Rhode Island Credit Unions

Member engagement deteriorated sharply on a year-over-year basis, with member growth falling to -0.80% in 2026-Q1 from +2.37% in 2025-Q1 — a 3.17 pp deceleration that signals a meaningful reversal in membership momentum. The cohort now sits 16 basis points below the national benchmark of -0.65%, meaning RI credit unions are losing members faster than the industry average. On a more constructive note, the quarterly trajectory improved: the contraction rate accelerated from -0.96% in 2025-Q4 to -0.80% in 2026-Q1, suggesting the pace of member loss may be stabilizing, though a positive inflection has yet to materialize.

Profitability deteriorated across both timeframes, with ROA declining to 0.38% in 2026-Q1 from 0.48% in 2025-Q4 (down 0.10 pp QoQ) and from 0.44% in 2025-Q1 (down 0.06 pp YoY), leaving RI credit unions 29 basis points below the national benchmark of 0.67%. NIM offered a modest counterpoint: essentially stable QoQ at 3.03% versus 3.02% in 2025-Q4, and up 0.07 pp year-over-year from 2.97% in 2025-Q1. Even so, at 3.03%, NIM trails the national average of 3.70% by 66 basis points, underscoring persistent margin compression that is weighing heavily on bottom-line returns.

Asset growth accelerated quarter-over-quarter to 2.39% in 2026-Q1 from 2.12% in 2025-Q4 (+0.27 pp), a positive sequential signal, though the pace decelerated year-over-year from 3.51% in 2025-Q1 (-1.11 pp), and the cohort remains 24 basis points below the national benchmark of 2.64%. Loan growth decelerated modestly QoQ to 1.53% from 1.71% in 2025-Q4 (-0.18 pp); year-over-year data is unavailable for direct comparison. Notably, the cohort's 1.53% loan growth rate substantially outpaces the national benchmark of 0.31% by 1.22 percentage points, representing one of the clearest competitive strengths in the current report.

The risk profile improved materially quarter-over-quarter, with delinquency decreasing to 0.33% in 2026-Q1 from 0.53% in 2025-Q4 — a 0.20 pp improvement — and remaining stable year-over-year relative to 0.36% in 2025-Q1 (down just 0.03 pp). At 0.33%, RI credit unions hold a 45-basis-point advantage over the national delinquency benchmark of 0.78%, representing a standout strength. Net worth edged down 0.08 pp QoQ to 12.54% from 12.61% in 2025-Q4, but increased 0.19 pp year-over-year from 12.35% in 2025-Q1. The cohort trails the national net worth benchmark of 13.61% by 1.08 percentage points, a gap warranting monitoring given the profitability headwinds.

RI credit unions carry a notably mortgage-heavy and certificate-concentrated balance sheet. First mortgage loans stood at 32.67% of the portfolio in 2026-Q1, up 1.07 pp from 31.60% in 2025-Q1, and significantly above the national benchmark of 22.15% — a 10.52 pp premium. QoQ, first mortgage concentration eased slightly from 33.07% in 2025-Q4. Indirect auto reached 10.59%, up 0.68 pp YoY from 9.91%, and stable QoQ (+0.03 pp). On the funding side, certificate concentration rose to 27.39% — up 1.34 pp YoY from 26.04% — though it edged down 0.30 pp QoQ from 27.69%, and remains well above the national benchmark of 19.80%, signaling a higher-cost deposit structure.