# VALLEY FIRST
Modesto, CA · NCUA charter 68402 · asset band $1-10B · latest filing 2025-12 · stopped filing after 2025-12 (departed; for a credit union that is almost always a merger)
Share link (named URL with a preview card): https://getbookiq.com/cu/valley-first-68402

Who the members are: state charter, organized 1956, low-income designated. 80,465 members of 6,016,158 potential (1.3% of the field); checking penetration 56% (share draft accounts per 100 members); loans per 100 members 76.

**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 | $1.06B |
| Members | 80,465 (1.9% YoY) |
| Full-time staff | 168 |
| Net worth | $105.5M |
| Net worth ratio | 9.9% (p31 of band) |
| ROA (annualized) | 0.54% (p33 of band) |
| Total delinquency | 1.00% (p72 of band) |
| Net charge-offs (annualized) | 1.23% (p93 of band) |
| Loans / shares | 88% (p49 of band) |
| Cash / assets | 13.1% |
| Borrowings / assets | 6.58% |
| Net interest margin | 3.61% (p77 of band) |
| Operating expense / assets | 3.60% (p74 of band) |
| Vehicles % of loans | 44% (p83 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 91% |
| Third-party paper % of net worth | 326% (p87 of band) |
| Vehicle delinquency | 1.11% (p75 of band) |
| Vehicle NCO | 2.09% (p87 of band) |
| Repossessed % of vehicle book | 0.14% (p70 of band) |
| Real estate % of loans | 29% |
| Credit cards % of loans | 3% |
| Unsecured % of loans | 7% |
| Commercial % of net worth | 79% |
| Core shares % of member funds | 59% |
| Certificates % of member funds | 25% |
| Average share balance | $5,941 |
| Participations bought / yr | $94.5M |
| Participations sold / yr | $0 |
| Participations outstanding | – |
| Loans outstanding per 100 members | 76% |
| Loans granted per 100 members, annualized | 10% |
| Average loan balance | $12,629 |
| Loans granted, annualized | $214.8M |

## Flags firing in the latest filing

- **charge-offs p90** (`aq_nco_high`)
- **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 | 3 | losing money, 3rd-party paper>100% NW, auto monoline |  |
| 2016-06 | 3 |  |  |
| 2016-09 | 2 |  | losing money |
| 2016-12 | 2 |  |  |
| 2017-03 | 3 | delinquency rising |  |
| 2017-06 | 3 | members leaving | delinquency rising |
| 2017-09 | 2 |  | members leaving |
| 2017-12 | 2 |  |  |
| 2018-03 | 2 |  |  |
| 2018-06 | 2 |  |  |
| 2018-09 | 2 |  |  |
| 2018-12 | 3 | expense trap |  |
| 2019-03 | 4 | delinquency rising, members leaving | expense trap |
| 2019-06 | 3 |  | delinquency rising |
| 2019-09 | 2 |  | members leaving |
| 2019-12 | 2 |  |  |
| 2020-03 | 2 |  |  |
| 2020-06 | 3 | net worth falling |  |
| 2020-09 | 3 |  |  |
| 2020-12 | 4 | margin squeeze |  |
| 2021-03 | 5 | thin capital |  |
| 2021-06 | 4 |  | net worth falling |
| 2021-09 | 4 |  |  |
| 2021-12 | 4 | delinquency rising | margin squeeze |
| 2022-03 | 4 |  |  |
| 2022-06 | 3 |  | thin capital |
| 2022-09 | 3 |  |  |
| 2022-12 | 4 | leaning on borrowings |  |
| 2023-03 | 5 | net worth falling |  |
| 2023-06 | 6 | thin capital |  |
| 2023-09 | 3 |  | auto monoline, net worth falling, thin capital |
| 2023-12 | 2 |  | delinquency rising |
| 2024-03 | 3 | delinquency rising |  |
| 2024-06 | 2 |  | delinquency rising |
| 2024-09 | 3 | members leaving |  |
| 2024-12 | 2 |  | members leaving |
| 2025-03 | 3 | charge-offs p90 |  |
| 2025-06 | 3 |  |  |
| 2025-09 | 3 |  |  |
| 2025-12 | 3 |  |  |

