# AIR ACADEMY
Colorado Spring, CO · NCUA charter 10600 · asset band $500M-1B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/air-academy-10600

Who the members are: federal charter, multiple common bond, organized 1955. 43,990 members of 331,837 potential (13.3% of the field); checking penetration 52% (share draft accounts per 100 members); loans per 100 members 46.

**Verdict on the desk:** this could be *indirect buyer*. Composite score 2 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $825.4M |
| Members | 43,990 (1.1% YoY) |
| Full-time staff | 144 |
| Net worth | $69.5M |
| Net worth ratio | 8.4% (p11 of band) |
| ROA (annualized) | 0.25% (p20 of band) |
| Total delinquency | 0.38% (p29 of band) |
| Net charge-offs (annualized) | 0.62% (p69 of band) |
| Loans / shares | 87% (p69 of band) |
| Cash / assets | 8.3% |
| Borrowings / assets | 2.42% |
| Net interest margin | 3.50% (p52 of band) |
| Operating expense / assets | 3.48% (p46 of band) |
| Vehicles % of loans | 23% (p34 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 91% |
| Third-party paper % of net worth | 234% (p80 of band) |
| Vehicle delinquency | 1.02% (p79 of band) |
| Vehicle NCO | 2.29% (p89 of band) |
| Repossessed % of vehicle book | 0.38% (p93 of band) |
| Real estate % of loans | 54% |
| Credit cards % of loans | 0% |
| Unsecured % of loans | 8% |
| Commercial % of net worth | 135% |
| Core shares % of member funds | 51% |
| Certificates % of member funds | 22% |
| Average share balance | $9,479 |
| Participations bought / yr | $0 |
| Participations sold / yr | $19.5M |
| Participations outstanding | $15.8M |
| Loans outstanding per 100 members | 46% |
| Loans granted per 100 members, annualized | 10% |
| Average loan balance | $32,043 |
| Loans granted, annualized | $200.6M |

## Participation posture (from the same filings)

Bought $0 and sold $19.5M in the latest annualized quarter; $15.8M outstanding purchased (22.7% of net worth), $20.4M sold and retained. Sold in 6 and bought in 7 of the last 8 quarters. Shares -2.2% year over year.

## Flags firing in the latest filing

- **thin capital** (`cap_low`)
- **3rd-party paper>100% NW** (`str_thirdparty`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 2 | thin capital, 3rd-party paper>100% NW |  |
| 2016-06 | 3 | loans>95% of shares |  |
| 2016-09 | 2 |  | loans>95% of shares |
| 2016-12 | 2 |  |  |
| 2017-03 | 2 |  |  |
| 2017-06 | 2 |  |  |
| 2017-09 | 2 |  |  |
| 2017-12 | 4 | delinquency rising, loans>95% of shares |  |
| 2018-03 | 4 |  |  |
| 2018-06 | 3 |  | delinquency rising |
| 2018-09 | 4 | leaning on borrowings |  |
| 2018-12 | 3 |  | leaning on borrowings |
| 2019-03 | 2 |  | thin capital |
| 2019-06 | 2 |  |  |
| 2019-09 | 2 |  |  |
| 2019-12 | 3 | thin capital |  |
| 2020-03 | 4 | net worth falling |  |
| 2020-06 | 4 | losing money | loans>95% of shares |
| 2020-09 | 3 |  | losing money |
| 2020-12 | 4 | delinquency rising |  |
| 2021-03 | 4 | margin squeeze | delinquency rising |
| 2021-06 | 4 | delinquency rising | margin squeeze |
| 2021-09 | 3 |  | delinquency rising |
| 2021-12 | 4 | members leaving |  |
| 2022-03 | 3 |  | net worth falling |
| 2022-06 | 3 |  |  |
| 2022-09 | 5 | delinquency rising, leaning on borrowings |  |
| 2022-12 | 6 | net worth falling, loans>95% of shares | members leaving |
| 2023-03 | 4 |  | delinquency rising, loans>95% of shares |
| 2023-06 | 3 |  | net worth falling |
| 2023-09 | 5 | delinquency rising, loans>95% of shares |  |
| 2023-12 | 4 |  | delinquency rising |
| 2024-03 | 5 | losing money, delinquency rising | loans>95% of shares |
| 2024-06 | 4 |  | delinquency rising |
| 2024-09 | 7 | repo signal, assets shrinking, members leaving |  |
| 2024-12 | 6 |  | leaning on borrowings |
| 2025-03 | 7 | charge-offs p90 |  |
| 2025-06 | 4 |  | losing money, repo signal, charge-offs p90 |
| 2025-09 | 3 |  | members leaving |
| 2025-12 | 2 |  | assets shrinking |
| 2026-03 | 2 |  |  |

