# TWO HARBORS
TWO HARBORS, MN · NCUA charter 5721 · asset band $100-200M · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/two-harbors-5721

Who the members are: federal charter, community charter, organized 1948, low-income designated. 4,276 members of 30,000 potential (14.3% of the field); checking penetration 78% (share draft accounts per 100 members); loans per 100 members 144.

**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 | $120.9M |
| Members | 4,276 (-0.7% YoY) |
| Full-time staff | 14 |
| Net worth | $16.8M |
| Net worth ratio | 13.9% (p76 of band) |
| ROA (annualized) | 0.63% (p45 of band) |
| Total delinquency | 0.14% (p11 of band) |
| Net charge-offs (annualized) | 0.13% (p25 of band) |
| Loans / shares | 76% (p62 of band) |
| Cash / assets | 29.9% |
| Borrowings / assets | 0.00% |
| Net interest margin | 2.94% (p12 of band) |
| Operating expense / assets | 2.64% (p17 of band) |
| Vehicles % of loans | 39% (p55 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 0% |
| Third-party paper % of net worth | 152% (p79 of band) |
| Vehicle delinquency | 0.23% (p24 of band) |
| Vehicle NCO | 0.31% (p37 of band) |
| Repossessed % of vehicle book | 0.00% (p32 of band) |
| Real estate % of loans | 47% |
| Credit cards % of loans | 1% |
| Unsecured % of loans | 4% |
| Commercial % of net worth | 2% |
| Core shares % of member funds | 43% |
| Certificates % of member funds | 30% |
| Average share balance | $9,484 |
| Participations bought / yr | $7.5M |
| Participations sold / yr | $0 |
| Participations outstanding | $29.0M |
| Loans outstanding per 100 members | 144% |
| Loans granted per 100 members, annualized | 106% |
| Average loan balance | $12,635 |
| Loans granted, annualized | $19.1M |

## Participation posture (from the same filings)

Bought $7.5M and sold $0 in the latest annualized quarter; $29.0M outstanding purchased (172.3% of net worth), $0 sold and retained. Sold in 0 and bought in 7 of the last 8 quarters. Shares 7.0% year over year.

## Flags firing in the latest filing

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

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 0 |  |  |
| 2016-06 | 0 |  |  |
| 2016-09 | 1 | net worth falling |  |
| 2016-12 | 1 |  |  |
| 2017-03 | 1 | members leaving | net worth falling |
| 2017-06 | 2 | delinquency rising |  |
| 2017-09 | 1 |  | delinquency rising |
| 2017-12 | 2 | delinquency rising |  |
| 2018-03 | 2 |  |  |
| 2018-06 | 1 | net worth falling | members leaving, delinquency rising |
| 2018-09 | 2 | delinquency rising |  |
| 2018-12 | 1 |  | delinquency rising |
| 2019-03 | 1 |  |  |
| 2019-06 | 0 |  | net worth falling |
| 2019-09 | 0 |  |  |
| 2019-12 | 2 | net worth falling, delinquency rising |  |
| 2020-03 | 0 |  | net worth falling, delinquency rising |
| 2020-06 | 0 |  |  |
| 2020-09 | 1 | delinquency rising |  |
| 2020-12 | 0 |  | delinquency rising |
| 2021-03 | 2 | net worth falling, margin squeeze |  |
| 2021-06 | 2 |  |  |
| 2021-09 | 2 |  |  |
| 2021-12 | 2 | delinquency rising | net worth falling |
| 2022-03 | 1 |  | margin squeeze |
| 2022-06 | 2 | 3rd-party paper>100% NW |  |
| 2022-09 | 2 |  |  |
| 2022-12 | 1 |  | delinquency rising |
| 2023-03 | 1 |  |  |
| 2023-06 | 1 |  |  |
| 2023-09 | 1 |  |  |
| 2023-12 | 3 | net worth falling, delinquency rising |  |
| 2024-03 | 2 |  | delinquency rising |
| 2024-06 | 1 |  | net worth falling |
| 2024-09 | 1 |  |  |
| 2024-12 | 1 |  |  |
| 2025-03 | 3 | delinquency rising, repo signal |  |
| 2025-06 | 3 | net worth falling | repo signal |
| 2025-09 | 1 |  | delinquency rising, net worth falling |
| 2025-12 | 2 | delinquency rising |  |
| 2026-03 | 1 |  | delinquency rising |

