# COVANTAGE
Antigo, WI · NCUA charter 66848 · asset band $1-10B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/covantage-66848

Who the members are: state charter, organized 1953, low-income designated. 184,471 members of 6,550,655 potential (2.8% of the field); checking penetration 58% (share draft accounts per 100 members); loans per 100 members 76.

**Verdict on the desk:** this could be *indirect buyer*. Composite score 4 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $4.19B |
| Members | 184,471 (6.0% YoY) |
| Full-time staff | 461 |
| Net worth | $398.2M |
| Net worth ratio | 9.5% (p22 of band) |
| ROA (annualized) | 1.18% (p82 of band) |
| Total delinquency | 1.13% (p85 of band) |
| Net charge-offs (annualized) | 0.20% (p15 of band) |
| Loans / shares | 97% (p82 of band) |
| Cash / assets | 4.5% |
| Borrowings / assets | 6.11% |
| Net interest margin | 2.94% (p24 of band) |
| Operating expense / assets | 2.21% (p10 of band) |
| Vehicles % of loans | 23% (p41 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 78% |
| Third-party paper % of net worth | 159% (p56 of band) |
| Vehicle delinquency | 0.60% (p53 of band) |
| Vehicle NCO | 0.57% (p22 of band) |
| Repossessed % of vehicle book | 0.02% (p28 of band) |
| Real estate % of loans | 45% |
| Credit cards % of loans | 2% |
| Unsecured % of loans | 4% |
| Commercial % of net worth | 225% |
| Core shares % of member funds | 36% |
| Certificates % of member funds | 34% |
| Average share balance | $9,283 |
| Participations bought / yr | $40.0M |
| Participations sold / yr | $90.5M |
| Participations outstanding | $58.0M |
| Loans outstanding per 100 members | 76% |
| Loans granted per 100 members, annualized | 17% |
| Average loan balance | $24,051 |
| Loans granted, annualized | $1.26B |

## Participation posture (from the same filings)

Bought $40.0M and sold $90.5M in the latest annualized quarter; $58.0M outstanding purchased (14.6% of net worth), $44.3M sold and retained. Sold in 8 and bought in 6 of the last 8 quarters. Shares 9.1% year over year.

## Flags firing in the latest filing

- **delinquency rising** (`aq_dq_rising`)
- **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 | 0 |  |  |
| 2017-03 | 1 | net worth falling |  |
| 2017-06 | 0 |  | net worth falling |
| 2017-09 | 0 |  |  |
| 2017-12 | 0 |  |  |
| 2018-03 | 1 | net worth falling |  |
| 2018-06 | 0 |  | net worth falling |
| 2018-09 | 0 |  |  |
| 2018-12 | 0 |  |  |
| 2019-03 | 1 | net worth falling |  |
| 2019-06 | 0 |  | net worth falling |
| 2019-09 | 1 | 3rd-party paper>100% NW |  |
| 2019-12 | 1 |  |  |
| 2020-03 | 2 | net worth falling |  |
| 2020-06 | 1 |  | 3rd-party paper>100% NW |
| 2020-09 | 1 | delinquency rising | net worth falling |
| 2020-12 | 0 |  | delinquency rising |
| 2021-03 | 2 | net worth falling, 3rd-party paper>100% NW |  |
| 2021-06 | 1 |  | net worth falling |
| 2021-09 | 1 |  |  |
| 2021-12 | 1 |  |  |
| 2022-03 | 1 |  |  |
| 2022-06 | 2 | net worth falling |  |
| 2022-09 | 1 |  | net worth falling |
| 2022-12 | 1 |  |  |
| 2023-03 | 2 | net worth falling |  |
| 2023-06 | 3 | leaning on borrowings |  |
| 2023-09 | 1 |  | net worth falling, leaning on borrowings |
| 2023-12 | 2 | leaning on borrowings |  |
| 2024-03 | 4 | thin capital, net worth falling |  |
| 2024-06 | 3 | delinquency rising | thin capital, net worth falling |
| 2024-09 | 3 |  |  |
| 2024-12 | 2 |  | delinquency rising |
| 2025-03 | 2 |  |  |
| 2025-06 | 3 | loans>95% of shares |  |
| 2025-09 | 3 |  |  |
| 2025-12 | 4 | delinquency rising |  |
| 2026-03 | 4 |  |  |

