2022
ANNUAL REPORT
OUR CORE VALUES
COMMUNITY
We are actively involved in our communities by providing resources that promote engagement and success.
DIVERSITY
We welcome all groups and individuals desiring to be part of our mission with the goal to build unity by embracing and supporting all cultures.
SERVICE
We connect with our members and employees by respectfully committing to their needs while adhering to Service Strategies Standards.
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PRESIDENT’S MESSAGE
Congratulations, Triangle Credit Union, on a very successful year! Many thanks to all who helped us achieve our lending goals and made us the best credit union in the southern New Hampshire and northern Massachusetts communities that we serve.
Last year, I pivoted in my annual report message to discuss the future. While it is very important and regulatory required to report on our outcomes, I think it is also vital to share where we are going in the new year; in 2023, our focus is on Member Experience, Strategic Efficiency and Financial Wellness for all.
Thank you to the over 1,000 members who responded to our recent member survey. The information provided helps us identify areas of success, frustration, and initiate improvements with automatic and electronic processes. With this information and our focus on experience and efficiencies, future enhancements will allow us to minimize transaction times and optimize convenience. As part of our efforts, we are excited to onboard an Assistant Vice President of Member Experience Management to spearhead these ongoing initiatives and process improvements.
Our journey will include many new technological advances, including a payment portal for members to access loan information and make payments online, a new Business Banking platform to improve the online banking experience for our business members, the implementation of a faster self-service wire transaction service for members, a new Person-to-Person (P2P) platform for payments processed in real time, and introduce a new website with more robust content so members can easily navigate to find quicker answers to their financial questions.
This year, after successfully installing interactive teller machines (ITM) in 2022, we are expanding our ITM fleet at our branch drive-ups, which will offer time saving convenience for members during high traffic times at our branches. This will also allow us to assist members with transactions outside of our branch hours once installation is complete.
With all the new projects on our roadmap for this year, we simply have one goal in mind: strategic efficiencies to improve our member experience and financial wellness. We are excited about these initiatives and look forward to making our member experience better than ever.
As always, on behalf of myself and the Senior Management Team, I want to thank our employees for their daily commitment to service excellence, the Board of Directors and Supervisory Committee for their continued guidance, and our members for your support—we recognize you have choices for financial services, and we’re glad you choose Triangle Credit Union.
Sincerely,
A. Scott MacKnight CEO/President
CHAIR’S MESSAGE
On behalf of the Triangle Credit Union Board of Directors, I am delighted to share that the Credit Union had a very successful 2022. Among the contributing factors of a tremendous year included achieving new highs in loan growth, the return to community events, and several member enhancements.
With lending as a strategic goal for the year, the Senior Management Team (SMT) and staff were focused on this initiative and the results were amazing with impressive growth over the prior year, particularly with record setting consumer lending.
Many local events re-opened in 2022 and the Credit Union was there in full support with sponsorships and volunteerism. In Nashua, we participated in several festivals including The Salvation Army’s AppleFest and Angel Tree holiday drive, BrasilFest, and SummerFun program including the Fairytale Festival, Nashua’s Back to School, Wheels & Wings, plus the return of the annual Holiday Stroll. We also participated in Merrimack’s YMCA Trunk or Treat, DerryFest, and innumerable Make-A-Wish NH fundraisers. By donation and volunteerism, Triangle supported over sixty-five events within our community last year. Triangle understands the importance of contributing to our local community and how it relates to deeper relationships with our members and enhances our connections within the areas we serve.
Triangle enhanced our online and mobile account opening, making the process faster with a mobile-centric platform. We introduced contactless debit cards to enhance security and transaction speeds. Perhaps the largest effort for member enhancement can be found in the expansion of our Interactive Teller Machine (ITM) fleet. We increased our fleet of ITMs as part of our ongoing endeavor to make transactions easier and more convenient, especially during high traffic times in our branches.
