iStock illustration

More than 80 percent of Connecticut’s credit unions had positive net income in 2022, and a majority had double-digit loan growth last year, according to data released this month by the National Credit Union Administration.

The NCUA Quarterly Map Review showed that 84 percent of Connecticut’s federally insured credit unions had positive net income for the full year of 2022, similar to the U.S. rate of 85 percent. In 2021, 78 percent of Connecticut credit unions had positive net income compared to 84 percent nationwide.

Membership had declined at a majority of Connecticut credit unions by the end of 2022 when compared to the end of 2021. The state’s median membership growth rate was -0.9 percent, meaning that half of the state’s approximately 80 credit unions saw membership decline by 0.9 percent or more. At the median, membership nationwide was flat in 2022, while 24 states saw declines in membership. Washington, D.C., had the largest median decline at -2.8 percent, followed by New Hampshire at -2.3 percent.

The U.S. credit unions with falling membership tended to be small, the NCUA said, with more than 60 percent having less than $50 million in assets. Credit unions headquartered in Alaska and Idaho had the highest median membership growth rates of 5.3 percent and 4 percent, respectively.

Connecticut credit unions had median year-over-year asset growth of 1.4 percent in 2022 compared to the U.S. median of 1.3 percent. The state’s credit unions in 2021 had seen year-over-year asset growth of 7.5 percent compared to the U.S. median of 8.8 percent.

Connecticut had median annualized year-to-date return on average assets in the fourth quarter of 66 basis points compared to the U.S. median of 51 basis points. The median annualized ROAA in 2021 had been at 20 basis points, below the U.S median of 50 basis points.

While a majority of the state’s credit unions continued to see deposit balances increase, the pace of growth has slowed. The median 2022 deposit growth was 0.6 percent in Connecticut compared to the U.S. median of 0.9 percent. Connecticut in 2021 had a median year-over-year deposit growth of 8.6 percent, while the U.S. median that year was 9.6 percent.

Connecticut’s credit unions continued to see loan growth. Connecticut’s median year-over-year loan growth rate at the end of 2022 was 11 percent compared to the U.S. median of 12.7 percent. Loan growth in 2021 had been 1.6 percent compared to the U.S. median in 2021 of 3 percent. The state’s median delinquency rate was 53 basis points, trailing the U.S. fourth quarter median of 47 basis points.