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

- 2026-05-22 [New CoVantage Credit Union location opening soon in Kaukauna - CUInsight](https://news.google.com/rss/articles/CBMiowFBVV95cUxOcUVuZ0QtSkNVWXBlWGRBQ2t6REdMWmpIWjlqSGdKak55M2xRRk5MN1RSWmVLOHVBZVlpV0ZrMEt5VTFlRlZSV1ZDVVRuRjRWbDlNeENuVW5HTkYzbUJCb1VGeHJVMmlESVB5dTBHekxCR0ZkTXNuTWxfd0lxUllBSVh0eGtGemFpVmpvQWRYd3RFeVMxNGF2SWd2WGlBOEpLX1Vv?oc=5) · CUInsight
- 2026-06-12 [CoVantage Credit Union Names Matt Kaudy President & CEO - CUTimes](https://news.google.com/rss/articles/CBMilAFBVV95cUxPcWM1NzdPUnN2SFVwcndWcXlXRVZYTm5mVklWZGxhcW5XdHMxeER2UnptMWNFNHhRXy1jakszVmMzWVcteUk1UXotMHBicXRqZ0hTWXpIZDNFLXgya1BuTnBWVDI2OVdjZWNSM3E1YTc1UGJmcHIyZ2lvYm5OSDk3dlVRYWU2MWw5ZWM4aHM2OUpNbzQx?oc=5) · CUTimes
- 2026-05-29 [New credit union opening soon in Kaukauna | The Buzz - The Post-Crescent](https://news.google.com/rss/articles/CBMi3wFBVV95cUxQS3A4UEFRWkpIZ0FURjMwTnhxYVByMlYtaG5Hc2pLbzlkakU3VWJRVHlvempBNXZDeFRNRDJwYU9KSnJibjNQRTZuZ18wRXcxYXRSY2s3RlBiSGhaTTluWk9XblRjZkdjSHpuSHkwdjVsZk5VNWtNOG1PY0hBTUFwQTVHZU1jbHpJMHFKYjZuOE9hNGdxSVdfX1piWnNYZ3FnLXRpTE5vS0ZCT2RiU24zX294clZJc2YyLVlNWk1BX2w5dmhUd2tSWDhMb24xVkg5el9zOUx0RlBVbVFPbzVR?oc=5) · The Post-Crescent
- 2026-05-18 [CoVantage Credit Union announces appointment of Matt Kaudy as President and CEO - CUInsight](https://news.google.com/rss/articles/CBMivAFBVV95cUxNSWstTkpaR2RuR2c4eU1hX05mellnWUNEckd2OF9uOHNoaE52YmJGN1o2SDRpWnAzUXhPSzQ2eThKRVFIbElpWHdvQ3dSVmNiVHcwak1WYS05Vmc5OGQ0V3FuYXdYZWVmMksyREFNOUVGZTJIVmUxaV92cURiV3UxTU9RY0hibU9HYV84MUFoT192ekZzbHBjc01LMEV0cmxXeW9YQkg0bG82dndtX2hqcVJ0TktxSlRQdk5rVA?oc=5) · CUInsight
- 2025-12-04 [CoVantage Cares Campaign Aims to Raise $50,000 for Shawano United Way - TCH Daily News](https://news.google.com/rss/articles/CBMiWkFVX3lxTE90N3pxVHdLNllEMkJtNDVDMnVoMTBXUDVxRlJIcjFBRGN6SGdhYlQwSExfYlhweTM2aVlxWnQySGxfTldaNk1DdzkyUkFuUVBPUE5XZUFxVnJEQQ?oc=5) · TCH Daily News
- 2026-06-12 [Matt Kaudy assumes role as President and CEO of CoVantage Credit Union - CUInsight](https://news.google.com/rss/articles/CBMisAFBVV95cUxNa3VSaVlJZkZoM3lSM2N5eE1jeWJIUzd4UFRqMk1seEoyX05SampsdXg3cnhkMVNqMldHT29mMFBTdDVldVdXNldJeHFUMXdWRjgzdDNMQ0pKSWlwS1RSYW8tZHNWUEx1S0ZCV2NEQTVaQkpqaGw4a2lNTDlreHdKVTVjYmtSa1ktSnJrbWlPcXc4bmpITXpENG10UDNzQy1tLV9hS2w0T0lKVVAxWkNOMQ?oc=5) · CUInsight
- 2025-11-21 [Central Wisconsin Hmong Professionals announces 2025 Professional of the Year Award recipients - Wausau Pilot & Review](https://news.google.com/rss/articles/CBMi1gFBVV95cUxNS212THhJei1Hbkc3RldwS0FlbEotZXJncTBaTUJFM2dDN3pkVGZsNTQxdUh4M3plVGZVYzhNbF9oNlpVNWtySk5JRG91N0FSTVNpYTZxdTBhLWtxaEJQX3BEOUdDb0VKVXpZcjUwZWZ2VlRaNy16WTBhakFmNFJyN0xrV2ZtekJEUEVlYXVJYzFURlVOVVh0UzdYdVNFeHByc1N0ZmFvUk9WTnZYNEwwRHpOUGFDTFlOWms0YnNVVlIwbU9mdTB6STVDN1UtT2h3RHkyakNB?oc=5) · Wausau Pilot & Review
- 2018-09-04 [CoVantage Credit Union Offers Unique Commercial Rehabilitation Financing - Antigo Times](https://news.google.com/rss/articles/CBMisAFBVV95cUxQbVlUYUIzVHEwTTRud0Q4VzBEeXBZYVBfNllXRWRiV01PS0gybzZkdDRtcGx4aHJ3bm55ekFFZXA2SHR3Vm8yWVdtNHVqbDJLQzV5c1FBeGQ5UEJoakJZNm9XUUYxRU9iUXo0NmtqSHVRTzl2MW5hMTNkdmxPSHJjM1JlbDRzNTdJU2VyUXgtam5iajVWWlVTUkdSbnJHWlhYM3lNT3VEQlBrbnY2SUxVVQ?oc=5) · Antigo Times

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=66848 (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/32.json (key "66848", 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=66848
- 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