## In the news (Google News, unfiltered, newest first; check the city)

- 2020-02-25 [Air Academy Federal Credit Union Moves to Fiserv to Expand Commercial Business and Enable Digital Transformation - Fiserv](https://news.google.com/rss/articles/CBMixgFBVV95cUxQU3VhYXpKcDFhM1hfdzNxX0hRUmdsbUlnaEgxdEVYekJqLUFCX1RJd2s0VFpuMHYtNVR4cFJPcVQ2eU51R29NTVlCTG1YNVlTNUZVbDN3b2dEbThnb1hWQkNtb3R4TlhSUnVGeDNVYndER3lhcnFEOHFRbUdBcnNQMTU4bXpsRWp5X0haUkJWd010bDB1c0R1U3ViMGxqMG9FTXVjbmhuTjdrc2E1bVVvN0VlQVMxa29DVlZ2cDZyMjRiLXhTVkE?oc=5) · Fiserv
- 2022-10-25 [Securing relief for Colorado GAP borrowers - Colorado Attorney General (.gov)](https://news.google.com/rss/articles/CBMiOEFVX3lxTE1GU1FvamVYWG1wQjBPOGJlMUFVYmY1U0R5UkFtaDlYQlV0R2hrOWtFVVJtam0tb0pf?oc=5) · Colorado Attorney General (.gov)
- 2015-08-06 [Edward Walter "Ned" Marrs III - Colorado Springs Gazette](https://news.google.com/rss/articles/CBMijwFBVV95cUxOZ09oYnl2bWhnVXBRdWZlTE4tSTBzcFBBN0dwOVlCajU4VlhiZmRELWxuYVJtc2t4TzYwUXpMeTg0QUd2b3ZSVVMxazIzMkFRVDFVdFhZSTM4elF4ajNaRFFYNW0tTzdxVURuR0Yxa3ZBdHBLVzVqYmtYeHNkd19KMzl1RTN2YlFzbTdyV0F5VQ?oc=5) · Colorado Springs Gazette
- 2022-09-08 [Edward McCreary Obituary - Colorado Springs, CO - Dignity Memorial](https://news.google.com/rss/articles/CBMikAFBVV95cUxOcXctcUZUQUNQMzZ6dnZOb1FrNDUtV0xuVkk3djlIWm1IV01wdG1XTklmTHhvbzV0MHotUFBQTGg0RFEzMXdjQ3puSFJ6VzJCYklxV0c1Z0tYV2Fobm5meUY4MGhtbm5DOGZxQ040T1VtN3N5bm9iTURqSTAxNk91ZTQ5ZjJ1RUtIZVdyY3diUFM?oc=5) · Dignity Memorial
- 2016-09-10 [NFL star Brandon Marshall dropped by sponsor for kneeling during national anthem - Sky Sports](https://news.google.com/rss/articles/CBMiygFBVV95cUxNXzNVelUtSmtabTNXV2ljd0llWXJRQTdpekczY241WXlNcmZMNVhyeWJfOXpWTWVSSlJLeGFnZVFnbElqbkR1QmRDMzdGU284OGRKa0lnMWpTbkM3Tkh6ODA0M0hDNk8tV2RFNUxCZDR5aUU3ZVNZakZpaFpkOEZURGlTd1hHRFdEQ2lFcnZWTy0yUlFsd2p1S3VvLVVGUnJ2UlZMN1pHM3VMb0FWWFJBN1JVdmxBeU5UbFFYR1hKZkV2em9JQmEzV01B?oc=5) · Sky Sports
- 2021-10-19 [Robert N. Link - Colorado Springs Gazette](https://news.google.com/rss/articles/CBMijgFBVV95cUxPMzY3VGZXYXhuRkFqUDZNWTc1ZTdwdThMdFVndDk2bkhDQ1QyMUFPU2owNEtlX0FWSWtQbXlCWWdheTlxdy1Nb0hZZ0lsMGVURWh4bms0QXE5WnNLMDNIVkg5cENQMHhoUGxHc3JkbFgtVWtSMU4wVDR0TXU0QlZJekxNek5MY01EZ29TcFNn?oc=5) · Colorado Springs Gazette
- 2021-10-29 [Jacqueline Livingston Obituary (1960 - 2021) - Colorado Springs Gazette](https://news.google.com/rss/articles/CBMimwFBVV95cUxQN0EzUnA5U1dPRkFuM3FiS2c5TVpHN0w1VU0wRTVtTkFqQnVkUmw5OXlKVkxtWjVhc25pdlBGeUNzZDBMRUN2NkxsbWR2c2U2c29TVTFrY3NWS1JCN196Vi16aEVTRTAzYjRsRUM3cnVZcTA5SjRJTVlaaTZRT3h3SWZYM3hNTUJRT2YzbVBydTM2YV9xWlhidkVvSQ?oc=5) · Colorado Springs Gazette
- 2009-04-23 [Donald J. Barrett - Colorado Springs Gazette](https://news.google.com/rss/articles/CBMikgFBVV95cUxOU1ZzMFpXcnBMd0JOOExFY3djRk5ZS0JNUXJrU3R4bm9STVh2YVZKMGp5TTJCaERQRWlLbXltWTV6aTB0cm5BQjh6NjJpWE5RUlNCN1A2TUM4VVk0NE5pZC1YX3dGNUdiM1VHYU55T2xPY3p1eFl5RkR5VGx6UXhBSUNSNWNmUUhPMTE4ZHp5enByUQ?oc=5) · Colorado Springs Gazette

