# MICHIGAN FIRST
Lathrup Village, MI · NCUA charter 60522 · asset band $1-10B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/michigan-first-60522

Who the members are: state charter, organized 1926, low-income designated. 162,645 members of 3,900,000 potential (4.2% of the field); checking penetration 54% (share draft accounts per 100 members); loans per 100 members 43.

**Verdict on the desk:** this could be *stressed*. Composite score 6 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $1.50B |
| Members | 162,645 (-1.9% YoY) |
| Full-time staff | 505 |
| Net worth | $233.8M |
| Net worth ratio | 15.6% (p94 of band) |
| ROA (annualized) | 0.76% (p55 of band) |
| Total delinquency | 1.03% (p81 of band) |
| Net charge-offs (annualized) | 1.11% (p89 of band) |
| Loans / shares | 96% (p81 of band) |
| Cash / assets | 9.9% |
| Borrowings / assets | 9.99% |
| Net interest margin | 4.29% (p96 of band) |
| Operating expense / assets | 6.81% (p100 of band) |
| Vehicles % of loans | 10% (p10 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 57% |
| Third-party paper % of net worth | 131% (p48 of band) |
| Vehicle delinquency | 2.18% (p97 of band) |
| Vehicle NCO | 3.37% (p97 of band) |
| Repossessed % of vehicle book | 0.82% (p99 of band) |
| Real estate % of loans | 49% |
| Credit cards % of loans | 5% |
| Unsecured % of loans | 10% |
| Commercial % of net worth | 27% |
| Core shares % of member funds | 70% |
| Certificates % of member funds | 11% |
| Average share balance | $4,039 |
| Participations bought / yr | $2.0M |
| Participations sold / yr | $2.8M |
| Participations outstanding | $41.5M |
| Loans outstanding per 100 members | 43% |
| Loans granted per 100 members, annualized | 13% |
| Average loan balance | $15,118 |
| Loans granted, annualized | $389.5M |

## Participation posture (from the same filings)

Bought $2.0M and sold $2.8M in the latest annualized quarter; $41.5M outstanding purchased (17.8% of net worth), $17.9M sold and retained. Sold in 5 and bought in 6 of the last 8 quarters. Shares -0.2% year over year.

## Flags firing in the latest filing

- **net worth falling** (`cap_falling`)
- **expense trap** (`earn_opex`)
- **repo signal** (`aq_repo`)
- **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 | 4 | expense trap, delinquency 2x band, charge-offs p90, leaning on borrowings |  |
| 2016-06 | 5 | 3rd-party paper>100% NW |  |
| 2016-09 | 4 |  | leaning on borrowings |
| 2016-12 | 5 | leaning on borrowings |  |
| 2017-03 | 6 | net worth falling |  |
| 2017-06 | 6 |  |  |
| 2017-09 | 7 | margin squeeze |  |
| 2017-12 | 6 |  | margin squeeze |
| 2018-03 | 6 |  |  |
| 2018-06 | 5 |  | net worth falling |
| 2018-09 | 6 | loans>95% of shares |  |
| 2018-12 | 6 |  |  |
| 2019-03 | 6 | net worth falling | loans>95% of shares |
| 2019-06 | 5 |  | net worth falling |
| 2019-09 | 5 |  |  |
| 2019-12 | 4 |  | delinquency 2x band |
| 2020-03 | 5 | delinquency 2x band |  |
| 2020-06 | 6 | net worth falling, margin squeeze | charge-offs p90 |
| 2020-09 | 4 |  | leaning on borrowings, delinquency 2x band |
| 2020-12 | 3 |  | net worth falling |
| 2021-03 | 3 |  |  |
| 2021-06 | 2 |  | margin squeeze |
| 2021-09 | 2 |  |  |
| 2021-12 | 3 | repo signal |  |
| 2022-03 | 3 | charge-offs p90 | repo signal |
| 2022-06 | 4 | repo signal |  |
| 2022-09 | 5 | delinquency 2x band, leaning on borrowings | repo signal |
| 2022-12 | 6 | repo signal, loans>95% of shares | delinquency 2x band |
| 2023-03 | 7 | delinquency 2x band, delinquency rising | charge-offs p90 |
| 2023-06 | 5 |  | delinquency 2x band, delinquency rising |
| 2023-09 | 5 |  |  |
| 2023-12 | 7 | delinquency rising, members leaving |  |
| 2024-03 | 7 | delinquency 2x band | delinquency rising |
| 2024-06 | 7 | assets shrinking | delinquency 2x band |
| 2024-09 | 6 |  | assets shrinking |
| 2024-12 | 5 |  | members leaving |
| 2025-03 | 4 |  | loans>95% of shares |
| 2025-06 | 5 | loans>95% of shares |  |
| 2025-09 | 5 |  |  |
| 2025-12 | 5 |  |  |
| 2026-03 | 6 | net worth falling |  |

