# BLUESTONE
Sioux Falls, SD · NCUA charter 2874 · asset band $200-500M · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/bluestone-2874

Who the members are: federal charter, community charter, organized 1938. 11,714 members of 857,107 potential (1.4% of the field); checking penetration 78% (share draft accounts per 100 members); loans per 100 members 82.

**Verdict on the desk:** this could be *participation 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 | $212.6M |
| Members | 11,714 (2.9% YoY) |
| Full-time staff | 62 |
| Net worth | $19.3M |
| Net worth ratio | 9.1% (p16 of band) |
| ROA (annualized) | 1.05% (p74 of band) |
| Total delinquency | 0.71% (p60 of band) |
| Net charge-offs (annualized) | 0.42% (p52 of band) |
| Loans / shares | 66% (p34 of band) |
| Cash / assets | 16.6% |
| Borrowings / assets | 0.00% |
| Net interest margin | 3.61% (p54 of band) |
| Operating expense / assets | 4.85% (p92 of band) |
| Vehicles % of loans | 55% (p86 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 25% |
| Third-party paper % of net worth | 152% (p72 of band) |
| Vehicle delinquency | 0.52% (p48 of band) |
| Vehicle NCO | 0.61% (p50 of band) |
| Repossessed % of vehicle book | 0.06% (p64 of band) |
| Real estate % of loans | 28% |
| Credit cards % of loans | 4% |
| Unsecured % of loans | 6% |
| Commercial % of net worth | 0% |
| Core shares % of member funds | 56% |
| Certificates % of member funds | 12% |
| Average share balance | $6,812 |
| Participations bought / yr | $0 |
| Participations sold / yr | $26.3M |
| Participations outstanding | $13.1M |
| Loans outstanding per 100 members | 82% |
| Loans granted per 100 members, annualized | 20% |
| Average loan balance | $12,369 |
| Loans granted, annualized | $92.5M |

## Participation posture (from the same filings)

Bought $0 and sold $26.3M in the latest annualized quarter; $13.1M outstanding purchased (67.9% of net worth), $730,331 sold and retained. Sold in 8 and bought in 6 of the last 8 quarters. Shares 2.7% year over year.

## Flags firing in the latest filing

- **expense trap** (`earn_opex`)
- **3rd-party paper>100% NW** (`str_thirdparty`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 2 | thin capital, expense trap |  |
| 2016-06 | 2 |  |  |
| 2016-09 | 2 |  |  |
| 2016-12 | 2 |  |  |
| 2017-03 | 4 | losing money, members leaving |  |
| 2017-06 | 4 | delinquency rising | losing money |
| 2017-09 | 2 |  | members leaving, delinquency rising |
| 2017-12 | 2 |  |  |
| 2018-03 | 2 |  |  |
| 2018-06 | 2 |  |  |
| 2018-09 | 2 |  |  |
| 2018-12 | 2 |  |  |
| 2019-03 | 4 | net worth falling, losing money |  |
| 2019-06 | 2 |  | net worth falling, losing money |
| 2019-09 | 2 |  |  |
| 2019-12 | 3 | delinquency rising |  |
| 2020-03 | 3 |  |  |
| 2020-06 | 4 | net worth falling |  |
| 2020-09 | 3 | margin squeeze | delinquency rising, net worth falling |
| 2020-12 | 3 |  |  |
| 2021-03 | 4 | net worth falling |  |
| 2021-06 | 3 |  | net worth falling |
| 2021-09 | 3 |  |  |
| 2021-12 | 2 |  | margin squeeze |
| 2022-03 | 3 | delinquency 2x band, delinquency rising | thin capital |
| 2022-06 | 2 | thin capital | delinquency 2x band, delinquency rising |
| 2022-09 | 3 | 3rd-party paper>100% NW |  |
| 2022-12 | 2 |  | 3rd-party paper>100% NW |
| 2023-03 | 3 | 3rd-party paper>100% NW |  |
| 2023-06 | 3 |  |  |
| 2023-09 | 4 | members leaving |  |
| 2023-12 | 4 | assets shrinking | members leaving |
| 2024-03 | 3 |  | assets shrinking |
| 2024-06 | 3 |  |  |
| 2024-09 | 2 |  | expense trap |
| 2024-12 | 4 | expense trap, delinquency rising |  |
| 2025-03 | 4 |  |  |
| 2025-06 | 3 |  | delinquency rising |
| 2025-09 | 4 | delinquency rising |  |
| 2025-12 | 2 |  | thin capital, delinquency rising |
| 2026-03 | 2 |  |  |

