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Alabama CUs earnings total 68.3M in 2Q
BIRMINGHAM, Ala. (10/5/11)--Alabama credit unions increased earnings 60% during the second quarter from the same period a year ago, according to National Credit Union Administration data. Aggregated net income for the credit unions was $68.3 million for the quarter ending June 30, compared with $42.6 million in the second quarter of 2010, (Birmingham Business Journal Sept. 30). The earnings increase was primarily attributable to credit unions putting aside less money for bad loans, according to Patrick La Pine, president and CEO of the League of Southeastern Credit Unions. Credit unions used the same strategy in the first quarter, La Pine said. Loan delinquencies for all loan types totaled $88.2 million in the second quarter, an 8.5% decrease from the $93.4 million reported in 2010. Net charge-offs dropped 24% to $24.5 million. APCO Employees CU reported $8.5 million in net income for the second quarter, a 49% improvement from the $5.7 million the second quarter of 2010. APCO Employees CEO Merrill Mann told the publication the credit union reserved less money to cover bad loans, but cost-controlling measures was the biggest reason for the earnings improvement. With about 90 employees and more than $2 billion in assets, APCO Employee CU operates very efficiently for its size, Mann said.


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