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

- 2025-10-10 [Credit unions will celebrate International Credit Union Day on October 16 - CUInsight](https://news.google.com/rss/articles/CBMitAFBVV95cUxPckt0VllqUzd1TlFFRzlZLU9ZZDFQQTRKRFJPMDJ5RENVaHF1X1dIelgzdlJLeFJ6YTk5Vjd2a3dxUDdydGZfODFKQl9IOXhsT2NWcVNuV09zUlJGbzRYc2Y3RmtMOUc2aVRsbDFoSnhWRDdHZ2IxRVJiREJONXh0RGVKSFJfU0dzbmt0ckVVTTNTOTlfTzdORzh2Z0RtMzlmdDFDaUIydFZqT3FHbGpWRUw5bzM?oc=5) · CUInsight
- 2025-04-24 [Valley First Credit Union welcomes Patrick Brown as Vice President of Commercial Banking - CUInsight](https://news.google.com/rss/articles/CBMiyAFBVV95cUxNT0g0VFJ2Y3BHa1hMa0RzdThLSnpFbU90bmNMdHp3T0FhTllReUVxc1hDUl8tejYyWWpGSk4waklMT2pMVGd6WHdFUDZRUkw1bktiUGxPSlVhbGU5cm9XQW8zcjZxdkhuMDNON3RSWWFvdHRHSUJ0SGVuQ05YUUlYOExLUzZkSlVyQ1NWY01qWEJaSjBHWExMaV81Y0tFLWUyeVlzYVQyX2wwd2thVGQtQUswVFF0eFM2QlpNRDBleTVFNFZ6bmNDNw?oc=5) · CUInsight
- 2026-04-01 [First West becomes a federal credit union and officially launches as Tru Cooperative Bank - GlobeNewswire](https://news.google.com/rss/articles/CBMi8wFBVV95cUxQSGs3ZlVyZ2hkaUVMTVpFV1V1ZmlPbGpZY0pxNkxjT1VKOHVQWHlJMElzbl93elFlM2tqZ2xXYnBoZ0tJQ1dNdnlNUGNPbUNvckpaQlJNMFBUejEtUWxTNm1pSlllLXFXbVVabWhyQ1R2QTJCUFRUR2luRlpkaWNpMEMxb18zMnZSOHZzYzBLNXNFMmZ2cmVWSEhxODZncmdLbnNsbmoxc1pKa1IyZlI5V0FNZENLSGd2b3NUNWVoQWw3UUJhWXhweGd0c2hGQ0dQNkFvVngtMGY4OVBCVjVsNENjQ2Y5WHptN09tQzRBSHIzS1k?oc=5) · GlobeNewswire
- 2024-12-13 [Modesto-area middle school students get a ‘Bite of Reality,’ a lesson in budgeting basics - modbee.com](https://news.google.com/rss/articles/CBMic0FVX3lxTE44UDhrMTNadDZsajI1Rzg1UzhzSzdzeDJGeWZhMmxIbDgwTjNMWDlENkh5Tmp4Z3VQQ0x4WVBIdEFCdDN1RldTR3V5TDR0YlhHWkVYZDJ6N3B5UXRqaEVIc3p2TFhKZ0twcjNZZkJzWF8wbXfSAXNBVV95cUxNVVFPN0h2cUdVNG9TR2loWkxXNXJoZjJ6dk9MTlluRUFFakItNUhYMHJsYXZieG1TNkZRTEpnV3dXbWNlbnE3c1I5cUg5VlZ0NkxTWTl2dlJ4SDJ4ckZ1S3k5N2k4dXB5SkMxd2VDRGZRbklB?oc=5) · modbee.com
- 2020-05-26 [Coronavirus: Valley First Credit Union, First West Foundation support local charities - Global News](https://news.google.com/rss/articles/CBMijgFBVV95cUxQYWRlRlVDcTBqMkhRTEhkeFJwbDZia012RFVhakpEZ2RFN0V3MjB5VU43b196TU05Ul93Y2tsbWE0LU9LRF84ZTRmRjBsZkMxSk5HQ2xsYjF6WldtMEc3ZXRSS0Y0emFiaGdWdlk0SVZUWVJwUElYd28wcDJaMXN0bGJQQ2ZheFpaanJpT1BB?oc=5) · Global News
- 2024-08-07 [Valley First Credit Union appoints Mary Roberts as new Chief Financial Officer - CUInsight](https://news.google.com/rss/articles/CBMiuwFBVV95cUxPMF81ZHlOWXhiaC1LXzRzRjJBclFINXRzbjZRRVNNWlprb0FFOTNMTEJ0REJxQm9yZ1VoOFdVejVRSVNCRC1fczVXZFdjTm1GN0M2cUU3ZERmRWZBVUZvM2JjV1lVckRmenB2Nml0MjJkMTdSX2E1WEktS09mbVZVUTV1NHVTcWJ6SlhrV0oxSVRJQ0xIV0Y5UkNzUmkwSDZHdFFueG5yZWdweDFSM01MYldSMkh5Z3VhOFFF?oc=5) · CUInsight
- 2026-01-22 [Members vote yes to change First West Credit Union’s name - GlobeNewswire](https://news.google.com/rss/articles/CBMiyAFBVV95cUxNbWZmMFhFaDFzZDJBeHgyd2JlNDM3Y3puci1tUjZZdlJpNWQwSWdLMU4zMnItY2lFT0RPREYwdl90V2ZMbXNXMkl2Mzd2NWVtTEVjVHBxTEdFZVJMNU12U2FhY19Lc2JIRjdFVTNveGVsUWJyWE5PNDI3N2h2TURqR2NQSUN3elVldHZYNVhyWVBiMVlsQl9sc0o4cVVLQnZFRGZjVGJNLXdWVGF4SXJiTHQzMnc3Z1EwMFMxSmx4QUg5Z1dEU0tsZw?oc=5) · GlobeNewswire
- 2024-10-30 [FBI: South American crime ring busted, carried out heists across California - WLOS](https://news.google.com/rss/articles/CBMirAFBVV95cUxOWHowZE9vZHQ3SFVVQXp4TzA5MTRYYWNHT2t1dlJMOFY5c0VFY2RvSjdsX0hGN2VBU3FSTGdjVllKNkJ2NE5nMi1IdTlLd0FEVC05b1JabGY1T280U081M1ZzVjYzaE1vTHhsX3Vzb3FPcEJaSzFVUVhsVWlfOWI1d3QydlNudnVzUnU0WGdkemYwODBwTkxadHEtZ2preTAtWUs2TkczOU9GcmF6?oc=5) · WLOS

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=68402 (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/50.json (key "68402", 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=68402
- 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