# FRONTWAVE
Oceanside, CA · NCUA charter 68494 · asset band $1-10B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/frontwave-68494

Who the members are: state charter, organized 1952, low-income designated. 127,939 members of 8,131,057 potential (1.6% of the field); checking penetration 78% (share draft accounts per 100 members); loans per 100 members 49.

**Verdict on the desk:** this could be *ordinary*. 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 | $1.76B |
| Members | 127,939 (2.6% YoY) |
| Full-time staff | 297 |
| Net worth | $155.1M |
| Net worth ratio | 8.8% (p11 of band) |
| ROA (annualized) | 0.83% (p60 of band) |
| Total delinquency | 0.29% (p13 of band) |
| Net charge-offs (annualized) | 0.53% (p53 of band) |
| Loans / shares | 84% (p42 of band) |
| Cash / assets | 6.0% |
| Borrowings / assets | 9.07% |
| Net interest margin | 3.15% (p39 of band) |
| Operating expense / assets | 3.84% (p81 of band) |
| Vehicles % of loans | 14% (p20 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 40% |
| Third-party paper % of net worth | 44% (p24 of band) |
| Vehicle delinquency | 0.48% (p37 of band) |
| Vehicle NCO | 0.90% (p46 of band) |
| Repossessed % of vehicle book | 0.00% (p11 of band) |
| Real estate % of loans | 47% |
| Credit cards % of loans | 5% |
| Unsecured % of loans | 6% |
| Commercial % of net worth | 243% |
| Core shares % of member funds | 59% |
| Certificates % of member funds | 23% |
| Average share balance | $7,691 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | $114.9M |
| Loans outstanding per 100 members | 49% |
| Loans granted per 100 members, annualized | 4% |
| Average loan balance | $19,301 |
| Loans granted, annualized | $200.4M |

## Participation posture (from the same filings)

Bought $0 and sold $0 in the latest annualized quarter; $114.9M outstanding purchased (74.1% of net worth), $0 sold and retained. Sold in 0 and bought in 7 of the last 8 quarters. Shares 24.9% year over year.

## Flags firing in the latest filing

- **thin capital** (`cap_low`)
- **net worth falling** (`cap_falling`)
- **leaning on borrowings** (`str_borrowings`)

## 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 | 2 | expense trap, delinquency rising |  |
| 2017-06 | 2 | net worth falling | delinquency rising |
| 2017-09 | 1 |  | net worth falling |
| 2017-12 | 1 |  |  |
| 2018-03 | 2 | net worth falling |  |
| 2018-06 | 1 |  | net worth falling |
| 2018-09 | 1 |  |  |
| 2018-12 | 1 |  |  |
| 2019-03 | 2 | losing money |  |
| 2019-06 | 4 | net worth falling, charge-offs p90 |  |
| 2019-09 | 3 |  | charge-offs p90 |
| 2019-12 | 3 |  |  |
| 2020-03 | 2 |  | losing money |
| 2020-06 | 2 |  |  |
| 2020-09 | 2 |  |  |
| 2020-12 | 3 | margin squeeze |  |
| 2021-03 | 2 |  | margin squeeze |
| 2021-06 | 1 |  | net worth falling |
| 2021-09 | 1 |  |  |
| 2021-12 | 1 |  |  |
| 2022-03 | 1 |  |  |
| 2022-06 | 3 | net worth falling, delinquency rising |  |
| 2022-09 | 3 | leaning on borrowings, 3rd-party paper>100% NW | expense trap, delinquency rising |
| 2022-12 | 3 | expense trap | net worth falling |
| 2023-03 | 2 |  | expense trap |
| 2023-06 | 3 | expense trap, delinquency rising | leaning on borrowings |
| 2023-09 | 2 |  | delinquency rising |
| 2023-12 | 2 | leaning on borrowings | expense trap |
| 2024-03 | 4 | thin capital, net worth falling, losing money | 3rd-party paper>100% NW |
| 2024-06 | 1 |  | thin capital, net worth falling, losing money |
| 2024-09 | 2 | delinquency rising |  |
| 2024-12 | 1 |  | delinquency rising |
| 2025-03 | 2 | assets shrinking |  |
| 2025-06 | 2 |  |  |
| 2025-09 | 1 |  | assets shrinking |
| 2025-12 | 3 | thin capital, net worth falling |  |
| 2026-03 | 3 |  |  |

