BIRMINGHAM, Ala., and TALLAHASSEE, Fla. (12/30/14)--Credit unions in Florida and Alabama saw gains in loan growth in the third quarter, with Florida recording substantial increases commensurate with national averages, according to numbers from the National Credit Union Administration.
In Florida, credit unions reported an increase in third quarter loan growth of 7.2%, just below the national average of 7.7% and twice that of the median credit union average of 3.5% (eSignal Dec. 29).
Further, Florida's credit unions originated new loans totaling $892 million in the quarter, with member business loans posting a strong 11% jump, translating to $50 million in new member business loans.
Florida's credit unions have posted member business lending totals above national averages for the last eight quarters, the League of Southeastern Credit Unions reported.
In Alabama, meanwhile, credit unions posted positive loan growth numbers as well, but failed to reach national averages.
Credit unions originated $148 million in new loans, good for a 2% uptick in loan growth and just slightly below the second quarter's increase in growth.
Used-auto loans led the way for Alabama's credit unions, coming in 7% higher than the national average. Used-auto loans have been steady for credit unions in Alabama for the last four years.
Overall, the third quarter treated credit unions nationwide fairly well, according to the NCUA. The national median growth rate for loans outstanding came in at 3.5% for the year ending in the third quarter, up from 1.8% over the same period last year.