# BELLCO
GREENWOOD VILLA, CO · NCUA charter 68437 · asset band $1-10B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/bellco-68437

Who the members are: state charter, organized 1936, low-income designated. 352,265 members of 5,373,024 potential (6.6% of the field); checking penetration 65% (share draft accounts per 100 members); loans per 100 members 63.

**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 | $8.63B |
| Members | 352,265 (-4.4% YoY) |
| Full-time staff | 518 |
| Net worth | $860.6M |
| Net worth ratio | 10.0% (p33 of band) |
| ROA (annualized) | 0.71% (p50 of band) |
| Total delinquency | 0.41% (p28 of band) |
| Net charge-offs (annualized) | 0.45% (p43 of band) |
| Loans / shares | 98% (p85 of band) |
| Cash / assets | 11.4% |
| Borrowings / assets | 8.12% |
| Net interest margin | 2.74% (p16 of band) |
| Operating expense / assets | 1.94% (p6 of band) |
| Vehicles % of loans | 18% (p30 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 74% |
| Third-party paper % of net worth | 142% (p51 of band) |
| Vehicle delinquency | 0.41% (p29 of band) |
| Vehicle NCO | 1.14% (p58 of band) |
| Repossessed % of vehicle book | 0.07% (p50 of band) |
| Real estate % of loans | 39% |
| Credit cards % of loans | 1% |
| Unsecured % of loans | 6% |
| Commercial % of net worth | 270% |
| Core shares % of member funds | 34% |
| Certificates % of member funds | 31% |
| Average share balance | $7,653 |
| Participations bought / yr | $585.2M |
| Participations sold / yr | $0 |
| Participations outstanding | $708.2M |
| Loans outstanding per 100 members | 63% |
| Loans granted per 100 members, annualized | 12% |
| Average loan balance | $30,790 |
| Loans granted, annualized | $2.17B |

## Participation posture (from the same filings)

Bought $585.2M and sold $0 in the latest annualized quarter; $708.2M outstanding purchased (82.3% of net worth), $306.9M sold and retained. Sold in 7 and bought in 8 of the last 8 quarters. Shares 0.8% year over year.

## Flags firing in the latest filing

- **members leaving** (`shrink_members`)
- **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 | 3 | loans>95% of shares, leaning on borrowings, 3rd-party paper>100% NW |  |
| 2016-06 | 3 |  |  |
| 2016-09 | 3 |  |  |
| 2016-12 | 4 | charge-offs p90 |  |
| 2017-03 | 3 |  | charge-offs p90 |
| 2017-06 | 3 |  |  |
| 2017-09 | 3 |  |  |
| 2017-12 | 3 |  |  |
| 2018-03 | 3 |  |  |
| 2018-06 | 3 |  |  |
| 2018-09 | 3 |  |  |
| 2018-12 | 3 |  |  |
| 2019-03 | 3 |  |  |
| 2019-06 | 3 |  |  |
| 2019-09 | 3 |  |  |
| 2019-12 | 4 | net worth falling |  |
| 2020-03 | 4 |  |  |
| 2020-06 | 3 | margin squeeze | loans>95% of shares, leaning on borrowings |
| 2020-09 | 1 |  | net worth falling, margin squeeze |
| 2020-12 | 1 |  |  |
| 2021-03 | 1 |  |  |
| 2021-06 | 1 |  |  |
| 2021-09 | 1 |  |  |
| 2021-12 | 2 | loans>95% of shares |  |
| 2022-03 | 4 | net worth falling, leaning on borrowings |  |
| 2022-06 | 3 |  | net worth falling |
| 2022-09 | 3 |  |  |
| 2022-12 | 3 |  |  |
| 2023-03 | 4 | net worth falling |  |
| 2023-06 | 4 |  |  |
| 2023-09 | 7 | thin capital, margin squeeze, delinquency rising |  |
| 2023-12 | 7 |  |  |
| 2024-03 | 5 |  | net worth falling, margin squeeze |
| 2024-06 | 4 |  | thin capital |
| 2024-09 | 4 |  |  |
| 2024-12 | 3 |  | delinquency rising |
| 2025-03 | 3 |  |  |
| 2025-06 | 3 |  |  |
| 2025-09 | 4 | members leaving |  |
| 2025-12 | 4 |  |  |
| 2026-03 | 4 |  |  |

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

- 2026-08-07 [Bellco Credit Union continues Colorado Springs expansion with 2nd branch opening - Colorado Springs Gazette](https://news.google.com/rss/articles/CBMisgFBVV95cUxONUtPb3EwZERhLU9objE0RS0xMERZd3dXRkF4b2FxaGpVcjEtX2plUXR1TDN5MmVhcENfZ25QOGk4NGQ2X0JUa3d0aUwxMUZVdk9oMkNPSkhKQ1VKbEptVGlWTWdSN1BBcDEtRnJNclZ5UTNqdWoyaHVRTi01ODRGVEJYUE5DTE44aDdHdVdUQ013ZXBidDRIc09lanZ4eUxjVjF0LXBIbXE0cmd5a3R6WHp3?oc=5) · Colorado Springs Gazette
- 2026-07-23 [Celebrating 90 Years of Serving Colorado - Colorado Springs Gazette](https://news.google.com/rss/articles/CBMifEFVX3lxTE9qWkpOMWZDLXdTZzZYbnY2ZXNoRVMzNlhZdlV5S0szZkNGMDRNUm9nVG5nVGxudkdyMDUwUHlBeUNidWoyaDlxb0htNU9HdmM0dElUak55YUoxaXJzb1UzYS1VY3NlWlZCcTYta1ZjczRlN2E0N0YwX3dDbTk?oc=5) · Colorado Springs Gazette
- 2025-10-20 [Two Colorado credit unions announce merger - denvergazette.com](https://news.google.com/rss/articles/CBMijAFBVV95cUxONHc4YjBSZVhsQnJQc1YyQlVjYkNjUGxuSTlRNmdwMUdxcDJ5bXJBWWtFaDgxbDR0OVV5OGRzdlNlUElpSUs4S1BrQ2V6a3lIN09VVTM3R1g5V0E0X212Vmt0TnFYZHgwdmRua2NHQW5YUDA2Z2xsTU9LTDRmQkt2TnR2dkg4UFNUQ0tmeQ?oc=5) · denvergazette.com
- 2026-01-16 [Bellco Credit Union opens first Colorado Springs branch - Colorado Springs Gazette](https://news.google.com/rss/articles/CBMikAFBVV95cUxOWTdtWjZxaGNpeG1NU1VTdzd3dWdRbU5ZTU9jSlFXTUhOVWhmRXVRaUdTbHNvUHJJOXNjY3VRZkZ1ZzMwcV8taktiYmZOYk1RaWNzeHNPUWdxYUZyd3VJaktJWVFtYTNhWFZhb0Y0czJLRWI0Z1NDZlVUR2pYcGlfMWh6S2Jua0EzbTFCbDAtRTY?oc=5) · Colorado Springs Gazette
- 2025-01-22 [PRESS RELEASE: BELLCO OPENS NEW BRANCH IN CASTLE ROCK - Colorado Community Media](https://news.google.com/rss/articles/CBMivwFBVV95cUxNRU02NU1lalFhNGR3Nmt6SnJsQVFIb2s0czhNcTk0eUQ4TVJQSHM0N1pOOTk0MTZLU2FSeURpVGpWbHlnNm1YZENYdFZYdHpxZmxKa0xTWHp4T1p2T2tLZWJ4LUNRRE9YWF82QUZlX00zR1I4LWw5RHVlb2VGM2xWcmRHWUtZc3dIYnZVcDJJX0ZXcnpIeDYyQUFXY2g4RVpBal91c29sSG9tdnplSGpHbmxQWUZQcjlwZ2FjR1FBQQ?oc=5) · Colorado Community Media
- 2023-01-11 [Credit unions settle GAP fee refund cases with Colorado Attorney General - consumerfinancemonitor.com](https://news.google.com/rss/articles/CBMiwAFBVV95cUxNWnI2ZFZFRHNnMHh2TXNyTG5wLXk4cVdOSzNMNkVFS1o5Yk51a0NHck5NN2RyeUxSU3cwdHJkbDViM0xmd2tiMFJCN1lnd0x2dnFpQTFGd2ZfUjVHZHlEYXJpM0JUUFp6QXdfZ0RMd0ljZXJPckVOLW5HcWp3T3dybURzb0VsbzRpRU9xeXFFc3BCZjlSQUU4azF0YUR4SkNXRmZJUWI0WXNjQ3pyUE1LQW1xVkNEY3ZDMkZnbVhWcmU?oc=5) · consumerfinancemonitor.com
- 2024-02-06 [First Commonwealth Federal, Bellco Federal Credit Union merger expected to be official on June 1 - WFMZ.com](https://news.google.com/rss/articles/CBMijwJBVV95cUxPWEs2M1NsZTJSMzNzblBzbGdCQ28ySTBWUUZVSHJxSVNlOGdudFhsTlNMamI5bmlRNmwtNjVxU3lvckJETXRHZVRUbGVYZkNkTml5WjVxQ0VNQ05yRWRON1dUYVRfbUdUWXBqR1dwd0VreGt1UXhoRTI3REpncGNBemxpcHZCamN3OTVRcGRvXy1YQlc1b0Z2RzNiMHd0ak5YMDByR3REM1cySFpmNmo4R2stcHFxczdrOU5EeDNVNllxSmo2bjJFb2pYbkx3RFhrLVhuU0RyUU8wVHhCTzcya1lZWDhNNVNpeEhMZ21FSFZjaUgxWnY2bXhQNWV5Zld2cU83clJRYWwyb0NxUU5j?oc=5) · WFMZ.com
- 2025-04-08 [America's Best Regional Banks and Credit Unions 2025 - Colorado - Newsweek Rankings](https://news.google.com/rss/articles/CBMijwFBVV95cUxQX0hPb0ktSTVrRnJtb2liclRWaXdMSlVIYmg4aUxKeHR1Z1B0U3RlWHFEZzRYVkdueE9ZN0xGQXYxX1Bac3FLUjVTRGs2WS1scUdYUWYtT3ZqT0M1ekNqcGRKX2pJUHBZbzRKN0xFeXN6RnVhUEJOTm5TUGU0WUlNX3A3R0FCZ1Z3SE8wdERISQ?oc=5) · Newsweek Rankings

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=68437 (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/21.json (key "68437", 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=68437
- 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