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Vermont State Employees

Montpelier, VT · Charter 60717

NCUA · 10 branches

Q4 2022

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, not published for this institution and quartern/a

Basis

Quarter: Q4 2022, the quarter ended December 31, 2022, on both parts.

Income statement: year to date as filed, annualized, on both parts.

Balance sheet: as filed at quarter end.

Peer group

No peer standings are published for this institution and quarter.

Peer groups below the disclosure floor are suppressed.

Source: NCUA 5300 Call Report, as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas.

CallReports · callreports.ai · Board PackageGenerated 2026-10-11

Vermont State Employees

Montpelier, VT · Charter 60717

NCUA · 10 branches

Q4 2022

$1.1BAssets
$932.9MLoans
$945.7MShares
$105.6MNet Worth

Executive Summary

  • Earnings: ROA of 0.83%, down 38 bps year over year; NIM at 3.21%.
  • Asset quality: problem loans at 0.55% of loans (+7 bps YoY).
  • Capital: net worth / assets of 9.37%, up 52 bps from a year ago.
  • Funding: loans stand at 98.65% of shares as of Q4 2022.

Return on Assets (YTD, annualized)

0.83%-38 bps YoY

Net Interest Margin (YTD, annualized)

3.21%+7 bps YoY

Efficiency Ratio (YTD, annualized)

78.37%+544 bps YoY

Net Worth / Assets

9.37%+52 bps YoY

Year to date, annualized, through each quarter.

MetricQ1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022YoY ΔTrend
Earnings
Return on Assets1.49%1.42%1.28%1.21%0.97%0.83%0.80%0.83%-38 bps
Return on Equity17.78%16.48%14.64%13.68%10.74%8.98%8.54%8.87%-481 bps
Net Interest Margin3.13%3.18%3.17%3.14%3.19%3.26%3.29%3.21%+7 bps
Efficiency Ratio71.16%69.71%70.83%72.93%80.10%80.17%79.28%78.37%+544 bps
Growth
Asset Growth (YoY)20.18%12.79%11.58%10.49%5.87%4.05%2.90%3.52%-697 bps
Loan Growth (YoY)17.06%12.18%7.56%5.54%4.57%4.38%4.98%6.27%+73 bps
Share Growth (YoY)25.14%13.12%11.97%10.45%6.17%4.37%1.81%-3.69%-1,414 bps
Asset Quality
Delinquent Loans / Loans0.46%0.47%0.44%0.48%0.39%0.46%0.45%0.55%+7 bps
Net Charge-Offs / Loansn/an/an/an/an/an/an/an/an/an/a
Allowance / Loans0.60%0.59%0.58%0.51%0.43%0.42%0.44%0.38%-13 bps
Capital
Risk-Based Capital8.38%8.63%8.75%8.85%9.00%9.22%9.36%9.37%+52 bps
Net Worth / Assets8.38%8.63%8.75%8.85%9.00%9.22%9.36%9.37%+52 bps
Liquidity & Funding
Loans / Shares90.25%91.64%91.20%89.41%88.90%91.64%94.04%98.65%+924 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0 bps