# QUALSTAR
Bothell, WA · NCUA charter 68223 · asset band $500M-1B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/qualstar-68223

Who the members are: state charter, organized 1952. 62,575 members of 8,115,100 potential (0.8% of the field); checking penetration 78% (share draft accounts per 100 members); loans per 100 members 53.

**Verdict on the desk:** this could be *ordinary*. 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 | $923.1M |
| Members | 62,575 (-7.3% YoY) |
| Full-time staff | 123 |
| Net worth | $147.2M |
| Net worth ratio | 15.9% (p95 of band) |
| ROA (annualized) | 1.41% (p88 of band) |
| Total delinquency | 1.27% (p88 of band) |
| Net charge-offs (annualized) | 1.65% (p97 of band) |
| Loans / shares | 74% (p31 of band) |
| Cash / assets | 12.8% |
| Borrowings / assets | 0.00% |
| Net interest margin | 4.14% (p90 of band) |
| Operating expense / assets | 2.68% (p13 of band) |
| Vehicles % of loans | 23% (p33 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 50% |
| Third-party paper % of net worth | 46% (p36 of band) |
| Vehicle delinquency | 1.40% (p88 of band) |
| Vehicle NCO | 2.97% (p95 of band) |
| Repossessed % of vehicle book | 0.15% (p74 of band) |
| Real estate % of loans | 45% |
| Credit cards % of loans | 13% |
| Unsecured % of loans | 16% |
| Commercial % of net worth | 4% |
| Core shares % of member funds | 28% |
| Certificates % of member funds | 6% |
| Average share balance | $8,022 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | $52.3M |
| Loans outstanding per 100 members | 53% |
| Loans granted per 100 members, annualized | 7% |
| Average loan balance | $17,043 |
| Loans granted, annualized | $91.0M |

## Participation posture (from the same filings)

Bought $0 and sold $0 in the latest annualized quarter; $52.3M outstanding purchased (35.5% of net worth), $0 sold and retained. Sold in 0 and bought in 4 of the last 8 quarters. Shares 5.0% year over year.

## Flags firing in the latest filing

- **net worth falling** (`cap_falling`)
- **delinquency 2x band** (`aq_dq_high`)
- **charge-offs p90** (`aq_nco_high`)
- **members leaving** (`shrink_members`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 0 |  |  |
| 2016-06 | 0 |  |  |
| 2016-09 | 1 | net worth falling |  |
| 2016-12 | 0 |  | net worth falling |
| 2017-03 | 0 |  |  |
| 2017-06 | 0 |  |  |
| 2017-09 | 1 | 3rd-party paper>100% NW |  |
| 2017-12 | 2 | net worth falling |  |
| 2018-03 | 1 |  | net worth falling |
| 2018-06 | 0 |  | 3rd-party paper>100% NW |
| 2018-09 | 0 |  |  |
| 2018-12 | 0 |  |  |
| 2019-03 | 1 | members leaving |  |
| 2019-06 | 1 |  |  |
| 2019-09 | 1 |  |  |
| 2019-12 | 1 |  |  |
| 2020-03 | 0 |  | members leaving |
| 2020-06 | 1 | net worth falling |  |
| 2020-09 | 2 | delinquency rising |  |
| 2020-12 | 2 | members leaving | delinquency rising |
| 2021-03 | 2 | margin squeeze, loan book shrinking | net worth falling, members leaving |
| 2021-06 | 1 |  | loan book shrinking |
| 2021-09 | 0 |  | margin squeeze |
| 2021-12 | 1 | delinquency 2x band |  |
| 2022-03 | 2 | delinquency rising |  |
| 2022-06 | 3 | charge-offs p90 |  |
| 2022-09 | 3 | repo signal | charge-offs p90 |
| 2022-12 | 3 | assets shrinking | delinquency rising |
| 2023-03 | 2 |  | repo signal |
| 2023-06 | 4 | net worth falling, margin squeeze, leaning on borrowings | assets shrinking |
| 2023-09 | 2 |  | net worth falling, margin squeeze |
| 2023-12 | 3 | delinquency rising |  |
| 2024-03 | 4 | charge-offs p90, repo signal | delinquency rising |
| 2024-06 | 4 | delinquency rising, assets shrinking | leaning on borrowings, charge-offs p90 |
| 2024-09 | 4 |  |  |
| 2024-12 | 5 | net worth falling, charge-offs p90, members leaving | repo signal, delinquency rising |
| 2025-03 | 6 | repo signal |  |
| 2025-06 | 2 |  | assets shrinking, net worth falling, members leaving, repo signal |
| 2025-09 | 1 |  | delinquency 2x band |
| 2025-12 | 3 | delinquency 2x band, members leaving |  |
| 2026-03 | 4 | net worth falling |  |

