BIRMINGHAM, Ala., and TALLAHASSEE, Fla. (9/11/14)--Florida and Alabama credit unions continued to experience record asset and membership numbers in the second quarter, the League of Southeastern Credit Unions (LSCU) reported.
Alabama credit unions have set membership records for 15 consecutive quarters, while Florida credit unions have tallied record membership numbers in seven straight quarters.
Alabama credit unions now have a record $18.84 billion in assets and 1.9 million members. Florida credit unions have $49.2 billion in assets and 4.86 million members.
"It's no surprise that when the economy improves, more consumers are willing to spend again," said LSCU President/CEO Patrick La Pine. "Unemployment is dropping in Florida and you can see more consumers buying bigger ticket items. In Alabama, the loan growth is steady with many more consumers upgrading their vehicles by financing through a credit union." (See related story: Economic upswing paying off for Ga. CU loan levels.)
And those new members are turning to credit unions for loans. Florida credit unions booked $63 million in member business loans (MBL) nearly an 8% gain--and almost 2% higher than the national credit union average. Alabama credit unions added $14 million in new MBL.
Delinquencies and net charge offs continue to drop in both states. In Alabama, delinquencies are down 19 basis points (bps) and net charge offs are down 7 bps, the same as the national credit union average. Florida has seen its delinquency rate and net charge offs cut in half in three years. In the second quarter, the delinquency rate was 1.18%; down 11 bps from the first quarter. Net charge offs are at 0.74% and down 3 bps from the first quarter.
The National Credit Union Administration released its quarterly map review data Tuesday for the second quarter ended June 30 (News Now Sept. 10).
Credit unions are also providing local jobs in Alabama and Florida. Alabama credit unions added 100 new jobs through the first six months of the year. With 4,400 full-time employees, Alabama credit unions are one of the 10 largest employers in the state.
Florida credit unions added 181 new local jobs in the first six months of the year. With 12,600 full-time employees, Florida credit unions are also one of the 10 largest employers in the Sunshine State.