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Second 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 June 30, 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 80 basis points in Q2 2023, decreasing for the second consecutive quarter. In contrast, ROA for New England increased for the fourth consecutive quarter to 73 basis points.

Credit Quality

Credit quality remains very strong, with delinquencies nearly unchanged from Q1 2022; the New England delinquent loans to total loans ratio decreased 2 basis points to .83%, which is nearly unchanged for the past two years. This ratio for the U.S. increased eleven basis points over the past quarter to .68%. Chargeoffs continue to slowly increase in New England and for all U.S. credit unions, rising to annualized rates of .27% and .55%, respectively.

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 downward in 2020 due to the COVID-19 related run-up in deposits.

The loans to shares ratio increased for New England Credit Unions from 64% in Q1 2023 to 67% in Q2 2023, however on a national level, where the ratio has been significantly higher, the loans to shares increased from 75% in Q1 2023 to 77% in Q2 2023. Capital ratios have also remained in a tight range for the last two years, with all U.S. credit unions having a capital ratio of 10.9%, and New England credit unions exceeding 12%.

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.