# COPPER STATE
Phoenix, AZ · NCUA charter 68502 · asset band $500M-1B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/copper-state-68502

Who the members are: state charter, organized 1951, low-income designated. 37,804 members of 6,781,630 potential (0.6% of the field); checking penetration 64% (share draft accounts per 100 members); loans per 100 members 35.

**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 | $672.1M |
| Members | 37,804 (-3.0% YoY) |
| Full-time staff | 147 |
| Net worth | $57.7M |
| Net worth ratio | 8.6% (p13 of band) |
| ROA (annualized) | 0.47% (p37 of band) |
| Total delinquency | 0.64% (p55 of band) |
| Net charge-offs (annualized) | 0.53% (p60 of band) |
| Loans / shares | 76% (p35 of band) |
| Cash / assets | 11.6% |
| Borrowings / assets | 0.00% |
| Net interest margin | 3.56% (p60 of band) |
| Operating expense / assets | 3.90% (p66 of band) |
| Vehicles % of loans | 23% (p35 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 69% |
| Third-party paper % of net worth | 146% (p61 of band) |
| Vehicle delinquency | 0.57% (p50 of band) |
| Vehicle NCO | 2.21% (p87 of band) |
| Repossessed % of vehicle book | 0.27% (p87 of band) |
| Real estate % of loans | 64% |
| Credit cards % of loans | 0% |
| Unsecured % of loans | 4% |
| Commercial % of net worth | 62% |
| Core shares % of member funds | 48% |
| Certificates % of member funds | 23% |
| Average share balance | $8,360 |
| Participations bought / yr | $24.5M |
| Participations sold / yr | $0 |
| Participations outstanding | $34.8M |
| Loans outstanding per 100 members | 35% |
| Loans granted per 100 members, annualized | 12% |
| Average loan balance | $34,032 |
| Loans granted, annualized | $167.2M |

## Participation posture (from the same filings)

Bought $24.5M and sold $0 in the latest annualized quarter; $34.8M outstanding purchased (60.3% of net worth), $0 sold and retained. Sold in 0 and bought in 4 of the last 8 quarters. Shares 7.1% year over year.

## Flags firing in the latest filing

- **thin capital** (`cap_low`)
- **members leaving** (`shrink_members`)
- **3rd-party paper>100% NW** (`str_thirdparty`)

## Warning timeline

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

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

- 2026-04-16 [Credit union eyes Queen Creek, East Mesa for new branches as it chases growth - The Business Journals](https://news.google.com/rss/articles/CBMimwFBVV95cUxPaklVMTY5d3FtbERnR3dVelJ6YVhybnNkVGV6a29IMzBvdGNqTWJEN2M1RVF3cFdSa290aGFfSzAxSmowUE02VmhldlIwZnYyMnB0NkYxRXRyRnExdVJsMHhhMlNZOHlYWnBaUnA3ZXJvUW1PZXFCYkh0ZnhJOWllSndKVzZSVnBJcGZjV0FUaG5xYzVsSUlwSnhDOA?oc=5) · The Business Journals
- 2025-11-12 [Credit union at Phoenix high school teaches students about financial literacy - AZ Family](https://news.google.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?oc=5) · AZ Family
- 2025-09-18 [Women inspired, energized at Copper State Credit Union - The Glendale Star](https://news.google.com/rss/articles/CBMi0wFBVV95cUxNLXg1bkQyZHVmUjRlSXZPVG1jcDB0SG9EcHZWNmZTNGFPMW5vS3dCQlh6Y3doTEJmLTZIOG9IZWZkMGJRaDMydXVxQjI0QmN2X3VnUEFRallVbzcwUVp2VHc2clFOaUtQblRrSHlWdnhGUjBCTVg3bkY1UjhGcENpM0hRQnppanJzblNjWC10MnJ4aDdmSVRqSGp1RVR5cjFWWUhCOW9vSEFFenU0VW13bGlfQk52cTAzNGJkWWN4TUFQMEdOdHpzZm0tUlNVREdrM3k4?oc=5) · The Glendale Star
- 2025-10-17 [Copper State Credit Union's new CFO Joel Gallon aims for $1 billion in assets within five years - The Business Journals](https://news.google.com/rss/articles/CBMigwFBVV95cUxQaUFfS3NlSnlNNFpBbVR5ai02dDFaOXhnbHlWSWR0WkV4S2pDdUppTXppZUdyZFMxUTA5ZDJEV2NsZnhyV05RcmstMy1UaF9oNHZYZEZvTl9FMzFhTGp1NkRiMTlyMEFna191aHA4aGkxdjAxQ1gwbm45cm93RXo2ZmRTaw?oc=5) · The Business Journals
- 2025-07-11 [Ranking Arizona: Top 10 credit unions in Arizona for 2025 - AZ Big Media](https://news.google.com/rss/articles/CBMikwFBVV95cUxQYjJMUkJLbUltdGlDU3dYbmluMGxRYWRLZld1cGJ2cjNBdXJJekZPcWlSaHV6MzBDalpJMnA1Z2tBTkVtQVJkTkhFd19xYnlwaThCYXNHTnVDanJTNS05Y0p5NWw3R3F4Nnp4aEx5OGs0YnFMWlBCRG5GMmFfYlRnSFN0anVIdXItQ2tuWlJ1QjBSWjQ?oc=5) · AZ Big Media
- 2020-08-26 [Phoenix-area credit union rebrands after merger - American Banker](https://news.google.com/rss/articles/CBMinAFBVV95cUxOcm1pTEl0c3VzQXhXYXhHM1dIQ3NRa3NxaWV5dmZtb2hKT1RsbUtFTDlsOWo3dWo0aXhKMGxuZlprekg1TmQ4c3Vha0ZsLURHbjdPcVZ0TEhGOThpS3lvX0s3ZDJCUXlxRlY1S25oMzhQeVdoaGJxR1FpYmI1dHl2a2NMV3dOU1ZLVUwtX25SNDNURnR5dDBUMmdGUlE?oc=5) · American Banker
- 2024-04-21 [Ranking Arizona: Top 10 credit unions for 2024 - AZ Big Media](https://news.google.com/rss/articles/CBMihAFBVV95cUxPa3FJcklQLUxDRWc2ZUExNm1EclVBVTByY0ZmbzltT3RydVIzcnJvdVRvYS1SLXR0X1RidkZvV3lDWHhObUJJOVd1MjI2N0pkanRUaFBzTnE4Q2lRU042ZWlZSkNUN1pfZFRGZ21QeENWM0JJdzJBelJWUzBfYzN6M1VneWI?oc=5) · AZ Big Media
- 2026-06-26 [On Your Side Podcast: What you need to know about Trump Accounts for kids - AZ Family](https://news.google.com/rss/articles/CBMiqAFBVV95cUxPanFUTEpya0pySXRiSlA5Vk8yMVRfak83dU1DQmJ5QUltY1ZZQmNnSFN1VU9NSGNCTDdwZ244YWwza2lZZURVbDFmSkpqbHRfUzUxVG5jalRmYVNVVjVHckkwOV9EUzB0OHBlZnd6UGdPblhBdmhWM2ZMdDllTGtXWThSU3drRG52cDJ4d3U4MnkwOGpHQzZrTDNLa1BxejdWY3Z1ZUJBODI?oc=5) · AZ Family

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=68502 (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/22.json (key "68502", 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=68502
- 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