLs, savings and lending.
Among the recent highlights:
- Charge offs dropped from 61 basis points to 59 basis points
- Member business lending grew by 10.5 percent, surpassing the national average of 8.5 percent
- Savings rates stood at 5.4 percent, compared to the national average of 4.8 percent
- Total asset growth stood at 4.8 percent, beating the national average of 4.4 percent
