# SAFE HARBOR
Ludington, MI · NCUA charter 61988 · asset band $100-200M · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/safe-harbor-61988

Who the members are: state charter, organized 1952. 8,971 members of 38,621 potential (23.2% of the field); checking penetration 77% (share draft accounts per 100 members); loans per 100 members 59.

**Verdict on the desk:** this could be *ordinary*. 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 | $181.7M |
| Members | 8,971 (1.0% YoY) |
| Full-time staff | 39 |
| Net worth | $17.4M |
| Net worth ratio | 9.6% (p22 of band) |
| ROA (annualized) | -0.15% (p7 of band) |
| Total delinquency | 1.13% (p78 of band) |
| Net charge-offs (annualized) | 0.86% (p86 of band) |
| Loans / shares | 92% (p93 of band) |
| Cash / assets | 5.5% |
| Borrowings / assets | 0.00% |
| Net interest margin | 4.04% (p74 of band) |
| Operating expense / assets | 3.81% (p56 of band) |
| Vehicles % of loans | 13% (p11 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 0% |
| Third-party paper % of net worth | 0% (p16 of band) |
| Vehicle delinquency | 0.91% (p68 of band) |
| Vehicle NCO | 2.09% (p92 of band) |
| Repossessed % of vehicle book | 0.04% (p70 of band) |
| Real estate % of loans | 67% |
| Credit cards % of loans | 1% |
| Unsecured % of loans | 4% |
| Commercial % of net worth | 82% |
| Core shares % of member funds | 50% |
| Certificates % of member funds | 39% |
| Average share balance | $7,821 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | $1.8M |
| Loans outstanding per 100 members | 59% |
| Loans granted per 100 members, annualized | 10% |
| Average loan balance | $28,352 |
| Loans granted, annualized | $50.2M |

## Participation posture (from the same filings)

Bought $0 and sold $0 in the latest annualized quarter; $1.8M outstanding purchased (10.2% of net worth), $0 sold and retained. Sold in 0 and bought in 4 of the last 8 quarters. Shares 2.3% year over year.

## Flags firing in the latest filing

- **losing money** (`earn_negative`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 1 | thin capital |  |
| 2016-06 | 0 |  | thin capital |
| 2016-09 | 0 |  |  |
| 2016-12 | 0 |  |  |
| 2017-03 | 0 |  |  |
| 2017-06 | 3 | net worth falling, delinquency rising, repo signal |  |
| 2017-09 | 2 |  | repo signal |
| 2017-12 | 1 |  | net worth falling |
| 2018-03 | 1 |  |  |
| 2018-06 | 2 | loans>95% of shares |  |
| 2018-09 | 3 | repo signal |  |
| 2018-12 | 1 |  | delinquency rising, repo signal |
| 2019-03 | 2 | delinquency rising |  |
| 2019-06 | 2 | repo signal | delinquency rising |
| 2019-09 | 1 |  | repo signal |
| 2019-12 | 2 | delinquency rising |  |
| 2020-03 | 1 | repo signal | loans>95% of shares, delinquency rising |
| 2020-06 | 2 | net worth falling |  |
| 2020-09 | 4 | margin squeeze, delinquency 2x band |  |
| 2020-12 | 4 |  |  |
| 2021-03 | 3 |  | repo signal |
| 2021-06 | 2 |  | margin squeeze |
| 2021-09 | 2 |  |  |
| 2021-12 | 3 | thin capital |  |
| 2022-03 | 4 | charge-offs p90 |  |
| 2022-06 | 3 | delinquency rising | net worth falling, charge-offs p90 |
| 2022-09 | 0 |  | delinquency 2x band, thin capital, delinquency rising |
| 2022-12 | 0 |  |  |
| 2023-03 | 0 |  |  |
| 2023-06 | 1 | loans>95% of shares |  |
| 2023-09 | 1 |  |  |
| 2023-12 | 2 | leaning on borrowings |  |
| 2024-03 | 1 | thin capital | loans>95% of shares, leaning on borrowings |
| 2024-06 | 1 | delinquency rising | thin capital |
| 2024-09 | 2 | delinquency 2x band |  |
| 2024-12 | 1 |  | delinquency 2x band |
| 2025-03 | 1 |  |  |
| 2025-06 | 1 | delinquency 2x band | delinquency rising |
| 2025-09 | 0 |  | delinquency 2x band |
| 2025-12 | 2 | delinquency 2x band, delinquency rising |  |
| 2026-03 | 1 | losing money | delinquency 2x band, delinquency rising |

