# STATE DEPARTMENT
ALEXANDRIA, VA · NCUA charter 435 · asset band $1-10B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/state-department-435

Who the members are: federal charter, multiple common bond, organized 1935, low-income designated. 85,954 members of 377,153 potential (22.8% of the field); checking penetration 63% (share draft accounts per 100 members); loans per 100 members 65.

**Verdict on the desk:** this could be *participation buyer*. Composite score 1 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $2.94B |
| Members | 85,954 (-1.5% YoY) |
| Full-time staff | 227 |
| Net worth | $313.1M |
| Net worth ratio | 10.7% (p49 of band) |
| ROA (annualized) | 0.48% (p29 of band) |
| Total delinquency | 0.90% (p75 of band) |
| Net charge-offs (annualized) | 0.65% (p64 of band) |
| Loans / shares | 63% (p10 of band) |
| Cash / assets | 4.8% |
| Borrowings / assets | 8.84% |
| Net interest margin | 2.44% (p8 of band) |
| Operating expense / assets | 2.12% (p8 of band) |
| Vehicles % of loans | 14% (p19 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 31% |
| Third-party paper % of net worth | 81% (p35 of band) |
| Vehicle delinquency | 0.97% (p77 of band) |
| Vehicle NCO | 1.42% (p71 of band) |
| Repossessed % of vehicle book | 0.02% (p30 of band) |
| Real estate % of loans | 73% |
| Credit cards % of loans | 7% |
| Unsecured % of loans | 12% |
| Commercial % of net worth | 0% |
| Core shares % of member funds | 38% |
| Certificates % of member funds | 31% |
| Average share balance | $12,778 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | $153.8M |
| Loans outstanding per 100 members | 65% |
| Loans granted per 100 members, annualized | 7% |
| Average loan balance | $27,321 |
| Loans granted, annualized | $257.4M |

## Participation posture (from the same filings)

Bought $0 and sold $0 in the latest annualized quarter; $153.8M outstanding purchased (49.1% of net worth), $0 sold and retained. Sold in 0 and bought in 4 of the last 8 quarters. Shares 1.1% year over year.

## Flags firing in the latest filing

- **leaning on borrowings** (`str_borrowings`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 1 | leaning on borrowings |  |
| 2016-06 | 1 |  |  |
| 2016-09 | 2 | 3rd-party paper>100% NW |  |
| 2016-12 | 2 |  |  |
| 2017-03 | 2 |  |  |
| 2017-06 | 2 |  |  |
| 2017-09 | 2 |  |  |
| 2017-12 | 2 |  |  |
| 2018-03 | 2 |  |  |
| 2018-06 | 2 |  |  |
| 2018-09 | 2 |  |  |
| 2018-12 | 2 |  |  |
| 2019-03 | 2 |  |  |
| 2019-06 | 2 |  |  |
| 2019-09 | 2 |  |  |
| 2019-12 | 2 |  |  |
| 2020-03 | 3 | net worth falling |  |
| 2020-06 | 3 |  |  |
| 2020-09 | 3 |  |  |
| 2020-12 | 2 |  | leaning on borrowings |
| 2021-03 | 1 |  | net worth falling |
| 2021-06 | 1 |  |  |
| 2021-09 | 1 |  |  |
| 2021-12 | 1 |  |  |
| 2022-03 | 1 |  |  |
| 2022-06 | 2 | leaning on borrowings |  |
| 2022-09 | 2 |  |  |
| 2022-12 | 3 | delinquency rising |  |
| 2023-03 | 3 |  |  |
| 2023-06 | 2 |  | delinquency rising |
| 2023-09 | 2 |  |  |
| 2023-12 | 2 |  |  |
| 2024-03 | 3 | delinquency rising |  |
| 2024-06 | 2 |  | delinquency rising |
| 2024-09 | 3 | net worth falling |  |
| 2024-12 | 3 |  |  |
| 2025-03 | 3 |  |  |
| 2025-06 | 2 |  | net worth falling |
| 2025-09 | 3 | members leaving |  |
| 2025-12 | 3 |  |  |
| 2026-03 | 1 |  | 3rd-party paper>100% NW, members leaving |

