# SALAL
Seattle, WA · NCUA charter 66349 · asset band $1-10B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/salal-66349

Who the members are: state charter, organized 1948. 62,925 members of 7,700,000 potential (0.8% of the field); checking penetration 28% (share draft accounts per 100 members); loans per 100 members 85.

**Verdict on the desk:** this could be *ordinary*. Composite score 3 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $1.16B |
| Members | 62,925 (4.6% YoY) |
| Full-time staff | 221 |
| Net worth | $104.6M |
| Net worth ratio | 9.0% (p14 of band) |
| ROA (annualized) | 0.40% (p22 of band) |
| Total delinquency | 0.69% (p58 of band) |
| Net charge-offs (annualized) | 0.98% (p84 of band) |
| Loans / shares | 93% (p71 of band) |
| Cash / assets | 3.0% |
| Borrowings / assets | 0.38% |
| Net interest margin | 3.84% (p83 of band) |
| Operating expense / assets | 4.67% (p97 of band) |
| Vehicles % of loans | 1% (p0 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 21% |
| Third-party paper % of net worth | 339% (p89 of band) |
| Vehicle delinquency | 0.08% (p2 of band) |
| Vehicle NCO | 0.00% (p1 of band) |
| Repossessed % of vehicle book | 0.00% (p11 of band) |
| Real estate % of loans | 48% |
| Credit cards % of loans | 1% |
| Unsecured % of loans | 8% |
| Commercial % of net worth | 84% |
| Core shares % of member funds | 52% |
| Certificates % of member funds | 26% |
| Average share balance | $24,779 |
| Participations bought / yr | $19.2M |
| Participations sold / yr | $99.1M |
| Participations outstanding | $58.4M |
| Loans outstanding per 100 members | 85% |
| Loans granted per 100 members, annualized | 15% |
| Average loan balance | $17,715 |
| Loans granted, annualized | $305.0M |

## Participation posture (from the same filings)

Bought $19.2M and sold $99.1M in the latest annualized quarter; $58.4M outstanding purchased (55.9% of net worth), $45.6M sold and retained. Sold in 8 and bought in 8 of the last 8 quarters. Shares -2.6% year over year.

## Flags firing in the latest filing

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

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 3 | thin capital, leaning on borrowings, 3rd-party paper>100% NW |  |
| 2016-06 | 2 |  | thin capital |
| 2016-09 | 2 |  |  |
| 2016-12 | 3 | thin capital |  |
| 2017-03 | 5 | net worth falling, delinquency rising |  |
| 2017-06 | 2 |  | thin capital, net worth falling, delinquency rising |
| 2017-09 | 4 | thin capital, loans>95% of shares |  |
| 2017-12 | 3 |  | thin capital |
| 2018-03 | 3 | expense trap | loans>95% of shares |
| 2018-06 | 3 | net worth falling | expense trap |
| 2018-09 | 3 | expense trap | net worth falling |
| 2018-12 | 2 | delinquency rising | leaning on borrowings, expense trap |
| 2019-03 | 2 | expense trap | delinquency rising |
| 2019-06 | 3 | loans>95% of shares |  |
| 2019-09 | 2 | thin capital | expense trap, loans>95% of shares |
| 2019-12 | 1 |  | thin capital |
| 2020-03 | 3 | expense trap, loans>95% of shares |  |
| 2020-06 | 4 | thin capital, margin squeeze | loans>95% of shares |
| 2020-09 | 5 | net worth falling |  |
| 2020-12 | 4 |  | net worth falling |
| 2021-03 | 4 |  |  |
| 2021-06 | 3 |  | margin squeeze |
| 2021-09 | 3 |  |  |
| 2021-12 | 4 | delinquency rising |  |
| 2022-03 | 4 | net worth falling | delinquency rising |
| 2022-06 | 7 | delinquency rising, loans>95% of shares, leaning on borrowings |  |
| 2022-09 | 6 |  | delinquency rising |
| 2022-12 | 6 |  |  |
| 2023-03 | 6 | delinquency rising | net worth falling |
| 2023-06 | 6 |  |  |
| 2023-09 | 6 |  |  |
| 2023-12 | 7 | assets shrinking |  |
| 2024-03 | 6 | loan book shrinking | loans>95% of shares, leaning on borrowings |
| 2024-06 | 5 |  | loan book shrinking |
| 2024-09 | 5 |  |  |
| 2024-12 | 4 |  | delinquency rising |
| 2025-03 | 7 | net worth falling, losing money, delinquency rising |  |
| 2025-06 | 4 |  | assets shrinking, net worth falling, losing money |
| 2025-09 | 4 |  |  |
| 2025-12 | 4 |  |  |
| 2026-03 | 3 |  | thin capital |