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

- 2025-07-23 [San Francisco credit union to buy California bank - Banking Dive](https://news.google.com/rss/articles/CBMiogFBVV95cUxNSFRDdWlkd3JMaEpfM0RRdXpCTzJiZEdKRml4MFdGSHFxRVNhNjhYYW1XanJyNGFHZWNaY1lmQm5ZeXctMzJXLWlBc1AwZnJHQmlRVHVnRGhHMjVvUDJHT3pJZF94cjMwWXkyeWd6emNmLXdkQnhmVy1RRThScHlHZXlyUW1QQV90MVhVdklyQ09Md1RVTXF0WXJ2ZHY5SDg2RlE?oc=5) · Banking Dive
- 2025-05-07 [Sen. Elizabeth Warren calls on Marine Corps to pause contract with Oceanside-based Frontwave Credit Union - KPBS](https://news.google.com/rss/articles/CBMi5AFBVV95cUxPNmJ0LThRY0VHS1dTU0k1N0FNYTZKQlRmQUFmcm5JekhjVDJwNDM2U1psSktncjFmdlNORkh4VTVGNzFYLTgtX1J5SlVFeXBVNGtTT1pWZzFnNFNkX0M4bkkxdjlHcEtmQm5KZmJPNGNIUHlMMUNGdms2Vkp1MmlTZ0VISzhoR0g4WWQ3QTB4TXBvaHFvSnBpZHVURFBtM3JJVHJaUjVWdGZHUDZfckNmMFRKTmF2Zkdwa2VCSXI3NmhKbHFFczdERXpHVW1BcW52UHlPcFFGMDV5ZVZNYmZ1OEtnbjI?oc=5) · KPBS
- 2023-10-05 [Credit Unions Are Making Money Off People Living Paycheck to Paycheck - Politico](https://news.google.com/rss/articles/CBMikAFBVV95cUxQUm5kMGV1dE9US1FlRGJ3dUhWWGxZamlKWTFGSm1qMDZ3dkFMeExjdlZfNGtUQ3NfdHVkSEE4bVZka2N0MXFNd1VoWUdZbXRTT0RjY3JtR1FzaEsweHFXUjhRd3EwMFlIRFVBTVFjRTRqY2pwNHhsRkVtZmVrMGpOWVN3UjVUVW5OTmVTcjhLVmU?oc=5) · Politico
- 2025-01-22 [Community Valley Bank to Combine With Frontwave Credit Union - Yahoo Finance](https://news.google.com/rss/articles/CBMijgFBVV95cUxPQ2lWNXBULTg5bG9Fb1dWZFA2TnBqYzhjcU1ZYzRCSEJlNGVwUUUyUktMSm1wQ3oyYnctVGxmOHYyYnlmRDV6d2g5dVpxVzJjMHlJUkh2eVJCSXJERTdVMGhCNkItYkFyendBTlhiTGJ2MktuOHhfOG9Zdm5oNFE5RjJPUGlBbVJFRHZhN0xB?oc=5) · Yahoo Finance
- 2023-12-28 [Overdraft fees, long associated with big banks, are big business for credit unions too - marketplace.org](https://news.google.com/rss/articles/CBMiiwFBVV95cUxQT2JxazI4WW1kRVNXbFl1Z2FUQklFNTl4cXlveUdCRWctN0taMnNGS2hmQ21DMTd5QzZIVW1Xb3ZDbUllVXpqaDBST3FPRktYVUhydjZwZFk2UENUaUNLUm1jTkJxTDVIdk5NNTJpXzJQang4SGI4QmgxNURTWXZPLThQRm9hOWdBTXBF?oc=5) · marketplace.org
- 2025-01-23 [Frontwave Credit Union to acquire Community Valley Bank - Imperial Valley Press Online](https://news.google.com/rss/articles/CBMi3AFBVV95cUxOaFlNSzgxTklXSEdZbDVaeXY2QXdNUFp2MWNtODJnN01YNWJWejllTEgzbVBGdkpnRjdxRmN0ZEhCeDhySnJFbl9tVkdUaVZLUzA4VC0xNGFmMWl0YVJuQkdFa2F4OVp0MXhlZWxkOG9hQzF4VC04c3k5TjgyanFwM0dVVnRCZVd3WlZIM3RKemV3bk4wd0prQlpqVzliSkxwbGMtd1g1MmRHWjFaR1RGR09JWkp0d19majhDZl81UzlQcC0yT2o0RHZmY3p4WVJTakVHekJFUjVyMGlP?oc=5) · Imperial Valley Press Online
- 2020-03-26 [Frontwave Credit Union Offers Aid To Coronavirus-Affected Clients - Patch](https://news.google.com/rss/articles/CBMitgFBVV95cUxOOEJ5UTA3emp6WjBBYmktZGxkOE91SjVCbzEyZTdtSGtJTzRjTEJ2THFmX3lkeDhyUXJVbVFGbndIcjZOaTFJOWhacEsxdlluUUxQT1ZobEM3VnZHUW9vZnJXSVhfOTBuNmhSc25obkpZU2Q1b0hScWxNdk9neksyOW96MWlTeUQ1WXRfR3pqVk9aaGNYZklHRG9la3pFTWR1aVRRSTJTN0xSeE9kT1NfRUFzSTFmZw?oc=5) · Patch
- 2024-04-29 [Calling Its Practices ‘Unconscionable,’ Members of Congress Launch Investigation of One CU’s Overdraft Practices - cutoday.info](https://news.google.com/rss/articles/CBMi2wFBVV95cUxPWWlxRkJrU19IektMS3U4d0FLcTZ5VFNZN2hEeXd5SzRJVG94WEpOYlN6V1NOdEFrem54Vi15WTFiVzRZc2VXakZ1WVNQWl9qNFByUmVRRGUyNUJtSWs5d2ZjMW4xM1hQT01Gak8xV3RQNWswR2pnSmFjbVBWbEttVlctSGpwLXdNaVRfYXVteGhMQWEwRXFYYS0tRUxpQkw0WE5MMElXOGVuSlNPQVBDb0taNkFIdUJWakFENU00bjZWMFNVUHZMMzk2emU1VHF1ZDYzZ3NzWjFrMTA?oc=5) · cutoday.info

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=68494 (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/14.json (key "68494", 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=68494
- 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