Florida Credit Unions

Member growth accelerated quarter-over-quarter, recovering from 0.00% in 2025-Q4 to 0.33% in 2026-Q1 — a positive inflection after a flat prior quarter. However, the year-over-year picture is sobering: growth decelerated sharply from 3.61% in 2025-Q1 to 0.33% in 2026-Q1, a decline of 3.27 pp. Despite this slowdown, Florida CUs hold a meaningful edge over the national benchmark of -0.65%, sitting 98 basis points above the industry average. The QoQ rebound suggests stabilization, but the steep YoY deceleration warrants close monitoring of member acquisition and retention strategies.

Profitability weakened on both short- and medium-term horizons. ROA decreased to 0.59% in 2026-Q1 from 0.64% in 2025-Q4 (down 6 bps QoQ) and is essentially stable versus 0.63% in 2025-Q1 (down 5 bps YoY), leaving Florida CUs 9 bps below the national benchmark of 0.67%. NIM held near flat quarter-over-quarter at 3.62%, down just 1 bp from 3.63% in 2025-Q4, but improved 9 bps year-over-year from 3.53% in 2025-Q1. Despite the NIM improvement, rising funding costs — evidenced by certificate growth — are restraining bottom-line gains.

Balance sheet growth accelerated across the board in 2026-Q1. Asset growth reached 3.44%, up 0.16 pp from 3.28% in 2025-Q4 (QoQ) and up 1.79 pp from 1.65% in 2025-Q1 (YoY), surpassing the national benchmark of 2.64% by 80 basis points. Loan growth accelerated to 4.14% from 3.53% in 2025-Q4, a 0.61 pp QoQ gain, and stands 3.83 percentage points above the national 0.31% — a commanding lead. Florida CUs are clearly outpacing peers in expanding their balance sheets, though sustaining this trajectory amid rising funding costs will be the central challenge.

Florida CUs' risk profile showed improvement quarter-over-quarter but modest deterioration year-over-year. Delinquency decreased to 0.53% in 2026-Q1 from 0.60% in 2025-Q4 (down 7 bps QoQ), and is essentially stable versus 0.50% in 2025-Q1 (up 3 bps YoY). At 24 bps below the national 0.78%, credit quality remains a relative strength. Net worth, however, decreased to 11.64% from 11.77% in 2025-Q4, though it increased from 11.39% in 2025-Q1 (up 0.25 pp YoY). At 1.98 pp below the national 13.61%, capital adequacy remains an area requiring attention as loan growth accelerates.

Portfolio composition shifted meaningfully over the past year. First mortgage concentration increased to 21.79% in 2026-Q1, up 0.46 pp from 21.34% in 2025-Q1 and up 0.25 pp from 21.54% in 2025-Q4, closely approaching the national 22.15%. Indirect auto exposure decreased to 10.83% from 11.19% a year ago (-0.36 pp YoY) but remains elevated versus the national 7.73%. Most notably, certificate concentration surged to 24.39%, up 2.18 pp YoY from 22.22% in 2025-Q1 and up 0.26 pp QoQ from 24.13% in 2025-Q4, far exceeding the national 19.80% — signaling meaningful funding cost pressure ahead.