# MICHIGAN STATE UNIVERSITY
East Lansing, MI · NCUA charter 23279 · asset band $1-10B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/michigan-state-university-23279

Who the members are: federal charter, multiple common bond, organized 1979, low-income designated. 399,480 members of 10,077,331 potential (4.0% of the field); checking penetration 68% (share draft accounts per 100 members); loans per 100 members 74.

**Verdict on the desk:** this could be *indirect buyer*. Composite score 4 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $8.51B |
| Members | 399,480 (5.6% YoY) |
| Full-time staff | 1357 |
| Net worth | $712.4M |
| Net worth ratio | 8.4% (p7 of band) |
| ROA (annualized) | 0.28% (p14 of band) |
| Total delinquency | 1.12% (p84 of band) |
| Net charge-offs (annualized) | 0.88% (p80 of band) |
| Loans / shares | 92% (p68 of band) |
| Cash / assets | 3.7% |
| Borrowings / assets | 7.79% |
| Net interest margin | 3.68% (p76 of band) |
| Operating expense / assets | 3.58% (p69 of band) |
| Vehicles % of loans | 19% (p31 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 50% |
| Third-party paper % of net worth | 202% (p67 of band) |
| Vehicle delinquency | 1.97% (p96 of band) |
| Vehicle NCO | 1.66% (p78 of band) |
| Repossessed % of vehicle book | 0.00% (p11 of band) |
| Real estate % of loans | 39% |
| Credit cards % of loans | 8% |
| Unsecured % of loans | 15% |
| Commercial % of net worth | 126% |
| Core shares % of member funds | 32% |
| Certificates % of member funds | 29% |
| Average share balance | $6,500 |
| Participations bought / yr | $20.0M |
| Participations sold / yr | $135.9M |
| Participations outstanding | $59.6M |
| Loans outstanding per 100 members | 74% |
| Loans granted per 100 members, annualized | 18% |
| Average loan balance | $21,825 |
| Loans granted, annualized | $2.04B |

## Participation posture (from the same filings)

Bought $20.0M and sold $135.9M in the latest annualized quarter; $59.6M outstanding purchased (8.4% of net worth), $84.0M sold and retained. Sold in 7 and bought in 4 of the last 8 quarters. Shares 3.8% year over year.

## Flags firing in the latest filing

- **thin capital** (`cap_low`)
- **net worth falling** (`cap_falling`)
- **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 | 1 | 3rd-party paper>100% NW |  |
| 2016-06 | 1 |  |  |
| 2016-09 | 1 |  |  |
| 2016-12 | 1 |  |  |
| 2017-03 | 2 | net worth falling |  |
| 2017-06 | 1 |  | net worth falling |
| 2017-09 | 2 | leaning on borrowings |  |
| 2017-12 | 2 |  |  |
| 2018-03 | 2 |  |  |
| 2018-06 | 2 |  |  |
| 2018-09 | 3 | loans>95% of shares |  |
| 2018-12 | 3 |  |  |
| 2019-03 | 3 | net worth falling | loans>95% of shares |
| 2019-06 | 3 | loans>95% of shares | net worth falling |
| 2019-09 | 3 |  |  |
| 2019-12 | 3 |  |  |
| 2020-03 | 3 | net worth falling | loans>95% of shares |
| 2020-06 | 3 |  |  |
| 2020-09 | 2 |  | net worth falling |
| 2020-12 | 1 |  | leaning on borrowings |
| 2021-03 | 2 | net worth falling |  |
| 2021-06 | 1 |  | net worth falling |
| 2021-09 | 1 |  |  |
| 2021-12 | 1 |  |  |
| 2022-03 | 1 |  |  |
| 2022-06 | 2 | delinquency rising |  |
| 2022-09 | 3 | leaning on borrowings |  |
| 2022-12 | 3 |  |  |
| 2023-03 | 4 | net worth falling |  |
| 2023-06 | 4 | losing money | delinquency rising |
| 2023-09 | 3 | loans>95% of shares | net worth falling, losing money |
| 2023-12 | 4 | delinquency rising |  |
| 2024-03 | 6 | net worth falling, losing money |  |
| 2024-06 | 7 | thin capital |  |
| 2024-09 | 7 |  |  |
| 2024-12 | 6 |  | delinquency rising |
| 2025-03 | 5 |  | loans>95% of shares |
| 2025-06 | 4 | delinquency rising | net worth falling, losing money |
| 2025-09 | 3 |  | delinquency rising |
| 2025-12 | 3 |  |  |
| 2026-03 | 4 | net worth falling |  |