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

- 2025-04-14 [This downtown bank building has a new owner: A credit union. - Crain's Detroit](https://news.google.com/rss/articles/CBMipAFBVV95cUxNVzZ0U0RVN3IydkJ4OWVvUlNUckhCR0ZvbVlFRTJBNlpPZWJ2ZUloZ1BOekxJNDlGVVJNRjVVRXV6WmJoSUZrd3NIUHQ5UnM2U0I1ZzQ3d0dHLXJHUll3YXljZWZUYTE3b2ZOTW4tOHktTjhicEpyN1Y0a1ZqSzdoTGh2UlhhR1k5NmxkZlh1SzJyS1czdmFYblpYc3VZM0FiRWZnYw?oc=5) · Crain's Detroit
- 2026-04-01 [‘Horror show’: Detroit family says credit union kept moving the goalposts on dad’s funds - ClickOnDetroit | WDIV Local 4](https://news.google.com/rss/articles/CBMi1AFBVV95cUxNMnQ3a2NrUFFNVmtEUkNiVk9wdFo3cXg3SV9Vbm9SLVFaTmJTNjlZM0U1QmdnbnBPNWtfdnViS2Z6Q1RwRlZ5ekRjSC13M1lKaDU5NTFhay1yVFFqeXUzTFJ0VWE0OGR6MzBGODNsUWczejhpSjJQalZkUTRfUUlSQjJpRXliUzhaZFBTQjNYZFhIMG1YbnVqTTU0TzQtSWRfdUxQcEhrOGxWSkgxTDJHXzdiU092ZEliZGJiRlNBUGEwMENMS2ZMZkdzX3p3aEJNWVVfXw?oc=5) · ClickOnDetroit | WDIV Local 4
- 2024-09-17 [Michigan First Credit Union in succession dispute with Detroiter - Outlier Media](https://news.google.com/rss/articles/CBMiigFBVV95cUxQWkhXSEs0c2VyRFFlbzBWbzJQNVc0aXpRMC1WWmhIX3l4aXJBUW1pU0xZRXlYcDVLSE9wekVKc2NFU0VlM011RXJ4d00wN3VYVzBuT0VnLV9UWkdtVXFOc2xDc0hBRUVrUGFoc2Z6THZ3ZzIyNjdKeGRJcURLb0E2V0RlZFJjRTlab2c?oc=5) · Outlier Media
- 2024-10-27 [Michigan First Credit Union customers upset after losing thousands to fraud - Detroit Free Press](https://news.google.com/rss/articles/CBMiywFBVV95cUxNSEpVX2Q1SW5ILW0xNHUyWmhkWkg4NUxVQjR3QTBROGR3eE16dF9sVUpuMElYX19STmNfWkxRaEo4NHdfclhIN0dwY0h4OWt2SVd4aDBwMWttTEUzdnoxc3lhQ0xyM0xhT1FveVpiN0VtdnpHRnppYmVKcXd1NDR0RjFsNnFLbGxkTnBLU05JMTNZV0d0eXdEemY0QlphY3RVUjBjSDUtZ0xhRU9WWEt1dnlpZjA5RkZCT1Fkd2NtOGNtajV5NVVyMTd2VQ?oc=5) · Detroit Free Press
- 2024-11-21 [The Grinch Officially Welcomes Winter Wonderland Presented by Michigan First Credit Union to Columbia Street in The District Detroit - Ilitch Companies News Hub](https://news.google.com/rss/articles/CBMi-wFBVV95cUxOSVZUaGVqOTlaR28xZG5QSGYxcjN3bjB4R1BrQzFBY0dvTzh3bEVVWG9IR3N6alVXT252ajhFVmZTQmd0dTRDRmItVk5PMmU0eXF3emZ4NFBzY0V4TXdMeGtfMmlOMHBLMmhEekIwWGkwNU1vYmpKMzlSZ2VSZzhKSFoybEszYmVENFlKUGRjVGszM2I1dWI4RHhlQmFMcFhTN1ozaDNTMnFiaC1wdFpjZEVIQ3VFRUR4OG9IQXA3NWE4VjNqT3NJRmxxUG1qT2lSM3FuNWVmbG1YYkp0RUw2WDVCYTVRRkx1a1BQUHc3ZWpwVmZJSl9rMHMzdw?oc=5) · Ilitch Companies News Hub
- 2026-06-11 [Best CD Rates in Michigan for 2026 - moneyrates.com](https://news.google.com/rss/articles/CBMiZ0FVX3lxTE1jQnlZcHd4TlYyMkNmUUtTSEt6NG5iWjlMUDFZbU1Wdk1xUTVnTkdlRGdvUUE2UzZLZ1h2bG9qeWJCenVEWnpDZjJOY0dDa1hWMm1MNG1leWlldFZ4QjNkSUxkZGtrYkk?oc=5) · moneyrates.com
- 2024-10-08 [Best Banks and Credit Unions in Michigan for 2025 - money.com](https://news.google.com/rss/articles/CBMiZ0FVX3lxTE9HaHlmV1c0c2k2dU1SLTNEaWRDaWF5Zk9pWlFTY1lPQzZHNTA5Yi1KVFNLOVlkaVExQlNuYkxFNW9ZeEUtRk93RFZmYU5KUlhIRnhkbnVkSkZhZnJTdV8xUDcwSUJ1Mkk?oc=5) · money.com
- 2025-04-10 [America’s Best Regional Banks and Credit Unions 2025 - Newsweek Rankings](https://news.google.com/rss/articles/CBMijwFBVV95cUxQTmlpWENXaXkzbXJ1U0VzOTBDOTNWVnlhX01aMDZWakRoZE5pbFcySWNvX2xqa0daSUhCb0JkUC1hd0lyRTVaUzlRb3BYU2l4WE9Ucnl3dmw1ekN6dUlKbVdvWGRtbTZUREdtRXZVVEhyYlVxR0Y3RldVaG8xaVRzMGdDQXBsUUowTXdrSEc2RQ?oc=5) · Newsweek Rankings

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=60522 (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/42.json (key "60522", 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=60522
- 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