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Most Massachusetts credit unions had positive net income during the first quarter despite the start of the coronavirus pandemic, according to data released by the National Credit Union Administration.
The state’s credit unions matched the U.S. rate, with 80 percent of both Massachusetts and U.S. credit unions reporting positive net income in the first quarter, according to the NCUA’s quarterly credit union data report released last week. At the end 2019, 87 percent of the state’s credit unions had positive net income, slightly below the U.S. rate of 89 percent.
Maine had the highest share of credit unions with positive net income in the first quarter, with 93 percent. Two other New England states, Vermont and Rhode Island, were near the bottom at 68 percent. Only Arizona, with 63 percent, had a lower share of credit unions with positive net income.
The state trailed the U.S. median for annualized year-to-date return on average assets in the first quarter. Massachusetts ranked 45th among U.S. states and Washington, D.C., with a median of 31 basis points compared to the U.S. median of 41 basis points.
Massachusetts in the fourth quarter had ranked 46th with a median annualized year-to-date ROAA of 46 basis points compared to the U.S median of 60 basis points.
The NCUA also released data on asset, deposit, member and loan growth for the aggregate four quarters ending March 31.
The median for Massachusetts credit unions’ year-over-year asset growth was 3.4 percent, and the median year-over-year deposit growth was 3.5 percent, ranking Massachusetts 29th and 27th respectively. The U.S. median asset growth was 3.0 percent, and the U.S. median deposit growth was 2.9 percent.
Membership saw a slight decline in Massachusetts, with median year-over-year membership growth for the four quarters ending March 31 at -0.7 percent. The U.S. median was -0.1 percent. Median year-over-year loan growth in Massachusetts was 1.4 percent for the same time period, ranking the state 39th. The U.S. median was 2 percent.
The state has more than 150 credit unions.
