New Hampshire Credit Unions

Member engagement deteriorated sharply in Q1 2026. Member growth decelerated to just 0.06%, down 0.79 pp from 0.85% in Q4 2025 and down 1.92 pp from 1.98% in Q1 2025 — a significant two-year compression. The one silver lining: even at near-flat growth, NH credit unions remain 70 basis points above the national benchmark of -0.65%, meaning the industry broadly is losing members while NH institutions are still, barely, adding them. If the deceleration trend continues at this pace, net member contraction becomes a real near-term risk.

Profitability was the headline story for NH credit unions in Q1 2026. ROA increased to 0.93% from 0.61% in Q4 2025 — a 0.32 pp quarterly jump — and is up 0.49 pp from 0.44% in Q1 2025, representing a dramatic year-over-year recovery. At 0.93%, NH credit unions sit 26 bps above the national average of 0.67%. NIM remained stable quarter-over-quarter at 3.44% (up just 0.03 pp from 3.41% in Q4 2025), though it increased 0.16 pp from 3.28% in Q1 2025. NIM trails the national 3.70% by 26 bps, suggesting spread compression remains a structural headwind.

Asset growth decelerated to 4.78% in Q1 2026 from 6.72% in Q4 2025 (down 1.93 pp QoQ) and from 6.86% in Q1 2025 (down 2.08 pp YoY), though it remains a strong 2.14 pp above the national benchmark of 2.64%. Loan growth similarly decelerated to 2.01% from 2.89% in Q4 2025, a 0.89 pp pullback, and stands 1.69 pp above the national rate of 0.31%. While both growth rates are decelerating, they remain solidly positive and well ahead of peers, indicating NH credit unions are still expanding meaningfully even as momentum eases.

The risk profile delivered a mixed but broadly constructive picture in Q1 2026. Delinquency decreased sharply to 0.27% from 0.75% in Q4 2025 — a 0.48 pp improvement — and remains virtually stable versus 0.24% in Q1 2025 (up just 0.02 pp YoY), sitting 51 bps below the national 0.78%. Net worth increased modestly to 10.08% from 10.03% in Q4 2025 and from 9.73% in Q1 2025, though it remains 3.53 pp below the national benchmark of 13.61%. Charge-offs were stable QoQ at 0.30% (up 0.04 pp from 0.26%) but increased 0.06 pp from 0.23% a year ago, a trend worth monitoring.

NH credit unions carry a notably concentrated portfolio relative to national norms. First mortgage exposure stands at 30.28% — down 0.07 pp from 30.34% in Q4 2025 and down 0.50 pp from 30.78% in Q1 2025 — versus the national 22.15%. Indirect auto sits at 17.04%, essentially stable QoQ (up just 0.002 pp) but up 1.88 pp from 15.15% a year ago, more than double the national 7.73%. Most notably, share certificates reached 31.25%, down 0.34 pp from 31.58% in Q4 2025 but up 3.79 pp from 27.45% in Q1 2025, far exceeding the national 19.80% — signaling elevated funding costs.