Today marks the debut of our new eSignal daily format. The plan is to give you up-to-date and breaking information in an easy to read, short format. Please let me know what you think as we look to improve the content and delivery. This past week the Call Report data was released for the second quarter. Once again, Alabama and Florida credit unions saw a jump in membership. Alabama has a new record number of members with 1.862 million. This is the 12th straight quarter for record membership. Florida saw a rise in membership for the second straight quarter. Florida credit unions have 4.65 million members. That’s the highest number of members in almost a year.
Assets continue to climb in Florida. There was a slight gain of $105 million, but that pushes assets to a record high of $47.3 billion. In Alabama, credit unions actually were down about four million in assets. This was the first decrease in assets in Alabama in more than 11 quarters. This is a national trend, since collectively credit unions across the country were basically flat.
I know that many credit unions would say that their loan volumes continue to be flat. I’ll break that out a little for the second quarter. On collective net loans, Alabama credit unions added $125 million, including $12 million in new member business loans. This is slightly below the national credit union average for new MBLs. In Florida, $494 million in new loans were booked including $81 million in new MBLs. Florida’s MBL growth rate is more than two-percent higher than the national average and the overall loan growth is higher than the national average. For Florida, this is a great trend, considering during the Great Recession loan growth was negative.
Another trend we’ve seen over the past four years is a decrease in delinquent loans and net charge offs in both states. For Florida, in the past four years, delinquent loans and net charge offs have nearly been cut in half. In Alabama, delinquent loans and net charge offs were flat over the past four years. We’re starting to see that trend down. Plus, loan loss provisions in both states are falling. Alabama is below the national credit union average, while Florida has seen nearly a two-percent drop in four years; a great sign.
Finally, a statistic that really is underrated in both states is the number of full time employees. Florida credit unions added 400 new employees, year over year, for the quarter. Alabama credit unions added 33. This clearly shows that credit unions are beginning to hire to meet expected new loan demand and reinstate some positions that were eliminated during the recession. Excellent information for our Hike the Hill visits this week. We can show we are growing, helping our communities and hiring. Not many industries and businesses can say that. We’ll push these numbers out this week to our media across both states.
Where’s Patrick: League staff and credit unions head to Washington, D.C. this week for our annual Hike the Hill. That will take place Tuesday and Wednesday. On Friday, the LSCU Governance Committee meets. To see my schedule for the next two weeks, click here.
To view the President's Quarterly Message, visit the LSCU Video Room.