# KITSAP
BREMERTON, WA · NCUA charter 68576 · asset band $1-10B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/kitsap-68576

Who the members are: state charter, organized 1934, low-income designated. 165,074 members of 8,159,900 potential (2.0% of the field); checking penetration 48% (share draft accounts per 100 members); loans per 100 members 49.

**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 | $2.52B |
| Members | 165,074 (4.1% YoY) |
| Full-time staff | 329 |
| Net worth | $207.0M |
| Net worth ratio | 8.2% (p6 of band) |
| ROA (annualized) | 0.28% (p14 of band) |
| Total delinquency | 0.73% (p63 of band) |
| Net charge-offs (annualized) | 1.22% (p93 of band) |
| Loans / shares | 87% (p52 of band) |
| Cash / assets | 6.1% |
| Borrowings / assets | 2.18% |
| Net interest margin | 3.90% (p87 of band) |
| Operating expense / assets | 3.40% (p61 of band) |
| Vehicles % of loans | 39% (p76 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 91% |
| Third-party paper % of net worth | 447% (p96 of band) |
| Vehicle delinquency | 1.08% (p82 of band) |
| Vehicle NCO | 1.53% (p74 of band) |
| Repossessed % of vehicle book | 0.52% (p97 of band) |
| Real estate % of loans | 37% |
| Credit cards % of loans | 5% |
| Unsecured % of loans | 7% |
| Commercial % of net worth | 41% |
| Core shares % of member funds | 37% |
| Certificates % of member funds | 29% |
| Average share balance | $11,226 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | $306.6M |
| Loans outstanding per 100 members | 49% |
| Loans granted per 100 members, annualized | 12% |
| Average loan balance | $24,681 |
| Loans granted, annualized | $617.9M |

## Participation posture (from the same filings)

Bought $0 and sold $0 in the latest annualized quarter; $306.6M outstanding purchased (148.1% of net worth), $10.5M sold and retained. Sold in 2 and bought in 2 of the last 8 quarters. Shares 10.1% year over year.

## Flags firing in the latest filing

- **thin capital** (`cap_low`)
- **charge-offs p90** (`aq_nco_high`)
- **repo signal** (`aq_repo`)
- **3rd-party paper>100% NW** (`str_thirdparty`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 2 | 3rd-party paper>100% NW, auto monoline |  |
| 2016-06 | 2 |  |  |
| 2016-09 | 2 |  |  |
| 2016-12 | 2 |  |  |
| 2017-03 | 2 |  |  |
| 2017-06 | 2 |  |  |
| 2017-09 | 3 | delinquency rising |  |
| 2017-12 | 3 |  |  |
| 2018-03 | 2 |  | delinquency rising |
| 2018-06 | 2 |  |  |
| 2018-09 | 2 |  |  |
| 2018-12 | 2 |  |  |
| 2019-03 | 3 | net worth falling |  |
| 2019-06 | 3 |  |  |
| 2019-09 | 4 | delinquency rising |  |
| 2019-12 | 3 |  | delinquency rising |
| 2020-03 | 4 | delinquency rising |  |
| 2020-06 | 3 | losing money | auto monoline, delinquency rising |
| 2020-09 | 4 | thin capital |  |
| 2020-12 | 3 |  | losing money |
| 2021-03 | 5 | margin squeeze, charge-offs p90 |  |
| 2021-06 | 3 |  | net worth falling, margin squeeze |
| 2021-09 | 3 |  |  |
| 2021-12 | 4 | net worth falling |  |
| 2022-03 | 3 | delinquency rising | charge-offs p90, net worth falling |
| 2022-06 | 3 |  |  |
| 2022-09 | 4 | leaning on borrowings |  |
| 2022-12 | 4 | net worth falling | delinquency rising |
| 2023-03 | 4 | delinquency rising | net worth falling |
| 2023-06 | 4 |  |  |
| 2023-09 | 4 |  |  |
| 2023-12 | 4 |  |  |
| 2024-03 | 3 |  | delinquency rising |
| 2024-06 | 3 |  |  |
| 2024-09 | 4 | charge-offs p90 |  |
| 2024-12 | 3 |  | leaning on borrowings |
| 2025-03 | 4 | repo signal |  |
| 2025-06 | 3 |  | repo signal |
| 2025-09 | 5 | net worth falling, repo signal |  |
| 2025-12 | 5 |  |  |
| 2026-03 | 4 |  | net worth falling |