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

- 2026-08-19 [Abrahamson to Retire from Two Harbors Federal Credit Union - North Shore Journal](https://news.google.com/rss/articles/CBMinwFBVV95cUxQamhDTDh0WEt2X1pXWTZ5bzFVYm5qa05EaVM4d3hfSTdnMFo3NkR5V04tSzBmQkdMZXktXy1SanBIWHppSkhIS1JjcGRzdDJFZ0hGa0JITTBUUEF1Q2l2SndKVkRXam5zbzYzakVaejl1N2dUVnhNMTJSZ21xQ0l0YmtsbmZNUTZ5akg0RzlZS3RwU29xZ3BLbVVIYTdLc28?oc=5) · North Shore Journal
- 2026-04-01 [Willert Inducted into Hall of Leaders | North Shore Journal | Two Harbors, Silver Bay & Lake Superior - North Shore Journal](https://news.google.com/rss/articles/CBMiiAFBVV95cUxOSkFXNzhxek1iR1gybElsSVh0UWpMc2Z0clp4dTBYczJncW9yVWtxV05xR01vS2I4NV9Vd2hsS2lOMnpySEZWa0ZDUGdsRHJQeUw4Nks1a0syYnd1enZld0FWclp2ZVRNLXRYTkdIcGx6YzM0X2lJZHk5d2FaNTVkU29ZMkFwSkpN?oc=5) · North Shore Journal
- 2025-11-21 [NOTICE OF MORTGAGE FOR ECLOSURE SALE - North Shore Journal](https://news.google.com/rss/articles/CBMijgFBVV95cUxNV1l3Z2Vnb1hCSkhXdkRUOFdEMHJoWXRyT3kybl9ER0ZOdGM0STRyWjZOdWczTng3bzNpVkdqWUcwTlhGWTVrUkpLS0VpVXEyNVNMLVVqMGJiZ3NEZ3FsX2ZTRExlZzJLVTJyVW4xNU1zOUtaNWg0VWd2eVhIMkN2dXg2RUxRNU42RHI3dVRn?oc=5) · North Shore Journal
- 2026-01-23 [PUBLIC/LEGAL NOTICES | North Shore Journal | Two Harbors, Silver Bay & Lake Superior - North Shore Journal](https://news.google.com/rss/articles/CBMie0FVX3lxTE4xMWREc3BMZlJKcjNySlBVdThWZkxaZ21vLXI1bThnamF1T3dKd0NNa2ZxbTI3dTZEZGpoSDRyTlZVdEVKS0d2bjVNcTRBQmZ6UGZ3azY4WEUzbWFCckV2X0lRUzBZRnhEY1pIZmFCTFc1emtSdG9ZUzNOTQ?oc=5) · North Shore Journal
- 2026-06-11 [ALAN “KLOTZ” KLOTZBACH | North Shore Journal | Two Harbors, Silver Bay & Lake Superior - North Shore Journal](https://news.google.com/rss/articles/CBMibkFVX3lxTFBlQnNOcWtFejFydEd2YnQ3MERXWFAzUkI1LUIteV90dWE1Y3E4SUpyN1pVdWc1TmlLTWtESFctSTVaQms2WnJVMklVcFJrSmJheGxlZFhRWVItUHJaOTJKZFNaOERqODBrVVNHXzBB?oc=5) · North Shore Journal
- 2026-01-15 [North Shore Federal Credit Union’s Hunger Hero Program Continues to Fight Hunger Locally - North Shore Journal](https://news.google.com/rss/articles/CBMixgFBVV95cUxQdmgzYmhacmg4WnhzWjdld0U5UUVaNHI4azZGTEJmbGRZQlZtQ05uUnFtbV9LdUo3QjdWSGZSRVpzVzRoZ2FFak1zellqWkQ2bWl4VG1kNE42dVktenM1UE1DbTN3UlJKTjdUN3dpekdOUGhhTEFYV0lGSWJQUGRRR3NERGw2ZE1iamgwTHNiVmhqTDlqTm5SYjVCZE1mRUlqSVQ4Z0FPdWJPaTk1NU1yR1lpeEVwWS1FWUNOaEdjRm5nRURlZlE?oc=5) · North Shore Journal
- 2026-05-27 [Let’s Plant Trees Distributes 10,000 Free Trees in Lake County - North Shore Journal](https://news.google.com/rss/articles/CBMioAFBVV95cUxQQlJZV3Y2TnpEcDNlYlhZVm1xSm0zSDBUSXNEellFNzZOUWk2SmU1VTYwb2Vta1psbml5dVdXcVpiVjlMcVhlQXk4SUg3V2p3VDRSSl81a0ZXRmJnYUV5YjhNV21hYjJQUjNuR3R0MENockV3YnVPY3VTOWxrSDdsTW5TdXY2OXhtanZFMFg0OVBrajZSOTkyT2EzREtjLU9w?oc=5) · North Shore Journal
- 2026-05-06 [ALAN “KLOTZ” KLOTZBACH | North Shore Journal | Two Harbors, Silver Bay & Lake Superior - North Shore Journal](https://news.google.com/rss/articles/CBMia0FVX3lxTE96eVBWYkxYQ25XMVdpNWFGa0oyUGNUZTJ1NVlISGg2R05xQ09WV1JSWGswLW1BSF9sMURQUG5JOHpHZ2hWNlhFelJrRTN2X2JTSVBQR1JrNGNNMHh3blg4NHFXUUtyRWtnZ1o4?oc=5) · North Shore Journal

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=5721 (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/25.json (key "5721", 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=5721
- 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