Credit unions in Alabama and Florida have plenty to be thankful for this holiday, with both states posting strong gains across a variety of growth metrics throughout the first half of 2018.
CUs in both states exceeded the national average for loan growth during the first two quarters of this year, with Alabama credit unions up 6.1 percent and Florida CUs up 4.9 percent, compared to the national average of 4.7 percent.
Net worth ratios were also up, hitting 11.99 percent in Alabama and 10.8 percent in Florida. The national average is 11.05 percent.
Average assets are also on the rise, hitting $488.1 million in Florida and $203.5 million in Alabama.
“Credit unions in Alabama and Florida continue to add members, assets, and loans, as well as help their members save money,” Patrick La Pine, president and CEO of LSCU & Affiliates, said in a statement. “What we are seeing is more people are searching for a local financial institution that has their best interest in mind. Once a person joins a credit union, not only are they a member owner, but they experience outstanding personalized service and realize the credit union difference.”
Among other highlights from the first half of the year:
- Loan delinquencies in Alabama decreased from 0.8 percent to 0.64 percent, while sliding from 0.67 percent in Florida to 0.49 percent. The national average is 0.67 percent
- Net charge offs in Alabama improved from 0.61 percent to 0.57 percent, while in Florida they dropped from 0.59 percent (the national average) to 0.58 percent
- Net worth at Florida credit unions increased slightly to 10.8 percent, while Alabama CUs hit 11.99 percent, besting the national average of 11.05 percent
- Investment yields at Florida CUs are up from 1.49 percent in 2017 to 1.73 percent at the end of Q2, what Alabama’s rose from 1.53 percent to 2.04 percent. The national average is 1.93 percent
- Member business loans in Florida bested the national average of 6.6 percent growth to hit 7.8 percent in Q2
- Membership growth in Alabama was up 2.5 percent