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

- 2026-02-14 [LEA awards Safe Harbor Credit Union with Friend of Education award - MasonCountyPress.com](https://news.google.com/rss/articles/CBMisAFBVV95cUxOWkZ5WFp3Z1ZnRnp5RlZNdVVKbkRRV0VzSTlKaXdYeFEzVUJOb0NFR0ZMWlFpR2NQMU5oeDlUVG14c19PalJLeGU2c1JXcmMxVlpBMFRyNVNHU1h2VEs1MnNobnVLTW9NUTJjVHhWbEc4M09DR0RTTjVyMkZmZnZYeXFDMlY2NE8wUGxDOF9rWnhJdmtYRjNFNmJhYzMzZXRCVkNpWHNvdG9EREhxZnlENA?oc=5) · MasonCountyPress.com
- 2026-02-11 [Cheryl Diane Bentz Obituary Nov 2, 2025 - Beacon Cremation & Funeral Service](https://news.google.com/rss/articles/CBMiXEFVX3lxTFBUcmNFd0FxU3Vab2xCYTlWZHQ5UHI1MXlkZ2ItcnVEZ3pBTmFnRl9KQzRFbHVya2NNemUwbjRuTGhycEJ2STY4c0wyTzh2Y3E5MWI5Q0ZXQ2plREZr?oc=5) · Beacon Cremation & Funeral Service
- 2026-03-24 [Whole new look coming to amphitheater as state park plans another $4M in projects - MLive.com](https://news.google.com/rss/articles/CBMivAFBVV95cUxPWTZIVVlBRWwwcTNSLVZLZzdwbExET29kQnJJS2FQRS1kbjlaOGpablBxZzBJekZEaWRFc015VWZZM1RLX1JoTC1Wcl8yVlNzaEt6ckMyRmVHeGhoTVFCNmdrVm81bWp6Zng3d0hoN3J6cmxxb1BxM3hMcEx5RWZKQWs0M2d4OHJKQnBNaHpmYmFkQVZMSzVRN2NzcU9nVFBzeGlxbE9VWllCYUVGUjhIaFd1Mmw5RGlKQjk0cg?oc=5) · MLive.com
- 2026-05-04 [Thelma Jensen "Jean" Ohse - legacy.com](https://news.google.com/rss/articles/CBMif0FVX3lxTFBKUzAteXZ3dnRSb2tQUC1pd1hfMVZaVU9jMHV3cDVEeGhUQ0hhQWZRQmNLbXItVFFyRkNHQm1vR0ViRXhwcGxQZVBPcUU5eHVLZXdOcENldlQ0VVJiUGFYRUM1SWtERVRxbThLVTZSUnlIeVdyRzkybXdpWm9fMmM?oc=5) · legacy.com
- 2025-12-24 [Miss Ludington Area 2026 crowned at local pageant - Manistee News Advocate](https://news.google.com/rss/articles/CBMiigFBVV95cUxNVXNZWlp1YzZXQWpnM3V2Qy1md215NkxCT0RUSnROVnpUd09DV0VTaVBhUTMyNnhoaDlJeGhqVFZEQW5MbFFlQWJ0VlFLbWtXNzQ2OVhROE9TZW01MlNZbVZzNlBwVnVZZms0ajBJZnIzVVAwTkgwZGlLdS1nd3VmRnhtRHRQemJSTkE?oc=5) · Manistee News Advocate
- 2022-02-15 [Red Hot Best 2021: Northern Michigan’s Top 7 Banking Institutions - mynorth.com](https://news.google.com/rss/articles/CBMilAFBVV95cUxPeHZkRUJzRUpodHRiMEZ5WVF5ZU5ual9WV0R6cjNBTUZvcER1M2VRN3VHOUcxcVhCWmRfZVJ2NW85eVVRWVJ5MTJSQUhVM2ZpNlNvdWZaekVRVEQ0ZktQRnN5eUNXdG92bHp2NHV2Q205OFdEc3pJdldLQVRIbGVjY09yckNMSW1YaC10MmxNUnA3QUxn?oc=5) · mynorth.com
- 2024-12-06 [Safe Harbor Financial, Collective Clean Energy Fund and Partner Colorado Credit Union Collaborate to Fund $500,000 Sustainable Upgrade Loan for Denver Cannabis Facility - Cannabis Business Times](https://news.google.com/rss/articles/CBMizgJBVV95cUxOSE9ZRTRmQzFpTFp4Mm1WNFJUdWdKQkJUNV9FM0N5bUYzb3pXUTZkLUxLbVBKallqUlpZcXVoVDZnTnlvaHNMLURmdEhRZXhfUjdoVmlLeVRTMVo3NVBWeFBkYTBQRndFZjViZFlUdTkzVUc5TzhvejI5Yi1WYVNRaW85RVlKcmlHdWQ5NmF5UDY2RzJHQ05WdUFQOUVIdHc3Rkcxa2E0cGNIMV83bWdMTmhUNGRETEVoc1cxd05nNGV5TU5XNGR1dmhoMWw5UGltTzJfQ29ZWUN3M1FLOXdwRjMzQUNyX0dCQUh0X3k4U2tuelJROHFwTTN3TGJ4aF9iYnRDVWVPa24zUldqOVNfQmgwaDMtMk5ZYVNJaFRYOFI0WG1JbzNoQXdkZ0U3SnYzcTVFZW1qSGhSNjhkZDYzd01jOTNWVUo1MFBKeW13?oc=5) · Cannabis Business Times
- 2020-06-11 [Michigan Credit Unions Provide for Communities Impacted by COVID-19 - WILX](https://news.google.com/rss/articles/CBMirgFBVV95cUxNdmlIN2FzX0tQakQxRkpfZFQ4NGNTdDRTSU5ycExMalV2dGtLckhKZ2FsTkR1UVBTNGM1TmV0X0Y1emMxTE9kekRWV1duZFltcjcxWmJ5Z0doSGo4RE5YZzBMcFJkc0xGQWJqZ0NOeXE3RTFlRS1WalJKVWFxcXd2WTBDd1B1REJOMWFQY0cyOWx6dFhrRmxpZmZQQXhfMGU2RzRZa0o4ZTFDX1ByM0E?oc=5) · WILX

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=61988 (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/36.json (key "61988", 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=61988
- 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