Southeast CUs Post Growth
The 282 credit unions in Alabama and Florida have seen increases in assets, members, and the quality and quantity of loans in first-quarter 2013, according to the League of Southeastern Credit Unions and Affiliates.
Credit unions in Alabama collectively posted assets of $18.3 billion at the end of first quarter compared with assets of $17.5 billion at the end of first quarter 2012. In Florida, credit union assets totaled $47 billion compared with assets of $45.3 billion at the first quarter’s end last year.
Alabama’s 123 credit unions added 15,000 new members in the first quarter, compared with the 20,000 new credit union members in the first quarter of 2012. The state’s membership now stands at a record 1.85 million.
Florida’s 159 credit unions added 33,000 new members, compared with the 48,000 new members in the 2012 first quarter. The state’s total membership now stands at 4.62 million, according to LSCU.
Florida credit unions added $54 million in new member business loans in 2013’s first quarter compared with what the LSCU reported as “flat growth” in new MBLs among Florida’s credit unions at the end of 2012’s first quarter. In Alabama, credit unions added $6 million in MBLs at the end of this year’s first quarter compared with $13 million in MBLs at the end of last year’s first quarter.
LSCU also reported the number of delinquent loans in Florida dropped below two percent (1.98%) for the first time in years. The number of delinquent loans in Alabama was 1.18%, an 18 basis point drop from last year.
New charge-offs also have been low. In Florida, next charge-offs are at 1.12% while net charge-offs in Alabama are at .63%.
“In two years, Alabama and Florida credit unions have made more than $200 million in business loans,” said Patrick La Pine, president/CEO of LSCU. “With delinquencies and net charge-offs low, it shows quality loans are being made.”
What’s more, Florida’s credit unions have added 200 new employees in the first quarter and nearly 500 over the last two years, according to LSCU.
Credit unions in both states also continue to be major contributors to charities in their local communities. In 2012, for example, Alabama and Florida credit unions raised more than $940,000 just for the Children’s Miracle Network Hospitals.