In addition to all the enhancements and successes, I would like to take a moment to recognize the contributions of Mark Warner, who retired in October after 28 years of service as Executive Vice President. Mark played a pivotal role in our success over the years. During his tenure, he led many projects that benefited both the credit union and our members.
On behalf of the Board, I would like to thank Triangle staff for their effort and enthusiasm in making us the best Credit Union in NH. I would also like to thank our management team for their dedication and hard work, and to our members—thank you for your continued support.
Margo Compagna Board Chair
TREASURER’S REPORT
On behalf of the Board of Directors, I am pleased to report Triangle Credit Union had a record-setting year for all lending products and ended fiscal year 2022 in a solid financial position.
Loan originations in 2022 were $289M, with the highest contributions in consumer lending, which was primarily $186M in vehicle loans, $13.3.M in Home Equity Lines of Credit (HELOC) loans, $52M in First Mortgages originations, and commercial Loans of $38M. Total loan balances grew approximately 25%, or $130M, over prior year.
With lending activities up, investments were strategically held flat from the prior year. Deposits decreased 6%, or $47M, ending the year with a balance of $705M.
Total assets increased 4.50%, or $40M, to $917M. Net income for the year was $2M, primarily a result of loan growth and an increase in non-interest income.
The Credit Union continues to maintain a low delinquency ratio of 0.22% and a charge-off ratio of 0.05% at year-end; both ratios are below industry standards.
The Credit Union saw growth in membership of 3.4% and an increase of 7% in the number of borrowers, resulting in a total of 60,000 members for the year.
On behalf of the Credit Union, I would like to express my sincere thanks and appreciation to our elected officials, committee members and volunteers for their dedication and support to the management team, as well as our employees for their continued service to our members.
Respectfully submitted,
David Fredette Treasurer
AWARDS Readers’ Choice WINNER
SUPERVISORY COMMITTEE
On behalf of the Supervisory Committee, I’d like to thank you for making Triangle Credit Union your trusted financial institution. We take your trust seriously and as we adapt to the changing world around us to meet your needs, we always keep TCU’s financial strength and security as our primary goal so that you know that your funds are protected.
Throughout the year we constantly review the accuracy and integrity of TCU’s financial statements, policies, and procedures through comprehensive internal audits. The reports regarding the audits are tracked and reviewed by our committee with the appropriate credit union managers and leadership.
Additionally, we conducted an independent examination of our financial statements with Baker Newman and Noyes certifying that we were in full compliance with “generally accepted accounting principles” and that our financial statements were correct.
We meet with members of the TCU Management Team regularly and have made a concerted effort to make the Supervisory Committee more reflective of the people we serve drawing on expertise in the business sector at all levels.
As Chair of the Supervisory Committee, I am pleased to report that TCU remains safe, secure, and in excellent financial condition.
What has allowed TCU to experience continued growth in the communities we serve is a direct result of the work of the TCU Management Team, our dedicated staff, and a Board of Directors with a vision not just for today, but into the future.
Respectfully submitted,
Ed Lecius, Chair
Derek Danielson
Richard Lavoie
Jack Monahan
Mariana Silva
SUPPORTING OUR COMMUNITIES
OVER 65 DONATIONS & SPONSORSHIPS IN 2022
Triangle Credit Union is a proud sponsor of over 65 community initiatives and organizations in 2022. Some of these include
• Boys & Girls Club of Nashua
• Salvation Army
• The Front Door Agency
• Make-A-Wish NH
• The Nashua Center for the Arts
• and more!
Angel Tree is an outreach of The Salvation Army of Greater Nashua. In 2022, the Angel Tree Tag program assisted over 1,100 families in need of additional support during the holiday season.
ANGEL TREE TAG
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BALANCE SHEET - 5 YEAR HISTORY
ASSETS 2018 2019 2020 2021 2022 OTHER LOANS $264,214,787.94 $274,173,894.69 $247,872,996.34 $242,420,691.43 $311,136,549.46 FIRST MORTGAGES $182,889,177.63 $184,258,582.66 $164,006,621.01 $151,491,688.05 $175,625,299.85 BUSINESS/COMMERCIAL LOANS $82,710,530.75 $88,261,397.94 $98,325,158.11 $91,139,238.43 $113,708,853.71 SECOND MORTGAGES $1,973,804.99 $2,557,470.29 $1,809,061.25 $1,293,216.76 $1,073,500.25 HOME EQUITY $57,038,230.72 $52,882,255.95 $44,885,727.36 $45,651,969.41 $60,306,182.55 TOTAL LOANS $588,826,532.03 $602,133,601.53 $556,899,564.07 $531,996,804.08 $661,850,385.82 LESS RES. FOR LOAN LOSSES ($2,051,118.51) ($2,306,217.07) ($2,803,145.38) ($2,291,083.18) ($2,656,975.53) NET LOANS $586,775,413.52 $599,827,384.46 $554,096,418.69 $529,705,720.90 $659,193,410.29 CASH: DUE FROM BANKS $174,227.04 $83,420.21 $120,202.85 $19,429.19 $72,029.07 TELLER/VAULT CASH $3,752,870.74 $4,298,605.86 $4,146,348.95 $4,272,688.60 $4,632,291.90 CHECKS IN PROC OF COLL. $3,336,863.77 $1,971,771.75 $1,628,835.32 $2,436,624.60 $2,296,852.99 INVESTMENTS: AGENCY & US SEC. $31,376,192.60 $43,006,595.04 $48,683,286.77 $165,689,952.31 $188,578,406.71 CORPORATE & FHLB $3,002,078.29 $22,726,772.32 $162,256,255.71 $127,533,269.97 $13,585,458.27 SAVINGS. CERTIFICATES $7,865,212.49 $6,978,212.49 $18,157,010.63 $9,574,082.16 $7,104,195.72 CORPORATE BONDS & EQUITIES $23,101,894.62 $15,616,613.95 $5,557,850.68 $3,572,056.21 $3,593,133.66 TOTAL INVESTMENTS $65,345,378.00 $88,328,193.80 $234,654,403.79 $306,369,360.65 $212,861,194.36 PREPAID EXPENSES $1,508,090.34 $1,876,408.48 $2,501,943.33 $4,475,900.63 $4,011,978.24 ACCRUED INCOME $1,531,992.51 $1,678,936.97 $1,361,877.28 $1,378,929.80 $2,119,599.05 FIXED ASSETS $9,929,732.64 $11,477,097.51 $11,439,974.15 $10,776,449.60 $10,419,277.76 NCUA INS. FUND $5,243,305.76 $5,409,404.31 $6,061,098.93 $6,705,324.93 $6,731,742.53 OTHER ASSETS $4,869,691.71 $5,978,224.15 $10,600,069.28 $11,104,732.68 $14,570,028.96 PROPERTY IN PROCESS OF LIQ. $43,820.00 $404,943.25 $151,698.18 $34,887.98 $43,602.53 TOTAL ASSETS $682,511,386.03 $721,334,390.75 $826,762,870.75 $877,280,049.56 $916,952,007.68 LIABILITIES ACCOUNTS PAYABLE $1,120,033.14 $1,444,093.25 $1,123,069.62 $1,412,380.72 $6,369,003.01 TAXES PAYABLE $11,676.57 $9,704.59 $9,934.66 $37,346.67 $35,042.48 BILLS PAYABLE $362,756.45 $954,277.05 $917,282.24 $1,040,328.25 $972,446.95 BORROWED FUNDS $68,709,011.42 $70,935,035.68 $64,554,493.90 $60,450,000.00 $153,450,000.00 OTHER LIABILITIES $1,531,915.36 $1,781,191.90 $3,179,203.94 $3,583,500.23 $3,646,292.49 DEPOSITS: SHARE DRAFTS $55,220,152.61 $59,644,750.38 $86,356,302.19 $89,885,374.95 $91,029,776.81 IRA'S $36,558,456.92 $40,291,035.86 $39,117,860.62 $36,110,306.37 $31,240,277.22 CERTIFICATES $186,332,653.09 $210,883,642.88 $177,412,673.64 $133,120,617.12 $125,787,867.26 REGULAR SHARES $188,328,181.92 $191,117,139.81 $263,634,310.45 $318,270,132.12 $312,717,192.95 MONEY MARKET $62,713,496.21 $57,412,289.38 $79,441,538.24 $106,952,562.09 $77,293,181.75 BUSINESS ACCOUNTS $32,900,143.07 $34,690,452.92 $56,929,843.79 $67,531,626.03 $67,221,858.96 TOTAL SHARES $562,053,083.82 $594,039,311.23 $702,892,528.93 $751,870,618.68 $705,290,154.95 CAPITAL: REGULAR RESERVE $8,198,842.64 $8,198,842.64 $8,198,842.64 $8,198,842.64 $8,198,842.64 UNDIVIDED PROFIT $45,068,346.39 $48,640,775.59 $51,178,533.98 $54,530,868.46 $56,521,420.42 UNREALIZED GNS/LSS ON INVEST. ($428,634.76) $221,934.82 $331,688.84 $1,373,756.91 ($12,294,687.26) UNREALIZED PENSION OBLIGATIONS ($4,115,645.00) ($4,890,776.00) ($5,622,708.00) ($5,217,593.00) ($5,236,508.00) TOTAL CAPITAL $48,722,909.27 $52,170,777.05 $54,086,357.46 $58,885,875.01 $47,189,067.80 TOTAL LIABILITIES & CAPITAL $682,511,386.03 $721,334,390.75 $826,762,870.75 $877,280,049.56 $916,952,007.68
PROFIT & LOSS STATEMENT - 5 YEAR HISTORY
INCOME 2018 2019 2020 2021 2022 INTEREST ON LOANS $21,335,167.22 $24,351,644.78 $23,394,281.72 $20,917,232.30 $21,014,387.59 INCOME FROM INVESTMENTS $1,522,326.18 $1,736,288.54 $1,294,278.36 $830,416.82 $2,237,672.34 SHARE DRAFT FEES $1,421,509.00 $1,472,203.50 $1,089,463.46 $1,201,506.59 $1,497,081.60 DEBIT CARD/ATM FEES $2,417,814.74 $2,474,766.23 $2,728,269.87 $3,318,890.21 $3,453,562.93 ACCOUNT MAINTENANCE FEES $517,149.73 $511,423.58 $509,727.97 $512,591.70 $506,741.44 OTHER FEE INCOME $1,161,676.06 $1,376,417.63 $2,061,534.95 $1,477,450.66 $1,418,238.44 TOTAL OPERATING INCOME $28,375,642.93 $31,922,744.26 $31,077,556.33 $28,258,088.28 $30,127,684.34 OPERATING EXPENSES COMPENSATION $8,444,747.51 $9,222,282.83 $10,655,606.60 $9,751,057.28 $10,392,557.69 EMPLOYEE BENEFITS $2,714,599.25 $3,065,707.38 $3,103,110.73 $3,297,020.54 $3,555,931.36 TRAVEL AND CONFERENCES $219,019.27 $176,446.34 $62,515.48 $82,089.27 $132,892.51 ASSOCIATION DUES $52,187.74 $53,318.73 $54,531.09 $56,198.64 $61,281.10 OFFICE OCCUPANCY EXPENSES $1,432,928.99 $1,489,620.92 $1,703,158.76 $1,691,335.96 $1,718,961.25 OFFICE OPERATIONS EXPENSES $4,259,179.73 $4,688,656.67 $5,021,107.94 $5,501,294.21 $5,887,387.63 ADVERTISING & PROMOTION EXPENSES $262,204.47 $264,131.17 $208,200.84 $213,332.48 $267,613.28 LOAN SERVICING EXPENSES $328,486.76 $410,920.56 $439,343.77 $367,735.13 $377,632.86 PROFESSIONAL AND OUTSIDE SERVICES $430,940.46 $709,001.80 $361,563.21 $586,196.01 $555,329.73 PROVISION FOR LOAN LOSSES $762,000.00 $839,000.00 $1,117,000.00 ($102,420.11) $799,800.00 FED. SUPERVISION & EXAMS $157,609.85 $162,202.96 $180,463.34 $275,846.53 $213,350.01 CASH OVER AND SHORTS ($3,167.07) ($841.28) $3,657.18 $2,446.44 $8,017.86 ANNUAL MEETING EXPENSES $9,057.61 $6,217.07 ($4,720.13) $100.00 $0.00 MISC OPERATING EXPENSES $95,774.68 $284,343.39 $53,127.74 $144,145.52 $83,208.96 FASB 91 ORIGINATION COST ($506,168.23) ($498,339.82) ($571,219.15) ($535,546.84) ($514,366.44) TOTAL OPERATING EXPENSES $18,659,401.02 $20,872,668.72 $22,387,447.40 $21,330,831.06 $23,539,597.80 INCOME (LOSS) FROM OPERATIONS $9,716,241.91 $11,050,075.54 $8,690,108.93 $6,927,257.22 $6,588,086.54 NON-OPER. GAINS (LOSSES) GAINS (LOSSES) ON INVESTMENTS $0.00 $711,568.60 ($600,020.15) ($3,395.70) $76.19 GAINS (LOSSES) ON DISP. OF ASSETS ($585.01) $25,907.98 ($21,073.64) $108,404.32 $10,859.49 GAINS (LOSSES) ON SALE OF MORTGAGES $58,616.68 $247,364.24 $2,279,936.23 $764,682.21 $0.00 NCUA IMPAIRMENT/ASSESSMENT FEE $351,404.60 $0.00 $0.00 $0.00 $0.00 EXPENSES ON O.R.E.O. TOTAL NON-OPERATING GAINS (LOSSES) $409,436.27 $984,840.82 $1,658,842.44 $1,553,602.68 $10,935.68 INCOME (LOSSES) BEFORE DIVIDENDS $10,125,678.18 $12,034,916.36 $10,348,951.37 $8,480,859.90 $6,599,022.22 INTEREST ON BORROWED FUNDS $1,362,120.66 $1,689,201.38 $1,516,494.32 $1,312,948.65 $1,857,935.74 DIVIDENDS $5,075,681.82 $6,773,285.79 $6,294,698.66 $3,815,576.77 $2,750,534.52 NET INCOME (LOSS) $3,687,875.70 $3,572,429.19 $2,537,758.39 $3,352,334.48 $1,990,551.96
KEY OPERATING STATISTICS - 5 YEAR HISTORY
2018 2019 2020 2021 2022 National Ave as of 6/2022 LOAN DELINQUENCY RATIO 0.2% 0.3% 0.6% 0.2% 0.2% 0.4% YIELD ON AVERAGE LOANS 3.7% 4.1% 4.0% 3.8% 3.5% 4.2% YIELD ON AVERAGE INVESTMENTS 2.0% 2.3% 0.8% 0.3% 0.9% 1.1% RETURN ON INCOME/AVERAGE ASSETS 4.2% 4.6% 4.0% 3.3% 3.4% 3.5% COST OF FUNDS/AVERAGE ASSETS 1.0% 1.2% 1.0% 0.6% 0.5% 0.4% GROSS SPREAD 3.3% 3.3% 3.0% 2.7% 2.8% 3.1% OPER. EXPENSES/AVERAGE ASSETS 2.8% 3.0% 2.9% 2.5% 2.6% 2.8% NET INCOME/AVERAGE ASSETS 0.6% 0.5% 0.3% 0.4% 0.2% 0.4% CAPITAL/ASSETS (NET) 7.4% 7.6% 6.9% 7.0% 5.4% 10.4% DEPOSIT GROWTH (%) 1.1% 5.7% 18.3% 7.0% -6.2% 7.6% SOURCES OF INCOME % OF TOTAL LOANS 75.2% 76.3% 75.3% 74.0% 69.7% 64.4% INVESTMENTS 5.4% 5.4% 4.2% 2.9% 7.4% 8.5% ALL OTHER 19.5% 18.3% 20.6% 23.0% 22.8% 27.1% DEPOSIT MIX CD'S / TOTAL DEPOSITS 33.2% 35.5% 25.2% 17.7% 17.8% 12.9% IRA'S / TOTAL DEPOSITS 6.5% 6.8% 5.6% 4.8% 4.4% 4.5% CHECKING / TOTAL DEPOSITS 9.8% 10.0% 12.3% 12.0% 12.9% 20.7% SAVINGS / TOTAL DEPOSITS 33.5% 32.2% 37.5% 42.3% 44.3% 37.2% MONEY MARKET / TOTAL DEPOSITS 11.2% 9.7% 11.3% 14.2% 11.0% 23.0% BUSINESS DEPOSITS / TOTAL DEPOSITS 5.9% 5.8% 8.1% 9.0% 9.5% 1.7%
BOARD OF DIRECTORS
SUPERVISORY COMMITTEE
Margo Compagna Chair Ed Lecius Chairman Bob Duhaime Director Robert Demers 1st Vice President Richard Lavoie Committee Member David Degulis Director Mark Richardson 2nd Vice President Jack Monahan Committee Member Lillian Rodriguez Director Adeel Tahir Director Rebecca MacLennan Secretary Mariana Silva Committee Member David Fredette Treasurer Derek Danielson Committee MemberSENIOR MANAGEMENT
TRIANGLE FINANCIAL GROUP
A. Scott MacKnight CEO/President
Brian Luce VP Triangle Financial Group
Rebecca Thomas SVP Marketing
Karen Wood SVP Chief Financial Officer
Curtis Barnes Executive Assistant
Karin Taylor SVP Human Resources
Lisa VanBiene SVP Member Services
Jeff Mayer Financial Advisor
Jose Rivera Hernandez SVP Data Services
John Ziemba SVP Commercial Services
Kelley Brown Office Practice Manager
Pamela Ford SVP Lending
Paola Gutierrez Licensed Insurance Agent
MANAGEMENT
Lana Dal Molin VP of Community Outreach and Sales Franklin St., Nashua, NH
Seana Hill Branch Manager Franklin St., Nashua, NH
Lyn Anderson Branch Manager Elm St., Manchester, NH
Judith Ulloa Branch Manager Route 101A, Amherst, NH
Lisa Ward Branch Manager Candia Rd., Manchester, NH
Sharon Kikutis VP Operations Temple St., Nashua, NH
Nathalie Mena Branch Manager Windham Rd., Derry, NH
Kathy Card H.R. Manager Temple St., Nashua, NH
Roxanne Nelson AVP of Mortgage Lending Franklin St., Nashua, NH
Angelica Resto Branch Manager St. Joseph Hospital & DW Hwy, Nashua, NH
Terri Connolly Marketing Manager Temple St., Nashua, NH
Ryan Ruggiero AVP Contact Center Temple St., Nashua, NH
Ivan Rochford Data Services Manager Franklin St., Nashua, NH
Mayra Dominguez Accounting Manager Temple St., Nashua, NH
Muhammad Ali Consumer Lending Manager Temple St., Nashua, NH
Marcel Sánchez Branch Manager DW Hwy, Merrimack, NH
David Helie Facilities Manager Temple St., Nashua, NH
COMMUNITY INVOLVEMENT
In addition to our sponsorships and donations, Triangle Credit Union is involved in our community by volunteerism of local events, festivals, parades, and fundraisers.
Nashua Pride
Hot Dogs for ALZ
BrasilFest
Nashua Pride
Gate City Brew Fest
Cigna/Elliot Road Race
Nashua Goes Back to School
Wheels & Wings
Boys And Girls Club Holiday Auction
DerryFest
DerryFest
Fairytale Festival
Nashua Winter Holiday Stroll
Taste of the Region
Fairytale Festival
NMLS# 528721 trianglecu.org (603) 889-2470