# WHATCOM EDUCATIONAL
Bellingham, WA · NCUA charter 66373 · asset band $1-10B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/whatcom-educational-66373

Who the members are: state charter, organized 1936, low-income designated. 170,035 members of 371,883 potential (45.7% of the field); checking penetration 62% (share draft accounts per 100 members); loans per 100 members 64.

**Verdict on the desk:** this could be *indirect buyer*. 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 | $3.33B |
| Members | 170,035 (2.1% YoY) |
| Full-time staff | 497 |
| Net worth | $374.3M |
| Net worth ratio | 11.3% (p61 of band) |
| ROA (annualized) | 0.57% (p38 of band) |
| Total delinquency | 0.70% (p60 of band) |
| Net charge-offs (annualized) | 0.58% (p57 of band) |
| Loans / shares | 99% (p88 of band) |
| Cash / assets | 8.1% |
| Borrowings / assets | 5.29% |
| Net interest margin | 2.96% (p25 of band) |
| Operating expense / assets | 2.91% (p34 of band) |
| Vehicles % of loans | 17% (p26 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 89% |
| Third-party paper % of net worth | 120% (p44 of band) |
| Vehicle delinquency | 2.29% (p98 of band) |
| Vehicle NCO | 2.30% (p89 of band) |
| Repossessed % of vehicle book | 0.30% (p91 of band) |
| Real estate % of loans | 46% |
| Credit cards % of loans | 2% |
| Unsecured % of loans | 9% |
| Commercial % of net worth | 172% |
| Core shares % of member funds | 71% |
| Certificates % of member funds | 22% |
| Average share balance | $10,257 |
| Participations bought / yr | $189.7M |
| Participations sold / yr | $0 |
| Participations outstanding | $445.3M |
| Loans outstanding per 100 members | 64% |
| Loans granted per 100 members, annualized | 14% |
| Average loan balance | $25,019 |
| Loans granted, annualized | $872.8M |

## Participation posture (from the same filings)

Bought $189.7M and sold $0 in the latest annualized quarter; $445.3M outstanding purchased (118.9% of net worth), $107.0M sold and retained. Sold in 7 and bought in 8 of the last 8 quarters. Shares 11.8% year over year.

## Flags firing in the latest filing

- **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 | 0 |  |  |
| 2016-06 | 0 |  |  |
| 2016-09 | 0 |  |  |
| 2016-12 | 1 | 3rd-party paper>100% NW |  |
| 2017-03 | 1 |  |  |
| 2017-06 | 1 |  |  |
| 2017-09 | 1 |  |  |
| 2017-12 | 2 | loans>95% of shares |  |
| 2018-03 | 3 | delinquency rising |  |
| 2018-06 | 3 |  |  |
| 2018-09 | 2 |  | delinquency rising |
| 2018-12 | 3 | delinquency rising |  |
| 2019-03 | 2 |  | delinquency rising |
| 2019-06 | 2 |  |  |
| 2019-09 | 2 |  |  |
| 2019-12 | 2 |  |  |
| 2020-03 | 3 | net worth falling |  |
| 2020-06 | 3 | margin squeeze | loans>95% of shares |
| 2020-09 | 3 |  |  |
| 2020-12 | 3 |  |  |
| 2021-03 | 3 |  |  |
| 2021-06 | 2 |  | margin squeeze |
| 2021-09 | 1 |  | net worth falling |
| 2021-12 | 1 |  |  |
| 2022-03 | 2 | net worth falling |  |
| 2022-06 | 1 |  | net worth falling |
| 2022-09 | 1 |  |  |
| 2022-12 | 1 |  |  |
| 2023-03 | 2 | leaning on borrowings |  |
| 2023-06 | 3 | delinquency rising |  |
| 2023-09 | 3 | loans>95% of shares | delinquency rising |
| 2023-12 | 4 | delinquency rising |  |
| 2024-03 | 3 |  | loans>95% of shares |
| 2024-06 | 4 | loans>95% of shares |  |
| 2024-09 | 4 |  |  |
| 2024-12 | 5 | net worth falling |  |
| 2025-03 | 6 | repo signal |  |
| 2025-06 | 5 |  | repo signal |
| 2025-09 | 5 |  |  |
| 2025-12 | 5 |  |  |
| 2026-03 | 3 |  | delinquency rising, net worth falling |

