# FREEDOM FIRST
Roanoke, VA · NCUA charter 11111 · asset band $1-10B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/freedom-first-11111

Who the members are: federal charter, community charter, organized 1956, low-income designated. 62,937 members of 894,538 potential (7.0% of the field); checking penetration 47% (share draft accounts per 100 members); loans per 100 members 39.

**Verdict on the desk:** this could be *indirect buyer*. Composite score 3 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $1.22B |
| Members | 62,937 (0.5% YoY) |
| Full-time staff | 226 |
| Net worth | $131.0M |
| Net worth ratio | 10.7% (p52 of band) |
| ROA (annualized) | 0.56% (p37 of band) |
| Total delinquency | 0.40% (p26 of band) |
| Net charge-offs (annualized) | 0.16% (p12 of band) |
| Loans / shares | 104% (p95 of band) |
| Cash / assets | 4.4% |
| Borrowings / assets | 9.34% |
| Net interest margin | 3.07% (p35 of band) |
| Operating expense / assets | 3.61% (p71 of band) |
| Vehicles % of loans | 16% (p24 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 87% |
| Third-party paper % of net worth | 112% (p42 of band) |
| Vehicle delinquency | 0.52% (p43 of band) |
| Vehicle NCO | 0.84% (p41 of band) |
| Repossessed % of vehicle book | 0.07% (p50 of band) |
| Real estate % of loans | 28% |
| Credit cards % of loans | 1% |
| Unsecured % of loans | 2% |
| Commercial % of net worth | 422% |
| Core shares % of member funds | 41% |
| Certificates % of member funds | 13% |
| Average share balance | $9,464 |
| Participations bought / yr | $0 |
| Participations sold / yr | $8.0M |
| Participations outstanding | $36.9M |
| Loans outstanding per 100 members | 39% |
| Loans granted per 100 members, annualized | 12% |
| Average loan balance | $42,084 |
| Loans granted, annualized | $229.1M |

## Participation posture (from the same filings)

Bought $0 and sold $8.0M in the latest annualized quarter; $36.9M outstanding purchased (28.1% of net worth), $37.2M sold and retained. Sold in 8 and bought in 2 of the last 8 quarters. Shares 1.5% year over year.

## Flags firing in the latest filing

- **loans>95% of shares** (`str_ltos`)
- **leaning on borrowings** (`str_borrowings`)
- **3rd-party paper>100% NW** (`str_thirdparty`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 3 | loans>95% of shares, leaning on borrowings, 3rd-party paper>100% NW |  |
| 2016-06 | 3 |  |  |
| 2016-09 | 3 | net worth falling | loans>95% of shares |
| 2016-12 | 2 |  | net worth falling |
| 2017-03 | 2 |  |  |
| 2017-06 | 3 | loans>95% of shares |  |
| 2017-09 | 3 |  |  |
| 2017-12 | 4 | net worth falling |  |
| 2018-03 | 3 |  | net worth falling |
| 2018-06 | 3 |  |  |
| 2018-09 | 3 |  |  |
| 2018-12 | 4 | net worth falling |  |
| 2019-03 | 5 | thin capital |  |
| 2019-06 | 4 |  | loans>95% of shares |
| 2019-09 | 3 | loans>95% of shares | net worth falling, thin capital |
| 2019-12 | 3 |  |  |
| 2020-03 | 3 |  |  |
| 2020-06 | 4 | net worth falling |  |
| 2020-09 | 3 |  | net worth falling |
| 2020-12 | 3 |  |  |
| 2021-03 | 2 |  | loans>95% of shares |
| 2021-06 | 2 |  |  |
| 2021-09 | 2 |  |  |
| 2021-12 | 4 | thin capital, net worth falling |  |
| 2022-03 | 4 |  |  |
| 2022-06 | 3 | loans>95% of shares | thin capital, net worth falling |
| 2022-09 | 3 |  |  |
| 2022-12 | 4 | net worth falling |  |
| 2023-03 | 4 |  |  |
| 2023-06 | 4 |  |  |
| 2023-09 | 4 |  |  |
| 2023-12 | 4 |  |  |
| 2024-03 | 3 |  | net worth falling |
| 2024-06 | 3 |  |  |
| 2024-09 | 3 |  |  |
| 2024-12 | 3 |  |  |
| 2025-03 | 3 |  |  |
| 2025-06 | 3 |  |  |
| 2025-09 | 4 | members leaving |  |
| 2025-12 | 3 |  | members leaving |
| 2026-03 | 3 |  |  |

