Credit unions in Florida and Alabama continue to meet or beat the national average on a variety of growth metrics, according to the League of Southeastern Credit Unions.
The league, which represents CUs in both states, said credit unions there “continued to experience growth” during the first quarter of 2017, as evidenced by call report data.
“As credit unions gain more members, the benefits of membership are becoming more widely known,” LSCU & Affiliates President and CEO Patrick La Pine said in a statement. “That is traditionally lower rates and fees, which in turn make it more affordable to purchase a new or used vehicle, or purchase a home.”
LSCU & Affiliates represents 261 credit unions in Alabama and Florida with a combined total of $76 billion in assets and more than 7 million members.
Here’s a look at some of the highlights for each state:
In Alabama, credit unions saw average asset growth climb from $185.2 million in the fourth quarter of 2016 to $192.1 million for the first quarter of 2017. Assets grew at a rate of 3.7 percent, slightly higher than the national growth rate of 3.5 percent.
Delinquent loans in Alabama dropped from 0.88 percent in fourth quarter 2016 to 0.70 percent for first quarter 2017, which is “in line” with the national average.
Average shares and loan balances per member now total $9,570 per member and $5,255 per member, respectively. Alabama credit unions also had an average net worth ratio of 11.24 percent in March 2017, compared to the national rate of 10.75 percent.
Total loans in Alabama climbed by 3.7 percent to the current figure of $10.4 billion. Finally, members-per-branch increased in March 2017 from 4,294 to 4,315.
Meanwhile, in the Sunshine State, average assets increased to $440.9 million -- nearly double the national average of $231.3 million. Average shares and loan balances per member in Florida now total $9,612 per member and $7,201 per member, respectively.
Delinquent loan rates in Florida were down to 0.53 percent, lower than the national average of 0.69 percent, and significantly lower than a 0.74 percent mark in fourth quarter of 2016.
Total assets growth rates for the first quarter of 2017 came in at 4.3 percent, higher than the 3.5 percent national figure; while total loan growth rates were at 2.2 percent, higher than the national average of 1.8 percent.
Member business loan growth in Florida came in at 4.7 percent, above the national average of 3.4 percent. Total savings growth rates equaled 5.0 percent, higher than the national average of 4.2 percent.
Delinquent loan percentages fell to 0.53 percent from 0.74 percent in December 2016 and were lower than the national average of 0.69 percent.
LSCU also said that in December 2016 the average number of members per branch in Florida credit unions was 5,528; in March 2017 the average was 5,627 – an increase of 99 members per branch. This recent average exceeds the national average of 5,207 per branch