Florida and Alabama CUs exceed national growth rate in key metrics
Florida and Alabama credit unions have hit the ground running this year, according to the League of Southeastern Credit Unions & Affiliates.
Both states grew their assets compared to last year, with Florida credit unions increasing by 8.5% and Alabama institutions growing by 6.5%. The average assets for credit union in the Sunshine State increased to $531.4 million while this number grew to $217.2 million in Alabama.
Total loan volumes at Florida and Alabama CUs rose by 1.2%, triple the national rate of 0.4%. Alabama’s member business loans increased by 3.4%, above the national average of 2.6%.
Delinquent loans to total loans dropped to 0.40% in Florida while Alabama's rate fell to 0.62%. The national average of delinquent total loan rates hovers at 0.58%.
Alabama grew its membership by 1.5%, short of doubling the nation's 0.9% member growth rate. But this is still shy of Alabama's 2.5% membership growth rate from the first quarter of 2018.
The league analyzed data from the National Credit Union Administration’s first-quarter call report to get the results. Both states previously have boasted gains from their call report data.
“Membership is above the national average for credit unions in Alabama, which lets us know people realize the benefits of being part of a credit union,” Patrick La Pine, president and CEO of the League of Southeastern Credit Unions, said in a statement. “With 68,000 new members joining Florida’s credit unions in Q1 of 2019, at this rate, Florida credit unions will be serving more than six million Floridians by August of this year.”