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

- 2025-10-24 [Salal Credit Union names Kevin Skinner as next President & CEO - CUInsight](https://news.google.com/rss/articles/CBMiowFBVV95cUxNTm5yMHhVaHhWV3BBRHZRWlp6OVJUMG5WekFibDlnQXhlbEpyNjN0QmhVSDkxbXBoZ0pYQXNBMldzTmdNTmNIbHNWWjR4akNaUUhxbDlyTU1fWnVkYU84SVJKQTBxcFR5OS1XNzEzelN4Q1V6ZjB3aDFDVnFlZ0toVTZTbDlYQVBJMWMyRW8yT2FJUkN3X0NGWC1jSkZpUUtLU1A4?oc=5) · CUInsight
- 2025-12-25 [Washington - Newsweek Rankings](https://news.google.com/rss/articles/CBMikgFBVV95cUxPOHdtODhCYTFpVGNBalVIN05VcWIyd0JwM29HdHlEVDBjVXZuTXMwRTA1SXJGZUo3N3R4Y1dKUUNPenhPRHdMZzhTQjZBYmtpdGlLcnZET3ZWaDNEUmZMek9ublRCOWIzZlI0WUZxbzd4bDcxMmhWSnpTLUZoS1N4RXBDYm4tNEVpWG0xUDZsSlhJUQ?oc=5) · Newsweek Rankings
- 2025-05-01 [Salal Credit Union President & CEO Russell Rosendal announces retirement - CUInsight](https://news.google.com/rss/articles/CBMisAFBVV95cUxPMHVGMUUyQlE1OTFSN0RJS0hkT1JzU25sdmMwRVhfTHRzNF9hbUtYS2tSWE5DTC1oRE1pSkQwZFJnUUNzTDlSeUNQZG5yUE1kVzhYNnZYcU1CODVCclM5RzNXR3RmOVRDeHdvdkFIZEg1T083NG4ydkkzMWd6UHNXR3hEdUlVOVhmTlZMa0VSRjVPT3I1MmVzOFpRTUh3MGd6X29oWTczNzBPeTdRRUMzdQ?oc=5) · CUInsight
- 2022-06-07 [Four arrested after Northgate bank robbery and police chase - KOMO](https://news.google.com/rss/articles/CBMiqwFBVV95cUxPTFVQRjJtUXdsMXRNM2NuS2VreUVuWXF1M3pTQkRIb3JKZ0pBYUxKOWtZQVNIYXExU1N0RHJrTmR4b2tUYTR6VTBnNEZLNlhZNTdIZkd0UVVNY0hHM1UtV2dqRU50ajhHUnk1R3NxOEF2REVCUEFNd05tMS01QjVnYmdNOWxjLWRuNExROExtajloSDV0WWo0d1BWcm5JVWlNOWV3UTI2X0NqWTA?oc=5) · KOMO
- 2025-07-14 [EIHF and DevCo Celebrate the Opening of Astra and Solera Apartments in the Renton Highlands - yieldpro.com](https://news.google.com/rss/articles/CBMiS0FVX3lxTE9Ec3RBMDZWTkRNRVBhTThrN3lha0tTRFF1VWIydDFQS2JNVEozZXBDdk5CWU5iSU9TdEU4NVNubFNIQ2Q4WkNQOTFDMA?oc=5) · yieldpro.com
- 2025-06-19 [Celebration, Tours Planned for New Affordable-Housing Project in Renton - 425business.com](https://news.google.com/rss/articles/CBMivwFBVV95cUxPQXMtdGJKYjI0YkJuYlZMUlBYLVZTUzR3WV9QSnZOQm1vMjJSWW5VMkdoMGc3R040Z2ViV1BwUlZ4ejkxSlBZbDZQLTJVcGRtTC1NQU01S2tCNDN1WG01UFhna19Wd2dyREhjWDBLZ2ZjcjBCUm5qY2ZIdWZNWEdFS0tKbXFoOEpacGZEWTJPdE84SS15YmF4ZUl3ZXphTVJPbDdlTldxdXVUOXQ1RGc5NHpZTlhfNjJsdjZodGlDWQ?oc=5) · 425business.com
- 2025-06-11 [Evergreen Impact Housing Fund, DevCo to Open 275-Unit Residential Project in Renton - Connect CRE](https://news.google.com/rss/articles/CBMiugFBVV95cUxNUGlfaFJ6OVZfTGpYRVdfOEg1NHlMeGJsZUtxM0tQOTByRXpRWUU5MkJmaGZuZXhxbFB1ZjU4MHVLV3JQaGhzckMtc0liOGUwblBxUVFhZFRUbGR2bmdFZUlRam91WVNDbGx4SktpbmljbC1xRHNlRm5Kd1U3TUVMbWk2ZW43WHNxYjRNUmtEZ090YW1PQk5YOUU1Mk5KclFJbW5rZFJzaHgxMDdxcDNEQ2ZkQ0lhcXlmZmc?oc=5) · Connect CRE
- 2022-12-28 [Joyce Oatis Obituary (1945 - 2022) - Baltimore, MD - Baltimore Sun - Legacy obituary](https://news.google.com/rss/articles/CBMikAFBVV95cUxNcEZWVFJ1V1hjUDVnSk9rMFM4endBeTRBT3BKVVcyZnJwMVZBc0NJX1JxcDdES0QwOGdIcTRPYnZ0SUdqeWpxWEU2WkpjNFplSDY4ZEdfVW9lOGgxaVhJRGNEUkVqRDJ0LTFqZjZ2cmhtQ3ZxcV9udUQ2elU5dVdWMC1VYmVMNnBzaF9kUnFuTUM?oc=5) · Legacy obituary

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=66349 (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/45.json (key "66349", 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=66349
- 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