New Mexico Credit Unions

Member engagement deteriorated sharply in 2026-Q1. Member growth turned negative at -0.78%, decelerating 1.36 pp from 0.58% in 2025-Q4 and collapsing 4.85 pp from 4.06% in 2025-Q1 a year ago. The current rate sits 14 basis points below the national average of -0.65%, meaning NM credit unions are losing members slightly faster than the industry. This reversal from a year of solid growth signals a potential structural shift in member acquisition or retention that leadership must address before it pressures future loan and deposit pipelines.

Profitability remains above the national benchmark but is trending downward. ROA declined to 0.79% in 2026-Q1 from 0.89% in 2025-Q4 (down 10 bps QoQ) and from 0.89% in 2025-Q1 (down 9 bps YoY), though it still leads the national average of 0.67% by 12 bps. NIM held steady at 3.90% in 2026-Q1 versus 3.89% in 2025-Q4 (stable QoQ), while expanding 0.13 pp from 3.77% in 2025-Q1 (YoY), and exceeds the national NIM of 3.70% by 20 bps — providing a meaningful earnings buffer as ROA softens.

Balance-sheet expansion remains solid but is losing momentum. Asset growth decelerated to 3.68% in 2026-Q1 from 5.32% in 2025-Q4 (down 1.63 pp QoQ), though it accelerated 0.97 pp from 2.72% in 2025-Q1 (YoY) and outpaces the national rate of 2.64% by 1.04 pp. Loan growth similarly decelerated to 2.17% in 2026-Q1 from 2.81% in 2025-Q4 (down 0.64 pp QoQ), yet still leads the national loan growth rate of 0.31% by a substantial 1.86 pp — suggesting NM credit unions continue to capture lending market share despite slowing momentum.

The risk profile for NM credit unions remains well-controlled relative to national peers. Delinquency was stable at 0.67% in 2026-Q1, edging up just 0.04 pp from 0.64% in 2025-Q4 (QoQ), but has risen 0.11 pp from 0.57% in 2025-Q1 (YoY) — a trend worth monitoring. Even so, the current rate sits 11 bps below the national benchmark of 0.78%. Net worth held steady at 14.09% in 2026-Q1 versus 14.13% in 2025-Q4 (stable QoQ), and strengthened 0.90 pp from 13.19% in 2025-Q1 (YoY), remaining 47 bps above the national average of 13.61%.

Portfolio composition reflects deliberate shifts in both lending and funding. First mortgage concentration rose to 17.11% in 2026-Q1, up 1.27 pp from 15.84% in 2025-Q1 (YoY) and 0.40 pp from 16.70% in 2025-Q4 (QoQ), though it remains well below the national benchmark of 22.15%. Indirect auto concentration held flat at 14.27% QoQ and edged up 0.26 pp YoY, nearly double the national rate of 7.73%. Share certificate concentration reached 24.01% in 2026-Q1, up 0.99 pp from 23.03% a year ago but down slightly 0.13 pp from 24.15% last quarter, and exceeds the national rate of 19.80% by 4.21 pp.