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First Quarter Report, 2023 Peer Data for New England Credit Unions

To Our Credit Union Clients and Friends:

Attached is our summary of financial data for New England credit unions. Click PEER REPORT to view the March 31, 2023 data. In the data, each New England state has its own tab, and there is a final tab that includes all New England credit unions.

The data includes several key credit quality, performance, liquidity, and capital adequacy ratios. We then break out certain ratios that we consider important in determining the financial performance and long-term viability of credit unions.

 These key ratios are:

  • Return on assets.
  • Yield on loans less cost of funds.
  • Ratio of operating expenses to gross income.
  • Loans to shares.

From there, we rank the credit unions across each of these key ratios as well as total assets and determine an overall ranking based on the average of all these ratios.

On the “all New England” tab, we have included comparable ratios for all credit unions in the U.S. and comparable prior period ratios for New England credit unions.

Some quick observations on the results are as follows: 

ROA for all U.S. credit unions remains high with an ROA of 83 basis points in Q1 2023, however is the lowest quarter since 2020. ROA for New England increased for the second consecutive quarter to 69 basis points.

Credit Quality

Credit quality remains very strong, although delinquencies increased slightly from Q4 2022; the New England delinquent loans to total loans ratio increased 5 basis points to .85%. This ratio for the U.S. decreased nine basis points over the same period. Chargeoffs in New England and for all U.S. credit unions had their largest quarterly increase since 2020, but are still close to zero. Chargeoffs in New England were 23 basis points in Q1 of 2023 compared to 15 basis points last quarter. On a national level, net charge-offs continue to be much higher at 54 basis points.

Capital and Liquidity

Credit unions in New England and on a national level have seen a loan to share ratio in a tight range for the last eight quarters after trending down in 2020 due to the COVID-19 related run-up in deposits.

The loans to shares ratio increased for New England Credit Unions from 63% in Q4 2022 to 64% in Q1 2023, however on a national level, where the ratio has been significantly higher, the loans to shares ratio remained flat at 75%. Capital ratios have also remained in a tight range for the last two years.

This information is publicly available, so it may be shared with others in your credit union, including board members. Please send us the email address of others that are interested in being added to our mailing list.

If you would like to discuss the information in further detail, we would be happy to do so.