# FORWARD FINANCIAL
NIAGARA, WI · NCUA charter 66798 · asset band $50-100M · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/forward-financial-66798

Who the members are: state charter, organized 1948. 7,880 members of 30,000 potential (26.3% of the field); checking penetration 63% (share draft accounts per 100 members); loans per 100 members 42.

**Verdict on the desk:** this could be *ordinary*. Composite score 0 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $85.1M |
| Members | 7,880 (-2.1% YoY) |
| Full-time staff | 30 |
| Net worth | $11.5M |
| Net worth ratio | 13.6% (p58 of band) |
| ROA (annualized) | 0.44% (p35 of band) |
| Total delinquency | 0.65% (p52 of band) |
| Net charge-offs (annualized) | 0.22% (p47 of band) |
| Loans / shares | 62% (p53 of band) |
| Cash / assets | 31.4% |
| Borrowings / assets | 0.00% |
| Net interest margin | 4.29% (p83 of band) |
| Operating expense / assets | 4.90% (p86 of band) |
| Vehicles % of loans | 30% (p31 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 0% |
| Third-party paper % of net worth | 0% (p25 of band) |
| Vehicle delinquency | 1.10% (p73 of band) |
| Vehicle NCO | 0.24% (p52 of band) |
| Repossessed % of vehicle book | 0.00% (p38 of band) |
| Real estate % of loans | 53% |
| Credit cards % of loans | 2% |
| Unsecured % of loans | 5% |
| Commercial % of net worth | 9% |
| Core shares % of member funds | 80% |
| Certificates % of member funds | 6% |
| Average share balance | $5,081 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | – |
| Loans outstanding per 100 members | 42% |
| Loans granted per 100 members, annualized | 7% |
| Average loan balance | $13,623 |
| Loans granted, annualized | $10.4M |

## Flags firing in the latest filing

- none

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 0 |  |  |
| 2016-06 | 1 | delinquency 2x band |  |
| 2016-09 | 2 | net worth falling |  |
| 2016-12 | 1 |  | delinquency 2x band |
| 2017-03 | 3 | delinquency 2x band, delinquency rising |  |
| 2017-06 | 1 |  | net worth falling, delinquency rising |
| 2017-09 | 1 |  |  |
| 2017-12 | 2 | delinquency rising |  |
| 2018-03 | 1 |  | delinquency rising |
| 2018-06 | 1 |  |  |
| 2018-09 | 1 |  |  |
| 2018-12 | 0 |  | delinquency 2x band |
| 2019-03 | 0 |  |  |
| 2019-06 | 0 |  |  |
| 2019-09 | 0 |  |  |
| 2019-12 | 0 |  |  |
| 2020-03 | 1 | delinquency rising |  |
| 2020-06 | 2 | net worth falling, margin squeeze | delinquency rising |
| 2020-09 | 4 | delinquency 2x band, delinquency rising |  |
| 2020-12 | 4 |  |  |
| 2021-03 | 2 |  | delinquency 2x band, delinquency rising |
| 2021-06 | 3 | delinquency 2x band |  |
| 2021-09 | 2 |  | delinquency 2x band |
| 2021-12 | 2 |  |  |
| 2022-03 | 0 |  | net worth falling, margin squeeze |
| 2022-06 | 0 |  |  |
| 2022-09 | 0 |  |  |
| 2022-12 | 1 | delinquency rising |  |
| 2023-03 | 1 |  |  |
| 2023-06 | 2 | assets shrinking |  |
| 2023-09 | 2 |  |  |
| 2023-12 | 1 |  | delinquency rising |
| 2024-03 | 1 |  |  |
| 2024-06 | 1 |  |  |
| 2024-09 | 0 |  | assets shrinking |
| 2024-12 | 1 | assets shrinking |  |
| 2025-03 | 0 |  | assets shrinking |
| 2025-06 | 3 | delinquency 2x band, delinquency rising, repo signal |  |
| 2025-09 | 3 | assets shrinking | repo signal |
| 2025-12 | 0 |  | delinquency 2x band, delinquency rising, assets shrinking |
| 2026-03 | 0 |  |  |

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## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=66798 (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/46.json (key "66798", 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=66798
- 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