Credit unions in Alabama and Florida boosted their lending in the third quarter of last year, with member business lending playing a noticeable role.
Third quarter call report data shows that the 279 credit unions in Alabama and Florida grew their loan portfolios by more than $900 million in Q3, reports the League of Southeastern CUs and Affiliates.
Alabama credit unions added $187 million in new loans from the second quarter to the third quarter, with $8 million heading to small businesses. In Florida, credit unions grew their loans by $753 million from second quarter to third quarter, with $61 million going to small businesses.
For the first three quarters of 2013, Alabama has made more than $20 million in loans to small businesses, while Florida has added $142 million new MBLs.
"Member business loans have picked up over the past 10 quarters as more businesses recognize credit unions want to help them grow their business," said LSCU & Affiliates president/CEO Patrick La Pine.
Florida credit unions saw overall delinquencies fall by 33 basis points in the third quarter, while net charge-offs dropped by one BP more.
Alabama credit unions saw delinquencies rise slightly, but net charge-offs continue to fall and are at the national credit union average of 0.57%, according to the league.