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

- 2026-09-01 [Freedom First discusses navigating major financial milestones - WDBJ7](https://news.google.com/rss/articles/CBMimwFBVV95cUxQN2txdGlqTndNbncxalpFZjRhazhjUFlya3lkQzhIMW9HWnBZMWdZMHNKaUhOQ1p5M0htdnZzUG44alp3RldqbUFuQUJ6TUNBaHplUnVCbWJQbFBlVG52RWRlUERTSlBiRTZfYlNwb08xTkNsTEtxWDBnS3RYM3VvTUtMMVRpcTVDbk92UGlIVVV5eDNEYUl6QWduONIBrwFBVV95cUxPYXFsbUpEQkF1aTFqb3FtYlNqcmExaUg2SlJSVEFNbG9peUVLY1FBWm9sblFNeGg4OEQxTllHTVVoRjlucDdJZUdNVXZiY052UnE5b0pIOGxtOTZ2RGNtX0pMeTl6akk0dkRvT25UM1RfNlc3X3IxRTRkWHZHd0NSU09ORzY2d283SV9wcHhuZ285dHlPQVJZR0hjTXBLTnJvV1cweW9OR2E1YnFMNm80?oc=5) · WDBJ7
- 2025-10-29 [Freedom First credit union CEO to retire in 2026 - Virginia Business](https://news.google.com/rss/articles/CBMihAFBVV95cUxPRGxkbDliUFJzOVFnM0JMc2lHWEhQU19tQ3FidHlJZTViendqaUpMbFBVTkxJcnRucXo5OUoyMkJISk9ES0dHWEExdzlDaHZJRlUwV0wxNzBueVFhZEgtNTBEamV2Z184d0llZ3MxU1YwRmNkQjM1MVJVakQwSFhYcmx1TjM?oc=5) · Virginia Business
- 2025-10-29 [Freedom First announces CEO retirement and selection of new CEO - CUInsight](https://news.google.com/rss/articles/CBMipwFBVV95cUxQYXRMeENwZXR6RHVzTWpvcGJHV21xSGZ2c3dxMWQ5Z0tMbXZmY3YtN0pyVlAzekUxR2RLWjNmS1BnaDV0c09iV2JWeEpBNlVocGxKUEhDdnFEaTlrWDk0Ym9wMUgzT2UtWk96aE9WeEpJemlhaFJLZ1NrMlhLYjRjbXBUbUFoTTlSZXNqbjAzLVNvTVMydHRVYUlVUGRQWW03dXhPYy12QQ?oc=5) · CUInsight
- 2026-07-17 [Freedom First Credit Union and Feeding Southwest Virginia Food Drive - WDBJ7](https://news.google.com/rss/articles/CBMipwFBVV95cUxQQzByRzVIbUZDNW1XZmlDaUhVbWpfRkN4Qk5VZmVjRFhoVXlQdnVfeDRCRFRhTnZxcDhwNTRiWVVUXzlGZEhBenpiQUZrQ01UcEJ5cFRrWEc3ZndoQm9fRnFZNVM1WHdkbWFlY2dVeW1BWVl0RDhERnJ5TjBfTXpBblluZ1R1R0czaXlwS3pwOTU2SF9QOGVlUGtySHJJc0x2TTNKeFJsaw?oc=5) · WDBJ7
- 2025-12-16 [Investing in Roanoke’s Future: Freedom First Powers New Downtown Concert Venue, Restaurant and Hotel - The Roanoke Rambler](https://news.google.com/rss/articles/CBMiyAFBVV95cUxOSVUwSkVLVFFsSENPd2JtUDJRMW5LbDEyeGFqTEZFU2JzdWFUbDM3MjNXT2RpODhRcHpqQ1hUem1oSHlpRFZNTEowcFJ6NjBIa2I1YkhHY0x4ZThERGJRak90ZDlDX3lVRFdHRTN2VjhMTzRZbHRDbDVwdTZpajZIYWx4NF9wRnI2bUJ4RXAtWjlzbV9yUTZVdnJsWlBSY3RVUGc1ZTFQQ3JIWnd4S3A2RFplS0pOMFFRVDh4bUg1Zzgxdnd2SnBhdA?oc=5) · The Roanoke Rambler
- 2025-10-29 [Freedom First Names Linda Johnson as Next CEO as Paul Phillips Plans Retirement - CUTimes](https://news.google.com/rss/articles/CBMitgFBVV95cUxON3h3RzJnV1U3bjFSLXBDeFVscmFaUGI0QlN5R3I1am81cTZUTXNZQVpWMHNJUV95SzY2MS0zVVNpUmNLaHZzbXhWRDdmcVBZYkV2cnZYRHhKdnNrSW9XZFVEQUx5cF9NUXZVUlhaTmM3WGxmRmhjVU9rX3FKdkRWU3NxbGpnWWlwdERRYnBZUE8zQUxfaVhrRWhPZWJNTDhDeWp0VjNlREVRbE9vSW55aG95TFVWdw?oc=5) · CUTimes
- 2026-07-15 [Freedom to Give donation drive aims to fight food insecurity in Southwest Virginia - WDBJ7](https://news.google.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?oc=5) · WDBJ7
- 2026-07-09 [Freedom First kicks off Freedom to Give Donation Drive - WDBJ7](https://news.google.com/rss/articles/CBMijgFBVV95cUxPUTVEaGpwbnhpRG5ZWl9sTnlGeG03RnUwMjRKTGRzbnJVQjVBQkt3dlp6Qm4weHVGeHh2V2E2U0dFTWFzMjVadzBqaUVsSXliSnBjQVhLc0hBX0tCaHk1anU2MUFSTGpXdF9nTkdLRm44RzFubEdTeDVaVFRwcnJ6MkpfZWpiWkJieV94a1VB0gGiAUFVX3lxTE1Va09BQk9zS3JVMURyVWtKQkp0MHRhTHlmRUM0LU16cWpaZzkyeEQtTmphdFh4c053Z2s3MDFnVVYxZm9GQnNKYXdwbFZGU1ZlM3RNeTNoVXlWTDBLQmxyRFZkQXNUSnEzeTdXd09tNjV4RUUtelduTUhnRDJEUVJGbmFOVS1LeHBkR0VoUmJDNXlpZ2hvYkRnSnNVblotZkZHQQ?oc=5) · WDBJ7

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=11111 (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/39.json (key "11111", 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=11111
- 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.

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