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

- 2026-05-19 [Kitsap Credit Union appoints Eleni Willis as new vice president, risk management - CUInsight](https://news.google.com/rss/articles/CBMivAFBVV95cUxPNHFZTGRLN0lQNHA1ZVBleVc3UllXZEM2d0RkbVZaM0puelJ5cTBUVFh5a1Y5YUMyM2FHeVd0RlZUdGNFd1c1UFhRTHJTOUpKMFI5dFlkRlJsUTNpN2RPcDF5STdHek9NT0puZFd1SmlMM0lGaDJhbEdKNUxFd0hYQjFXd3BoVWtUWnJhNkoxV21EYzJCOFFzcVVQLTZUSjVKeDU3MVhFZHl1VmhZQVlqUUxycS16bU1ZOGpNNQ?oc=5) · CUInsight
- 2025-11-10 [Credit union becomes first in WA for equity investment in AI company - Kitsap Sun](https://news.google.com/rss/articles/CBMiyAFBVV95cUxPMmUzbmFDemVYdFhubU93OTV6ZE43bVF2NVpHaV9lN2JvUTJ1LWU5SnNjYmdDV2JLeDZ1ZDk5QXVWX1BSelQwRWM3Yk1KVWJ4Y0hobjVaak9oWllMeG1CdVgtbzhKTGRGMEhhSjZUTzZwOURWdXZuZ2dqWlF1ZU15OXVjdnFDWEg5b3Y2LUM4bnpmMVFodU9VOWdKS1hKWFZlRXNnQk0wbWJFc01mcnROa3pmZjB1aVNRNUxQeFhEMjRHcU50MU10Mg?oc=5) · Kitsap Sun
- 2026-03-26 [Kitsap Credit Union appoints Shawn Walker as Vice President of Product Strategy - CUInsight](https://news.google.com/rss/articles/CBMivAFBVV95cUxQUXJGaEJEM3hoRkpPTHJaSkE3RXVmQVFyX3h4XzUyVUVFVVpRUm5aWDAyUF92Vk1jQXRNdGlJQUJna21kZFZvcDhVeWhzMmJEbDJTV2lQYnI0SC02TVNwZ3FVUjZlR0RsY2UxUFRHSEpvWlZrR2hlTEszd2VqUjBrOXVXdkpKYl9tZzRrVXhwVDFTRUQxNTFVMlFXQ2ExSzNBOWNQWlpjNlJTOHZjZXc4dUwxa1ZGZV9yV0ZkQg?oc=5) · CUInsight
- 2025-02-03 [Washington State Employees Credit Union Review - Business Insider](https://news.google.com/rss/articles/CBMipgFBVV95cUxOR19SZUtoenNtTXVKX3NPd0h4Si1UeGRhc1BWc1VZMDFOYmN4czZZTVkxTE1xcGZ4SXJFQnkybEFCeUpNUldSX1VuT0xxdkJlRUltNTNZcHRUYUhOR3A0SUV2ZmtKeGVRQndkWlVvUUVrVkJ0dl8xU3p2d0MxTEV1QnhtTWlxVExsZUhyS3pSR0Q2YXZxQnp6cUZiQmJKWXJJQXRJOTdR?oc=5) · Business Insider
- 2018-05-07 [Kitsap Credit Union CEO Elliot Gregg retiring in January after 18 years in charge - Kitsap Sun](https://news.google.com/rss/articles/CBMiygFBVV95cUxNbjNzM2Exbzhxa00yU0hCVWRTcTUxQ1ZRVy1HSHNzYWQwYWMycDNIZVU3RHJRVzBZd2FZYWRDUlV6MjYzRk5nNVFCRUlFcFo0ZTdPM3JDRzZ5NGt2QkY2MDhCTlFYQmR3ajVEUVN2OEdMZGFOZFl1Y0NjM0dkdHlYUktfR3c3YlNhb1dEUnpINjE1MXFjQjBSSEVGQm5IVHpzUW1rbHAzeF9lZi0yVjBOTU03V291QTZpS3M5OUJjSVpVU184Q3ZOWW53?oc=5) · Kitsap Sun
- 2025-10-02 [Central Kitsap vs Bellarmine Prep - Boys Varsity Football 10/02/2025 | Watch Live & On Demand - NFHS Network](https://news.google.com/rss/articles/CBMikwFBVV95cUxQQTQ2T3R5azBUMl9ITHFfU0FwajZTRXpsRmVYT2tFYXByWWNJRzQ5Vm85em5lM1ExaF93M0xIbnJiU20ybkdBdG1KYm1qNHRremlPWWVDSVpZNVJ1blI0dUpSWjFLQzBrWEhMbzc2M0VkWjNhUTlDbWhucEpvcnpUNnR2N3VNX2dkUGZmVS1BUTczd1U?oc=5) · NFHS Network
- 2008-08-07 [Telephone scammers pretending to represent Kitsap Credit Union - Washington State | Office of the Attorney General (.gov)](https://news.google.com/rss/articles/CBMiowFBVV95cUxOLVV6MlktWnc4cGdSNUJTUS1nUmNxem1OT3oxSWRFel9GYjhjYjRaZ004MURsMXRfTE5VR3kzTDVybVU0RFdTa2RhV3ZLV2dMUzF4YnQ3YWRBdzRwM0J5UnhUMFBRWkJJa25OcDNQMUEwVlNvTkM3N1dwN3I5MFo5d1NEQTltMXlYZ0hlS1hwNW5qQVFqNmlpSkpEYzBKdFI2aEtN?oc=5) · Washington State | Office of the Attorney General (.gov)
- 2025-06-20 [Kitsap Credit Union welcomes Jason Pendergist, senior vice president of credit and lending - CUInsight](https://news.google.com/rss/articles/CBMiygFBVV95cUxPa2pjbUNOWVZjTzZlOVdnVDNQcWctX2NYSVNNNUNiR09LOGFfOXAyNlRjcENsQU10Vnd6UmZnV3FyWS1CdGVtRmlBT0NXaWlJMGhZd1FtMENuS3RzOHdMS3NReHRQZFFWVzBiSm84eEhjSzNzaDdvdlZRbEhITEl2Vk5vcTZXMUZCR08wenVnWE1zSDUtSm8tYS1VX1JQdFlLVDBuVG5rT3pDSTJQSksyTlU3b19YOXBGY2hSbUQ0ZzZMQ25fLXhVbXdn?oc=5) · CUInsight

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=68576 (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/32.json (key "68576", 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=68576
- 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.

---
Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide