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While most Connecticut credit unions had positive net income in 2021, the state’s credit unions had one of the lowest returns on average assets in the U.S., according to data released last week by the National Credit Union Administration.

The NCUA Quarterly Map Review showed that 78 percent of Connecticut credit unions had positive net income in 2021, below the U.S. average of 84 percent. In 2020, 70 percent of the state’s credit unions had positive net income compared to 83 percent nationwide.

Among the New England states, Massachusetts had the lowest share of credit unions with positive net income with 74 percent. Vermont had the highest, with positive net income at all credit unions. In the U.S., Nebraska and Mississippi had the lowest shares, with positive net income at 66 percent and 69 percent, respectively. Alaska joined Vermont in seeing positive net income last year at all federally insured credit unions.

Membership declined at a majority of Connecticut credit unions in 2021 compared to 2020. The state’s median membership growth rate was -1.4 percent, meaning that half of the state’s approximately 85 credit unions saw membership decline by 1.4 percent or more. New Jersey had the largest median decline with a -2.4 percent rate.

The NCUA said about 55 percent of U.S. federally insured credit unions had fewer members at the end of 2021 compared to 2020. The U.S. credit unions with falling membership tended to be small, the NCUA said, with nearly 65 percent having less than $50 million in assets. The national median growth rate was -0.4 percent. Credit unions headquartered in Alaska and Wyoming had the highest median membership growth rates of 4.4 percent and 3.9 percent, respectively.

Connecticut credit unions had a median year-over-year asset growth of 7.5 percent compared to 14.4 percent at the end of 2020. The national median in 2021 was 8.8 percent compared to 14.2 percent at the end of 2020.

The state trailed the U.S. median for annualized year-to-date return on average assets in 2021. Connecticut was among the bottom three states with a median of 20 basis points compared to the U.S. median of 50 basis points. The state was also in the bottom three in 2020, with a median annualized ROAA of 19 basis points compared to the U.S median of 40 basis points.

While credit unions have continued to see deposit growth throughout the pandemic, the pace of growth slowed in 2021. The median year-over-year deposit growth was 8.6 percent in Connecticut. The U.S. median deposit growth was 9.6 percent. Connecticut in 2020 saw year-over-year deposit growth of 16.3 percent, while the U.S. median that year was 15.9.

Connecticut’s credit unions did see some loan growth in 2021. Connecticut’s median year-over-year loan growth rate was 1.6 percent. The U.S. median in 2021 was 3 percent. The state’s median delinquency rate of 44 basis points trailed the U.S. median in 2021 of 38 basis points.