“I started comparing our ratios to those of several of our peers in southern Massachusetts,” said Diamon, who has led the credit union for just two years. “Their fee income was between 70 [basis points] and 90 bps, much higher than ours, but if they didn't register that as fee income, where would their earnings be?

Unlike some of its competitors, Commonwealth Utilities was profitable even before the change in accounting strategies, according to Diamon. But income realized from the change led her to start looking for other ways to beef up noninterest and other income on the credit union's balance sheet.

The credit union recently started offering gap coverage on auto loans, designed to cover gaps between what the insurance company will pay and what the loan may be worth in the event of an accident. Currently, the program nets the credit union an extra $900 per month, according to Diamon.

In May, Commonwealth Utilities will stop paying life insurance on loans as part of its data processing system conversion and reintroduce it in June or July as a product that members can purchase through the credit union.

Courtesy pay and account transfer programs also are on tap for implementation later this year.

“Our members pay very little in fees, and we still charge $12 each for member wire transfers that cost us $20 to make,” Diamon said. “There are a lot of opportunities and I have a whole list of changes that will help get this ship righted in the water and operating more efficiently.”