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=10600 (every cell opens its formula and NCUA account codes; the News tab is the same search)
- Latest row, JSON: https://getbookiq.com/cu-intel/data/summary.json · history: https://getbookiq.com/cu-intel/data/h/40.json (key "10600", columns cycle, assets, loans, shares, networth, nwr, roa, total_dq_pct, total_nco_pct, vehicle, veh_pct_loans, indirect, ind_pct_veh, ind_veh, ind_re, ind_comm, ind_other, ind_pct_loans, loans_n, granted_n_ytd, granted_ann, loan_pen, granted_pen, avg_loan_bal, loans_per_fte, veh_part, tp_pct_nw, veh_dq_pct, veh_nco_pct, repo_pct_veh, members_yoy, ltos, cash_pct, borrow_pct, nim_pct, opex_pct, risk_score, members, fte, cash_total, invest_sec, allowance_eff, int_income_ytd, int_exp_ytd, provision_eff_ytd, nonint_income_ytd, nonint_exp_ytd, net_income_ytd, n_flags, re_pct_loans, cc_pct_loans, comm_pct_loans, cert_pct_shares, core_pct_shares, part_buy_ann, part_sell_ann, pot_members, sh_draft_n, chk_pen, fom_pen, flags)
- Participation history: https://getbookiq.com/participation-desk/#cu=10600
- Field definitions: https://getbookiq.com/dictionary/#cu-ltos and the rest of the credit union dictionary
- Source: NCUA 5300 call report bulk files. Income fields are annualized by cycle month (Mar x4, Jun x2, Sep x4/3, Dec x1). Percentiles are within the asset band in the same quarter.

---
Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide