TRIANGLE CREDIT UNION 2024 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.
PRESIDENT’S MESSAGE
Although 2024 posed some financial challenges, we successfully navigated these obstacles and ended the year on a positive note. As we look ahead to 2025, we are optimistic about the potential for a more substantial lending and deposit portfolio.
Our team has worked diligently to develop strategies to achieve our goals for the new year and beyond. We have implemented additional resources to help us meet our objectives and made organizational adjustments to better reflect our asset size and increase our efficiency.
Our most significant initiative in 2025 will be implementing a new core system. Extensive analysis has been conducted to identify the services and modules that need replacement to enhance the member and employee experience.
In the past two years, we have deployed a fleet of Interactive Teller Machines (ITMs) at most drive-up locations. In the spring, we plan to complete this transition from ATMs to ITMs by installing the final two machines at our Elm Street Manchester branch.
While these projects are costly and time-consuming, they are essential for strengthening our infrastructure and supporting our efforts in cybersecurity, workforce evolution, enterprise risk management, network improvements, and disaster recovery.
Triangle remains committed to our core values and strategic anchors. These principles guide our dedication to serving our members and supporting our community. Our cohesive team embraces these values, which have become integral to our corporate
culture, enhancing transparency, effective communication, employee engagement, member focus, and financial literacy.
We anticipate that 2025 will be a year of growth, both financially and in terms of infrastructure. Although challenges may arise, we are excited to position the credit union for future success.
On behalf of myself and the Senior Management Team, I express our gratitude to our employees for their daily commitment to service excellence, the Board of Directors and Supervisory Committee for their ongoing guidance, and our members for their support. It is an honor to be your chosen provider of financial services.
Sincerely,
A. Scott MacKnight CEO/President
CHAIR’S MESSAGE
I am excited to share the annual review of Triangle Credit Union’s accomplishments in 2024 on behalf of our Board of Directors. Our credit union has made remarkable strides in executing our strategic agenda, fostering professional development for our staff, preparing for a cutting-edge operational system, and consistently prioritizing the safety and security of our valued members.
This year, Triangle garnered several prestigious accolades, including:
• Union Leader’s Readers’ Choice: Best Credit Union, Best Financial Planner (TFG), and Best Mortgage Lender
• The Telegraph Best of Nashua: Best Bank, Best Credit Union, and Best Mortgage Lender/Agency
• Greater Merrimack Souhegan Valley: Best Credit Union, Best Financial Advisor/ Services (TFG), Finalist for Best Mortgage Lender/Agency
• Best of 603: Best Credit Union
These awards symbolize the unwavering dedication and hard work of our incredible team.
In 2024, we focused strategically on expanding our mortgage products and deposits, resulting in significant growth in these key areas. We also proactively enhanced our member experience through initiatives informed by member surveys, laying the groundwork for our continued success. Our commitment to member convenience was represented by installing new Interactive Teller Machines (ITMs) at our Candia Road branch in Manchester and two additional ITMs at the Derry branch.
Triangle is proud to support our community through various events and activities, including Nashua’s SummerFun series, Milford’s Trunk or Treat, the United Healthcare/Elliot 5K Road Race, Make-AWish® New Hampshire, The Salvation Army’s AppleFest, the Front Door Agency, the Boys & Girls Club of Greater Nashua, and many more deserving organizations. We believe that contributing to our local community strengthens our bonds with our members and enhances our reputation within the regions we serve. We demonstrated our dedication to financial literacy through classes throughout southern New Hampshire, including at the Nashua Soup Kitchen, Nashua Adult Learning Center, and Merrimack YMCA.
Thank you for being an integral part of Triangle Credit Union. We greatly appreciate the enthusiasm and commitment of our staff and management team and are deeply grateful for your continued support as we move forward together.
Sincerely,
Margo Compagna Board Chair
TREASURER’S REPORT
On behalf of the Board of Directors, I am pleased to report Triangle Credit Union ended the fiscal year 2024 in a firm financial position as we restructured our balance sheet to provide greater flexibility in a constantly changing marketplace.
Loan originations in 2024 were $88.5 million. As interest rates stabilized after the rate hikes of 2022 and 2023, higher interest rates and higher home and automobile prices still affected consumers’ ability to take on new loans in 2024. We continued to serve our communities, originating $22 million in residential mortgages. Home equity lines of credit (HELOC) grew by $4.5 million in 2024 through new originations and use of existing lines. Vehicle purchases totaling $42.5 million represent an increase of 35% compared to 2023. Commercial lending remains strong, with $11.7 million in originations. Overall, the credit union ended the year with $574.6 million, a decrease of $44.6 million or 7.20% compared to the prior year.
Members took advantage of our higherearning certificates of deposits, increasing balances in 2024 by $25.3 million. Other share products saw a decrease of $7.1 million compared to 2023, as the Credit Union grew deposits by $18.2 million, or 2.72%.
Total assets decreased by $22.4 million as the Credit Union diligently paid down $49.3 million in borrowings to make the balance
sheet more efficient and versatile to changing economic and market rate outcomes. Net income for the year was just over $1 million as we restructured our balance sheet to prepare for the future. Non-interest income and operating expenses were in line with prior years.
At year-end, the credit union maintained a low delinquency ratio of 0.36% and a chargeoff ratio of 0.19%. Both ratios are in line with industry standards, if not slightly lower.
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 of the management team and to our employees for their continued service to our members.
Respectfully submitted,
David Fredette Treasurer
SUPERVISORY COMMITTEE
Our role as the Supervisory Committee at Triangle CU is to oversee the internal and external audit functions, as well as ensuring that the credit union complies with state and federal regulations, internal policies and procedures. In addition, we oversee the year-end examination of the credit union books.
As we continue to grow, the oversight by state and federal regulators increase. The results of the various audits are reviewed with members of the Management Team with appropriate updates to TCU policies and procedures as needed.
The audits are spread out over the business year, with high-risk issues done on an annual basis. All of these are done by the firm of Shatswell, MacLeod & Company, P.C. Baker Newman Noyes, which was hired to examine our financial statements. They have certified that we were in full compliance with “generally accepted accounting principles” and that our financial statements were correct.
This past year has seen several changes at all levels within TCU, I am pleased to report to you that those who have stepped up or who joined the team have performed in an exemplary manner. We could not have accomplished nor achieved our goals without the dedication of our hard-working employees, officers, the Board of Directors and the Supervisory Committee.
In closing, I would like to publicly recognize and thank Jack Monahan, who will be stepping down from the Supervisory Committee after 14 years. Jack worked on the monthly Loan Verification Report, a tedious and time-consuming task during his time on the Committee, and we will miss his contributions and wish him and his wife Claire all the best in their next venture.
Respectfully,
Ed Lecius, Chair
Derek Danielson
Richard Lavoie
Jack Monahan
Mariana Silva
Ed Lecius, Supervisory Committee Chair
BALANCE SHEET - 5 YEAR HISTORY
KEY OPERATING STATISTICS - 5 YEAR HISTORY
BOARD OF DIRECTORS
SUPERVISORY COMMITTEE
Margo Compagna Chair
Ed Lecius Chair
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 Member
SENIOR MANAGEMENT
Mark
AVP s & VPs
TRIANGLE FINANCIAL GROUP
A. Scott MacKnight CEO/President
Brian Luce
Rebecca Thomas SVP Marketing
Palermo
Curtis Barnes
Karin Taylor SVP Human Resources
Jeff Mayer
Jose Rivera Hernandez SVP Information Technology
John Ziemba SVP Commercial Loans
Kelley Brown
Pamela Ford SVP Lending
Paola Gutierrez
Lana Dal Molin VP of Community Outreach
Roxanne Nelson AVP of Mortgage Lending
Ryan Ruggiero VP Contact Center/Operations
Michelle Ducharme AVP Member Experience Management
Ivan Rochford AVP Information Technology
MANAGEMENT
Seana Hill Branch Manager Franklin St., Nashua, NH
Lyn Anderson Branch Manager Elm St., Manchester, NH
Anabel Ulloa Branch Manager DW Hwy, Nashua, NH
Lisa Ward Branch Manager Candia Rd., Manchester, NH
Allison Heron Operations Manager
Lori Hamilton Branch Manager Windham Rd., Derry, NH
Kathleen Card H.R. Manager
Angela Johnson Branch Manager DW Hwy, Merrimack, NH
Terri Connolly Marketing Manager
Mayra Dominguez Accounting Manager
Muhammad Ali Consumer Lending Manager
Marcel Sánchez Galindo Branch Manager Route 101A, Amherst, NH
David Helie Facilities Manager
Samantha Herod Project Manager
Steve Chamberland Commercial Service Manager
Chelsea Trombly Collections/Loan Servicing Manager
SUPPORTING OUR COMMUNITIES
DONATIONS & SPONSORSHIPS IN 2024
Triangle Credit Union is a proud sponsor of over 65 community initiatives and organizations in 2024. Some of these include:
• Boys & Girls Club of Nashua
• The Front Door Agency
• Make-A-Wish NH
• The Nashua Center for the Arts
ANGEL TREE TAG
Angel Tree is an outreach of The Salvation Army of Greater Nashua.
In 2024, the Angel Tree Tag program assisted over 1,100 families in need of additional support during the holiday season.
COMMUNITY INVOLVEMENT
“The smallest act of kindness is worth more than grandest intention.” - Oscar Wilde
Our employee volunteerism and support toward our Community Outreach endeavors made it possible for Triangle Credit Union to assist at twenty-two events within the towns we serve, totaling three-hundred-twenty-four volunteer hours in 2024.
On behalf of Triangle’s leadership team, I’d like to thank our staff, whose spirit and energy toward our commitment to the community help drive opportunities for our members and their families.
With gratitude,
A.
Scott MacKnight, CEO / President
Nashua Pride
Gate City Brew Fest
Apple Fest
Nashua Goes Back to School
Multicultural Fest
Delta Dental 5K
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