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

- 2026-04-29 [Credit union opens microbranch - SiouxFalls.Business](https://news.google.com/rss/articles/CBMia0FVX3lxTE1ueXo0ZVFiR25QX24xdGRBSklQRUJULVE1QTREQnhxaTJUN0FtQzlWZ3hsa1RkX1NPWEZtcGRqLTRSU3lrTU53cEFqMHRiclBxMkk4cVBwQktpWG04M1paeFVuOVBLaW5RWTRJ?oc=5) · SiouxFalls.Business
- 2025-09-24 [Credit union to open microbranch - SiouxFalls.Business](https://news.google.com/rss/articles/CBMibkFVX3lxTE5mVzg2QUt6WGJHS1hVV3BQZDI5bTE1eVFmZ2VLT1JuT0tjNEx0ckh6OEdyTUQ4MXlCNkhVYndkVjNOckVaLUMwQlJsdHdJcmhzNWFmRkpmcGlTMDlFc0hRZXJSUUpUWkdOaTczNlRB?oc=5) · SiouxFalls.Business
- 2021-07-22 [Sioux Empire FCU has New Name, Brand - cutoday.info](https://news.google.com/rss/articles/CBMifEFVX3lxTE5TVGdJZzg0RnB6MzUxLTl2bkM2MW8wYjJLazlCQzFMZkFiOHNMbGo2VV8xYmhCYnhOb0tUWFZOQjVRM01jb1Y3Qjh4ekl1aTFYYkYtSDd5aWt3MGxUS19nRmlqNXhQNG1nakJhODA4N1JFcnc4dlczTG9sX1c?oc=5) · cutoday.info
- 2024-01-08 [Why credit unions aren't automatically picking FedNow - americanbanker.com](https://news.google.com/rss/articles/CBMingFBVV95cUxPOUZSUHBQbEQ0NVRtR0d2Yk5ER1YzZ25vcTNTaTMwWHJIWUNvdFo5RW9FanZfSVhReXMxaHdZZ0U3cGlZMEx4YlB1OXNwR3p5MXhlbmdDV0lKNE5ESnNYWUN4TFBIS3JwSmYwMFp2U2ZwWnBoRU5aWk5XZzVqYjgxaW9Tai1ZOW5JYVljc1lSMkQxVjhFZUFDaG1yLUF1QQ?oc=5) · americanbanker.com
- 2025-12-22 [No new pennies, no new bills in SD 2026 session - KELOLAND.com](https://news.google.com/rss/articles/CBMimgFBVV95cUxORlFhaVh4TGhmanF6R3VpaVpXNnlWTXIzYlF2alhlbmRuTU1QdlZnd3FoMmFNTG5tSUI0YXc1NnU1OUVnSnp3aGwxNDlfdU9RcmtyeFl6TXFmX21HVUFqMmhkNHVCeWpzUWlEd2RTQmxNSGVnQ3V5ZmdreWJPZ3d6Qng4TTU1OUdoWmtzUUs3NHptTHo5Y3RBZ0Rn0gGfAUFVX3lxTE5CQ2c3eFYyaElGa1pVWDZ3MXZQbldad0hhamVjbW5Idm5QRFFtRkJKd0dpZDFfSjVBaVdSQ2w1VjlheHAxUDNFYS1reTNIeU8yeXpWYjlKRUhvUjhQZ2otVDc3dlFJSUs1QUZRSHVnMzJveTVwWm5QczFyOE5hd0RxTjcyaUJqZ3BuMnc3WUNSR2pxSEg3Tl8tblZUSWxOOA?oc=5) · KELOLAND.com
- 2024-04-08 [Credit union marketing leader loves ‘telling the world’ about her industry - SiouxFalls.Business](https://news.google.com/rss/articles/CBMiowFBVV95cUxQNy1ZYUtZUUFKQjJYOXBZdE9ZMEMtYVp3UDRlZmRhQmJTTjBHQ01OUXZFUUhBc1l3T0p5d0hqOGpRUk1XejJGMG5CbEJKWDEyWHJmWTBkTEZZaU9XZDdtRjlTRVNBTWVIQmRCa2RoRnRKLTBOWW1MSWtTNkFfd0JvTFpLa2JWbjZJU2l3R0UtUnVzLVZZaEFMc1djMFZfN3IwOVhJ?oc=5) · SiouxFalls.Business
- 2022-02-10 [Credit unions rebrand to represent evolution, future direction - SiouxFalls.Business](https://news.google.com/rss/articles/CBMilAFBVV95cUxNMDlmeHdDcjNuRlpXWnpZcXhGcWlSTjVLMWd0Slk4Q1pCdmpRcUdiOGp6SzlPWXhUUUlMeVB0VEJCMEhmY3lSSm1rR0dVdFcwcEhjbUZPMmhfM0E3RWJuelRpRHIzWGdPVHJGVlFTUUF4N3diUmlyTnM2TjVUY2tLRF9uNWpPc3lzRVRZNnkyMFVGVFly?oc=5) · SiouxFalls.Business
- 2024-06-18 [Credit union announces next president - SiouxFalls.Business](https://news.google.com/rss/articles/CBMidEFVX3lxTFBqOHUxOG1LVWRjMVhmU1pqTXQ0VTJJd3ZNNlRvM1Jsek5xeFhqc0pseGNwMm1BdXdXVml2UE14V040Q2I5cjFTa1NGeTZlVlMzcV9yOTd0NHd0RHBKT0xvVHBWSUxiakJfU0NidHB5Q3JpNUd2?oc=5) · SiouxFalls.Business

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=2874 (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/58.json (key "2874", 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=2874
- 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