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

- 2026-02-14 [State Department Federal Credit Union - Arlington Magazine](https://news.google.com/rss/articles/CBMihwFBVV95cUxQMmRERUpucE5YUFBnYUpFbm5XOUdwYUdRY3JlQUdkbldhYTNKN05lYkpPdXEyRVZBMk53S1ZpTG93cHhmRzlNQlZGa0ZNbG9Jc1NXemlLeXhVazZ5Wm11TnQzekwxSWFQSFhGQjhFeWlYdHdEdGZvaXlHUlE2X29LX2p6M1hyaFU?oc=5) · Arlington Magazine
- 2025-07-11 [State Department Federal Credit Union celebrates 90 years of member‑driven service - CUInsight](https://news.google.com/rss/articles/CBMiywFBVV95cUxONTVJYzRXY29ObGthMlR4NlJUeVV0bDhoZlpYNHhYemk4QkxkZWNCNmd0V01UUm1TVGhsUlRmTjNiejQ4aHRPVzNxTDlTYU5RZVFGdXNmaGVTQmpPdGZ6S20za2hUcWhpZE1iR1lsRThEajhOaGNXeGRSLUN5emVEY1U1enZMdkUtZjhxNUtDOXRFeDBEM3RXQ1B3bjNZT2t6ZDhPVXMxY2lLYjNJTXRSeG1ZeElLc0R1NEdjbUFXeXJmNUd4S3c5ZWRRMA?oc=5) · CUInsight
- 2024-01-12 [State Department Federal Credit Union appoints Rachel Rust as Chief Experience Officer and promotes Victor Hall to Chief Retail Officer - PR Newswire](https://news.google.com/rss/articles/CBMimwJBVV95cUxQbmpXbUM3XzRPa3dobFRGNkFxSk0tYkRyeWUtVGJYTHFWUjhSZTJ4ZFdqRzRYb3htR1FTcmFOdU5wQ0hNdG4zcGJobzhqTUIzNDE5Ykpjdko0OWszaUU4VUdwZ0dsZ3lLV25HaGxZU0xkUzBqYTZ1SjY3RjN4M3NBOUZuX0tKNF91NERJOGN0SEhjcFEyQ212X004bTlDSEVVU0F0XzZhSm12eW40N1FLWW1fQ3hOdlZvZ3pCcFpOUXNqLTVaWW5QVHlOTXYwMDlnaGxEQUR6TUhGdkt6WkdrVlI2WXlqNjJOV3UzaVlOX2JpdS1ndlhmQVFzZVhObjN6UkVUNzZqT1AxQTBQVEtKNmRpS2tMOEJpYmo0?oc=5) · PR Newswire
- 2025-10-24 [‘Maximum pain:’ Many federal employees miss their first full paycheck under shutdown - Federal News Network](https://news.google.com/rss/articles/CBMi2AFBVV95cUxPQkl5Zm0tcl84bWg4bEt0U0dNb1I2dm9EX2paUWluVEJmZ1RHSkFuZW1nSGJ3QW1JdFppenJfR2hoUG4zeFM2QUZGT0JVaEpNbk1UQmFNQkVVeGR3S2tfTVZaa2p2bUJvc1JSREw2MEdFNTg3eW96bWlQbmRUVmpyR1J1Z2FIZm5LUklybEktUkZSb0duMV9tZE82SEZya2lFc0lsUHlFUlFrZW5HbDFzUVNMZ1ZlUEhGWEhxdTRad3oydVdrUzJESHNESU5zeURBUmg0RnhOZWI?oc=5) · Federal News Network
- 2025-07-11 [State Department Federal Credit Union unveils renovated Alexandria branch in 90th anniversary celebration - ALXnow](https://news.google.com/rss/articles/CBMi1wFBVV95cUxPUGpaaGljVzBwZ1I5UjZBYm40LUVMX2J0Tkl1QlpCMWF6bzRFM200aWI0Qlh4V3E4WXV3czRZTHZ1VXk2Z1FDVVBsSkR4SU1haFdqSklhcmhhclRscmF1SE04MU40SW5Ld3IxbGhUdjhqWnVJc1d1dnpBYkRSQjQwWm80aEVZby1rQmZQZ1VNT1lKSXhmdU1fVVFvd1gzajJNVmt0Y2Y3aUNhR2FZNm5taTlNYWtta3Z1R2NYczByQ2NPU29KWHZaUW0wU1NjQUZJcWRxMnhHWQ?oc=5) · ALXnow
- 2025-10-23 [West Virginia Medical Marijuana Revenue Is Supposed To Support Drug Treatment Programs, But Sits Unspent As Officials Worry About Federal Prohibition - Marijuana Moment](https://news.google.com/rss/articles/CBMijgJBVV95cUxPYWNlaDRlbFFsemZ4eTcycXI4dks1OWZJNDlocDVVZlB0WjdxWnB2MkZJVDNvOXNWdUFzb3FTM1lOUzFDLWtReW1LMGlmVC0yZnRVai1iV1hudXcyNEJFQ1BjNWdqTm15blJIbXBSUUtSRk1jNXhiTmU3VWdzdU83alZoV21DT1FFLUpYakNvbW4xOThTNmdOY1BaU2lYbDNYSjVNd014QkFsWk5zM3hHRWgxV2tKTXRtX2lMNXJwQk5KWXExQXVmTFd1T2tQRmdpVld4aHAzRDBrX3VwXzlpdExYSWJLOWRFSmZZWHMwN3ltZllJOVg3X3FTbDF1MkY5akR3MnJzVjhGMmdMTlE?oc=5) · Marijuana Moment
- 2025-10-30 [How the shutdown has hit D.C., by the numbers - The Washington Post](https://news.google.com/rss/articles/CBMihgFBVV95cUxPRm5uVXZ5SFB1S1kteXk5X3RhQkMyWHJIeW13a251Ti1EanhLd2dxbHQxUnY5cXN0ZWpsZnlqaU81eDdqZDZaOFlxWU16ZmZFOWtHTnhsbHpXWnMzZjNxamRNN2o1a3ZZWHNvcmVhN0dEQUduS1d0Qk1TN3pUbzB3dFlDdEFvZw?oc=5) · The Washington Post
- 2024-12-19 [State Department Federal Credit Union (SDFCU) Launches New Digital Banking Platform - PR Newswire](https://news.google.com/rss/articles/CBMi0wFBVV95cUxQaVd6RWZhVHBlajFTVEc4TTliX2RMbnB2Q3lmTHNla3FtenhCbDZOb2hTTXY5dDFjaHdEZ1A0SHJrN3pPcW5SUDZjTjlvY0JEMU5nTXQ4YXcwR2tuNmpMWWJOcm42NjZLay0zZENlV3JVR3pxMzhGb0R1VXljZGtCYV9Mb0NHcTlmTy1SZjNwc1c2VnRJLURmRGhwQjJRWHRKb2Z2TkxrUTY2OUdETi1BU0lWOVlSQS10ZV9ZTU1Hd3hOSEo1eFd0TWZoaUZWM2dzeFg4?oc=5) · PR Newswire

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=435 (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/51.json (key "435", 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=435
- 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