Alabama, Florida CUs Report MBL Growth
Add Alabama and Florida credit unions to the growing list of states that are seeing positive member business lending activity.
According to the League of Southeastern Credit Unions, Florida credit unions grew their MBL portfolios by 2.6% in the fourth quarter and 2% for 2011 year over year. Alabama’s credit unions grew their MBLs by 2.7% for 2011 year over year.
The overall quality of loans steadily improved in 2011, the league reported. Delinquent loans in Alabama have fallen for the second consecutive year and remain below the national average.
In Florida, the league said delinquent loans remain above the national average but have fallen for two straight years and are under 3% for the first time in four years.
Net chargeoffs are at a five-year low in Alabama and below the national average while net chargeoffs in Florida dropped for the third straight year, according to the league.
In other areas, Alabama and Florida credit unions added $2.7 billion in assets in 2011 which included $1.3 billion added in the fourth quarter.
Membership also rose in the fourth quarter with an additional 34,000 new members for a total of 110,000 new members between the states for 2011 – 75,000 new members in Florida, the largest gain in more than five years, and 35,000 in Alabama, the largest gain in four years, the league said.