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

- 2022-04-14 [Qualstar Credit Union (Redmond, WA) appoints Michael Elfstrom as new President and Chief Executive Officer - CUInsight](https://news.google.com/rss/articles/CBMi3AFBVV95cUxPcS0ydWZsN3hjS0Y1VVVseDNoXzdSNGxHU0NRVFBRSjVqa0pNYzdCT2pDSkVYNmFIbEE2V1ZzOVBhR2tnOTJyTzRGTG16Qy16YnZlYmRfSlZfd3FPWkZia2hTS09LZ0FfR1htYm5QVUxnYS1Odzlfdl9Zb0RGZzVhRHhwLVZFdk1kS05SWEtIUlg0QnFYenZfSm16Zm1NSkxsdDB6ZVltVmdSNk9QbWI2bXByQnVOLXI4Y1FsQ2doeGVxdUlPVmxmc0YxaHJ1eFUwSVpDRUZ0U3pPejlF?oc=5) · CUInsight
- 2023-10-05 [Qualstar Credit Union (Bothell, WA) hires Michael Bishop as Senior Vice President of Operations - CUInsight](https://news.google.com/rss/articles/CBMizgFBVV95cUxQZWhHSW14MUJ2bmdhZ2Zyb0hlZGpaejVXZnZQNTc0SFV0Ml94UDNQa2x0SjctN2EzWTk5RkY1b19IR3lwWmdtOXNzelh4czhCanRPVUVfRnNFY3RtN3M1amtxajJobk92X05oUkFyQ3kxbEc5aHdraURSYWlPelhNdS0xdG15UjRiQXdWVVhQSEhMLXpNU0FNY2tQdUhnbWFpbDlQaGtHU3lkdm9OYmNuU0dDc2czTE1nS1RFSW90alhzZlEyRm1JNlAwUGx6QQ?oc=5) · CUInsight
- 2009-02-06 [USDOJ: US Attorney's Office - WAW - Department of Justice (.gov)](https://news.google.com/rss/articles/CBMieEFVX3lxTFAtOVB5ZC0tcVJqeXlmeTA2a1ctcjR5aE1OYW5EaXdiWlEwTWtfZ2Jjek1yTXpJSnNYbVV2UGpIZUNaTndJM2ExSkF6SzV5WktJUzR4NkZxQlZTZXdrOEZGWmFzTnFCa2tfSGJXckZsQVVUNUdJdGZOXw?oc=5) · Department of Justice (.gov)
- 2025-08-23 [Veteran financial leader Cynthia Crouch joins Firstmark executive team as chief experience officer - The Business Journals](https://news.google.com/rss/articles/CBMiqwFBVV95cUxNbUwtSEJEOTBPb2FSRHFqeUNkYW5UNkVYRnlzQmVibVBIQTJ5N3pQSFNaQmpxTXdXZ2F4cU9iYW5TaDVGbDhCeG9PVUR3eTlfUkRzYlRuZnpLMjBNOFhHcjB5MzQ2cUQwWTVFWnY3VkU4NTlNcUh2cjBwYnJwQ1pRcnYwbkYzV0RBLWdkRERhaDZQZG5MMWlrdkhJcHVQSi0tTG5lRXJtNkY4OHc?oc=5) · The Business Journals
- 2022-10-16 [Albert Kull Obituary - Renton, WA - Dignity Memorial](https://news.google.com/rss/articles/CBMifkFVX3lxTE43SS1LNGtiSldsM1R3Wkt3NXQwYkNfeGNTX0Q5SndmLWpPY2ZLTUx6b0RjcHNvVUhpOUJWRG96VDlsdmtSRUNXeDVhZGxKSEphMFItdUNKemdoUFFwOHF3NUZDelpZVHowSVhhNnN3Wk9kNFF5Y3VqdFo2amx4Zw?oc=5) · Dignity Memorial
- 2024-01-26 [Superior Court - Tacoma Daily Index](https://news.google.com/rss/articles/CBMibkFVX3lxTE9fbEduT0h1azRLVXNwcFV1clJKMmZhVDRrTEZnajBvQ3pSbjdhRHNIWFc1cXRjcVlxcTFYVWo5ODViM19teFlhTElJUmZQM1VZMnU4MmhObzA5ZXN3Q3RPc0N4VzVGVmNRVE5xTEFB?oc=5) · Tacoma Daily Index
- 2011-09-15 [Artemio Figueroa Godinez Obituary - Sumner, WA - Dignity Memorial](https://news.google.com/rss/articles/CBMijgFBVV95cUxQbE5zNTg3czRId2x6UURkaXVPcHYxcFBHTVdVQlpmajU1c1poVzBoNzFfZ1c2UkJMdFpDN3NGanRFaDZ3ajhXZFVqajFhUTU2SHlnMDE5cDE2Q2pKbXlzMW9OZS1leVVySHUybk96TklRcmpBSFZCb0x2bFhveng4TzE1Q0xfczFramF0b0d3?oc=5) · Dignity Memorial
- 2018-03-15 [Ryan Abay-Abay Obituary - Bellevue, WA - Dignity Memorial](https://news.google.com/rss/articles/CBMigwFBVV95cUxORnZNNXpiTXB4cHlNUW1SLXhKZGlaei1NREdkVUNSbWRrUzZ4NGg0dWhuZEtUZjZEZTlVQmtOSkFOTHdyUG1McE5ibFU2blp6d1Z3VTZta1VrQU1vNVI0clRIelE0T1NCYldkSzZlellzVWhLVXh4SDUyUmtrajZTTlJMYw?oc=5) · Dignity Memorial

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=68223 (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/63.json (key "68223", 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=68223
- 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