Credit unions in Alabama and Florida delivered double-digit growth in member business loans last year.
For credit unions in Alabama, member business loans increased by 18.5 percent in 2018, which topped the 12 percent national average, the League of Southeastern Credit Unions & Affiliates said on Tuesday. Member business loans in Florida surged by 16.6 percent during 2018.
Net income grew by 0.78 percent in 2018, up from 0.58 percent a year earlier, for Alabama credit unions. For these institutions, average assets totaled $205 million last year, an increase of more than 4 percent from a year earlier.
Total loans at Alabama credit unions jumped almost 11 percent, which was above the national average of 9 percent and higher than the 9.7 percent growth recorded in 2017. Delinquency rates fell to 0.76 percent, down four basis points from 2017.
For Alabama credit unions, membership growth totaled 3.6 percent, up from 1.1 percent in 2017.
Meanwhile, average assets for Florida credit unions totaled $507.5 million, an 8 percent jump from the prior year. Total loans climbed by 10.5 percent in 2018.
Delinquency rates fell to 0.57 percent, down from 0.67 percent in 2017 and lower than the national average of 0.71 percent.
“More and more Alabamians and Floridians are choosing credit unions for their financial solutions,” Patrick La Pine, president and CEO of League of Southeastern Credit Unions, said in a statement. “Whether it is providing lower interest loans or offering higher earnings on deposits, credit unions are better able to meet today’s consumer needs because of their not-for-profit status and cooperative business model.”
The league represents roughly 240 credit unions in Alabama and Florida with $89 billion in assets and more than 7.9 million members.
