On Monday, the Call Report data from the NCUA showed that credit unions had a very good third quarter. A closer look at credit unions in Alabama and Florida point to that trend continuing its upward trajectory. The third quarter was the best membership quarter that credit unions have had in their history. Alabama and Florida credit unions followed suit by adding a collective 85,000 new members. It breaks down to 30,000 new members in Alabama and 55,000 new members in Florida. Both states have record membership. The League’s Cooperative Image Campaign began during the third quarter.
Both states also saw a healthy rise in assets with Florida climbing to $52.7 billion and Alabama rising to $19.5 billion. For Florida, it’s a record high for assets and represents a 7.4 percent gain, year over year. Alabama’s assets rose 3.8 percent, year over year. Loans are on record pace in both states with Florida seeing $33.6 billion in loans, an 11 percent rise, year over year for the quarter. In Alabama, credit unions have a record $9 billion in loans which is an 8.9 percent rise year over year for the quarter.
Delinquencies and and net charge-offs continue trending down in both states with each slightly over the national credit union average, but both are down significantly from the third quarter two years ago. Both states continue to see strong new and used auto lending. Member business loans (MBLs) are strong in Florida with an 11 percent increase this year with $194 million MBLs being added. Investment yield in Alabama is strong at 1.53 percent and much higher than the national credit union average.
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