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

- 2025-10-30 [Resource List for Federal Workers - portseattle.org](https://news.google.com/rss/articles/CBMib0FVX3lxTFB3YkMxc0tRWTMwZFRpV2dQb19jTVptM19jV29JczB6VHlPdGJaaDdnU2pxcWhzdTRadEZQSDdLNjJjeUprNEw0VV81a05ieFZ6QUZ3alBidV84ZHFrbnJqUVFsRHU1ZWNIWUZQNGI1OA?oc=5) · portseattle.org
- 2014-08-25 [Wayne Langei Announces Retirement, Jennifer Kutcher Named New President/CEO of WECU - WhatcomTalk](https://news.google.com/rss/articles/CBMiugFBVV95cUxQVzdwR2ZHUDJPRUk0TWpCQ0piZi03MjVGNFF1MGs5V2hkS3preV9HdnpnVjFNd1RzNmdKS3NGVlVGc2l4WWxpNEl4Nnhkb3NLazh5X3huWkNkcnZVdG94eTN5MERBSTdZZ0k3NG5qNERSMXpza0cxSVZKVW9mdmNHX3RrdERpekhpb1hVanVEZDRXeFgxY0kxejFGMzk5dFc0V1NxT3pqZEVyOFBYMUtRSmdhNzlEODJjTFE?oc=5) · WhatcomTalk
- 2023-09-15 [WECU neighborhood branch becomes larger space for Bellingham Schools’ special needs program - Bellingham Herald](https://news.google.com/rss/articles/CBMic0FVX3lxTFA2eWtiRk1OdXYtX3VTaVh2UDdldmc3bm10RmVRdlJJRnptMVhVVUlwNEk3aW9JTFdIOVZyWHhqVlJZRkIyb3Zoamx3Z05wUVpMcWxMUmhCaC1fLW94bkVKbUdsbEUzcFJjTzRMWFJwaUZoS3PSAXNBVV95cUxPaENmT1hfV1N3X1JhYTRpTmxFV0VmbXZXeU1rWVFCMFBQMkhOeU5TZ1JMSmZvSWtWMzNJNWk0UUd5MmxfNzBCemFrdERlRXQ5T081aXZrSnVEazNNNlVNT2phZ3A3UGlQSk90cWxmMHV1TjFN?oc=5) · Bellingham Herald
- 2012-04-08 [James Langei Obituary (2012) - Bellingham, WA - Bellingham Herald - legacy.com](https://news.google.com/rss/articles/CBMilwFBVV95cUxQRFNES1ppdktGZFJOMWlHMGVOcXdZMmNQNlZZRVRUSVEwLUkyOWdHenZCMFc5THg0OFVPY1NTbzVLbW1LXzBqeUI4NWRMZEZUODN2Q2txRkNJVDd0dFplX1BkaTZrWm5XMzQ3V3NXR1hKX0lhek9QbHFxNndlX0s4MkQ5c3VtZjB5aVVJNjlUSkhrYURmbUFj?oc=5) · legacy.com
- 2021-10-13 [Axl Nieuwendorp Obituary (2012) - Bellingham, WA - Bellingham Herald - legacy.com](https://news.google.com/rss/articles/CBMimwFBVV95cUxOeFF5WkJEREN0Q2hHQ21KYzU5eks3eEZqTVlkYzFuRkJ0ZmFJTExFZFEwUjZnWFRmSjBjNnI3MnBSNEpSMmNMQjlNNHBiMGpBY1RCeVlVYTkyX1l4SFhfNEhvQ3puajI3RW1LaXNSY01haUZzVWtPdEJzRVVrdjFTbjZtbUFBR3VsSEFxMU9VbkQySGN2bVdaU0dwbw?oc=5) · legacy.com
- 2020-07-26 [Christine Seyl Obituary (1948 - 2020) - Bellingham, WA - Bellingham Herald - legacy.com](https://news.google.com/rss/articles/CBMimgFBVV95cUxQWld5RmgxeVREYXM1aG9TV3c2ZFlfRzRjTUQtZklBanFmaGJVZ0dlT1dpd095TDQtdWVsMUV2YW5MdnlwZVNnNDJ6X3BaaFllYWUwcmNKLXoxVWgxMy01REhmSFZTWGlqeUxuXzF4N24wbDVlck5HWDhOekxjZ0d2ekZnaEFBdUo4ZFNwZXhhMzAyR2NSd1VtR2Vn?oc=5) · legacy.com
- 2021-04-11 [Lori Turley Obituary (1961 - 2021) - Bellingham, WA - Bellingham Herald - legacy.com](https://news.google.com/rss/articles/CBMilAFBVV95cUxOY2pfdUFqODhCUFRSR0NMUmFBcWtQSVY5SjVLZktwcWt0QUp4c2N5V3JQSkxYRThQX05aSmFUckNBejNPRmd2OEpJcDV2by05eHV0czhzbFdwX2g5SW9ISlQ3ZjZyLWhnMHR5NHZEWEUyOFo2bVdtMTJieGhuRkxNUUNXdngtY2EzcDhyN1VkODh4Qk9L?oc=5) · legacy.com
- 2010-05-02 [Philip Hansen Obituary (2010) - Bellingham, WA - Bellingham Herald - legacy.com](https://news.google.com/rss/articles/CBMimAFBVV95cUxNeEpHR2tMVUZyQUdFc3BOak5FUVV3a1BYcGxxSmNHNUVFWlFaRTBXZWg1Y0gteEVFQW1OaDlvZ2xsblhjR1RKZWFnajhyeWFHYU9HTDdXaXNqazlPTVh6MGJsUWdaNGJ5TjhrNnA4UmhaUHEwbjZGV2pjTnZ5bkphclpCTFItR3FaRm1GSFhybDV4MjU1aW14aQ?oc=5) · legacy.com

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=66373 (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/5.json (key "66373", 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=66373
- 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