South Carolina: Palmetto State’s Credit Unions on the Move
After a tough spell, the signs now point north for South Carolina’s credit unions.
Manufacturing, particularly in the automotive and construction sector, has rebounded, and unemployment figures have declined significantly over the last year, providing some much-needed loan demand and positive revenue for the Palmetto State’s credit unions.
South Carolina FCU, located in North Charleston, reported ROAA of 0.58% as of Dec. 31 and a respectable 3.23% 12-month loan growth. Driving income was an 83.52% loan-to-share ratio, much higher than peer, and robust fee income of 2.64% of average assets. Delinquencies have also improved, down to 0.71% of total loans as of Dec. 31, compared to 1.51% just one year earlier.
“The credit union was able to achieve these results through the combined efforts of all employees to grow our loan portfolio and to focus on efficiencies within their areas in order to control our operating expenses,” Siemens said.