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

- 2026-06-15 [Michigan State Athletics, MSUFCU announce jersey patch sponsorship - Michigan State University](https://news.google.com/rss/articles/CBMifEFVX3lxTE9ESzlnVUNLS3Jocm1uczBtUm9lU3N0MFBtWkRZWWlZTkdqdDVZbXdaNHVCTW9FTVk4ZHEwSXJGMmVqWEtNUTJfZXFGd3ZwRUVGdWYydXhfWFNVODhHaHcyeTU3UUZWbzhLVVBIUS1pQ0tIeDMyaHpSX0dDVUQ?oc=5) · Michigan State University
- 2026-04-30 [MSU Federal Credit Union plans 2 new Grand Rapids branches - Crain's Grand Rapids](https://news.google.com/rss/articles/CBMilgFBVV95cUxOX2lCTDlRYUNuUnRDVGllcUN2MWVWYTllc3gxMzB1djNXOTZZNTNnSjFEWnlGTGhTOHVUTmwxeHdlSVJUbEJlY1o3WjVrWGtMMFhfM016NGJiQzhtNjVFcldjdXNiT21LMjJ5TmFrUDVXMmM2ZW13REhFZ0FxWVFibmd5MUZhalZhUTAwMmdQdnJOdkY5ZFE?oc=5) · Crain's Grand Rapids
- 2026-06-02 [MSU credit union completes $75M debt sale to fuel growth - Crain's Grand Rapids](https://news.google.com/rss/articles/CBMihwFBVV95cUxOWUE1R0RubEdMQ3BGRjBGb3Z4dGt6UzBka05fc1R6bWNSeTQtam85SG90b2xCV0otZXR5RnlXUmxvYmgyVGk2ck0wTllXbWljNnpPZXVJYjNyQlVZREFmVUtnVG9jUG9BVkpXRDFUcmtEN2JkQTNNMnlsWFZIeU12aXMxaURFR3c?oc=5) · Crain's Grand Rapids
- 2026-03-03 [MSU Jazz Orchestras to perform with legendary drummer Harvey Mason - Michigan State University](https://news.google.com/rss/articles/CBMiekFVX3lxTFBLOWZZaklnZUh1aU1lLW9zb0NtSWxSSFVzaXNaZG1VX3VLbHF0T3IwV1k3cjFLbDVBNGw0eURHb2VySnlleGJtZzRYdDNUZkNLeEcwWVc0ZURNMFozQXAyQU9nVEtzbHFqNmwxM2MxcE9KN1lQR2hNeXVn?oc=5) · Michigan State University
- 2023-07-17 [MSU Federal Credit Union announces expansion plans in Chicago - WILX](https://news.google.com/rss/articles/CBMilgFBVV95cUxOUGpHUmU3T01XQXQ3YTJHWGFJTXg0WHFMYnFjaUlXbXVINE5Id3JzYjl1MEVWZUh5Sjk2QmVFMEVSRkxBT3RvaVV5T1dnOTByN3o5RHcyTUJ5eFc3MlAyNlRiTFZzUXFzcWxKc0Q2Z2hpSjAzTkdMdm9RR0JCWTFmSHNQcHlZUWNyczNvRW1obXM0RWp4S1HSAaoBQVVfeXFMTlZ1cnhMSVhJQjQwM3dCYzB0RWJlTk1TYWxZU0xQRGQyLWxNUkw3b09MMUJzUW1iSkNTb3lCU2c1cmhFMUZUX0JNX2c2TVFwRk1lLW1KQmhPb0Zzd0lxVW1wZVp5cGtIYmlvLVJ4UGZjUnNsSUpBSElROXR1MVcyWkYzVkIySmJUSXpNbFZsc2hMc2FrWUFHWXpBM29NOFlseUxBV3gxVEZRSHc?oc=5) · WILX
- 2024-02-20 [MSUFCU to open new branch at Sparrow Hospital - wkar.org](https://news.google.com/rss/articles/CBMikAFBVV95cUxPOGV6cGEzSzFEVWh5QmdGS3ZqVGl4di1sU0R4NGEtd2J3VTl0T0FHa0VjbkxBcGMtNlBnMVoxdGJucVE1UjM1eVBHQnBEODBLUlRPN1Z3SnFHU3NSWGFZeER2WUg4clRRdDk5Vnk5ZmEtZzVGWG43dURoUW9yeWRXX0F1VUtQVDN1Q09WSXBxcmk?oc=5) · wkar.org
- 2026-03-28 [Here are the candidates Republicans backed for key Michigan offices - detroitnews.com](https://news.google.com/rss/articles/CBMi1gFBVV95cUxQc0lLRWloVTZUOGxUTEFtYmpCMWQwUnFIa2JXRlktWnFoNnJ5YmZRckEzLWVNbElYVmY3alFxajFVZXQyWDZKU0tlYjJzNnlNTDdOcUJEbjlwZE1mRW03YVJycHFnMDdGanJxZGFOTTBrVzZnWHYyeHVzOWVBaGNXTlBaTmc4VzdTSS1pVjZIV0FBX1ptSUtSbnpHTm9LY3V6YTVsSVZjOFZOYUNBTVJ6S25RUF9jbXN3b3VCNldYNjZtbGVwLS00cG1JLXNleDUxUktBelBn?oc=5) · detroitnews.com
- 2022-11-22 [How MSU Federal Credit Union started in an East Lansing college desk 85 years ago - Lansing State Journal](https://news.google.com/rss/articles/CBMiygFBVV95cUxQMEpIcTNQWFBieTFNNS1mYVk1Ml9NRURQa0RZOWFBYkFwWG9NeF9CRVV5dnlLVzl4T2R6clJFQnBBSFdyWXlrWThvRnpXeGYtWVJKZmh2bkRGZHRWdWxpX215Um5acjJHZ1lBcXRuUVNCQWFCR21vNFcyY0l2TXZIb3QwYnVtV1lRNTJ0TzVNQWI1M0lzbFlJZlBGN19EY1lfOUtLTHNrc2xqOTZkNTdxRUF5Y2k4TEJNTEE3cEhDWDFDN1JzdExRd01n?oc=5) · Lansing State Journal

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=23279 (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/47.json (key "23279", 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=23279
- 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