# SERVICE FIRST
Sioux Falls, SD · NCUA charter 77 · asset band $200-500M · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/service-first-77

Who the members are: federal charter, community charter, organized 1934. 16,466 members of 891,342 potential (1.9% of the field); checking penetration 63% (share draft accounts per 100 members); loans per 100 members 31.

**Verdict on the desk:** this could be *participation 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 | $210.1M |
| Members | 16,466 (-3.3% YoY) |
| Full-time staff | 55 |
| Net worth | $18.8M |
| Net worth ratio | 9.0% (p14 of band) |
| ROA (annualized) | 0.45% (p33 of band) |
| Total delinquency | 0.83% (p69 of band) |
| Net charge-offs (annualized) | 0.82% (p83 of band) |
| Loans / shares | 57% (p15 of band) |
| Cash / assets | 28.9% |
| Borrowings / assets | 0.00% |
| Net interest margin | 3.77% (p64 of band) |
| Operating expense / assets | 4.45% (p81 of band) |
| Vehicles % of loans | 57% (p89 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 9% |
| Third-party paper % of net worth | 62% (p44 of band) |
| Vehicle delinquency | 0.31% (p27 of band) |
| Vehicle NCO | 1.24% (p77 of band) |
| Repossessed % of vehicle book | 0.11% (p73 of band) |
| Real estate % of loans | 23% |
| Credit cards % of loans | 0% |
| Unsecured % of loans | 2% |
| Commercial % of net worth | 90% |
| Core shares % of member funds | 73% |
| Certificates % of member funds | 10% |
| Average share balance | $7,044 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | $10.8M |
| Loans outstanding per 100 members | 31% |
| Loans granted per 100 members, annualized | 9% |
| Average loan balance | $21,777 |
| Loans granted, annualized | $75.3M |

## Participation posture (from the same filings)

Bought $0 and sold $0 in the latest annualized quarter; $10.8M outstanding purchased (57.4% of net worth), $0 sold and retained. Sold in 0 and bought in 1 of the last 8 quarters. Shares 1.4% year over year.

## Flags firing in the latest filing

- **thin capital** (`cap_low`)
- **net worth falling** (`cap_falling`)
- **delinquency rising** (`aq_dq_rising`)
- **members leaving** (`shrink_members`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 5 | thin capital, capital below 7%, 3rd-party paper>100% NW, auto monoline |  |
| 2016-06 | 4 |  | 3rd-party paper>100% NW |
| 2016-09 | 4 |  |  |
| 2016-12 | 5 | 3rd-party paper>100% NW |  |
| 2017-03 | 5 |  |  |
| 2017-06 | 5 |  |  |
| 2017-09 | 4 | delinquency rising | capital below 7% |
| 2017-12 | 4 |  |  |
| 2018-03 | 4 |  |  |
| 2018-06 | 5 | losing money, expense trap | delinquency rising |
| 2018-09 | 4 | delinquency 2x band | losing money, expense trap |
| 2018-12 | 3 |  | 3rd-party paper>100% NW |
| 2019-03 | 3 |  |  |
| 2019-06 | 4 | delinquency rising |  |
| 2019-09 | 3 |  | delinquency rising |
| 2019-12 | 3 |  |  |
| 2020-03 | 3 |  |  |
| 2020-06 | 8 | capital below 7%, net worth falling, losing money, charge-offs p90, loan book shrinking | delinquency 2x band |
| 2020-09 | 7 | margin squeeze | net worth falling, loan book shrinking |
| 2020-12 | 9 | expense trap, members leaving |  |
| 2021-03 | 8 | loan book shrinking | losing money, expense trap |
| 2021-06 | 6 |  | charge-offs p90, loan book shrinking |
| 2021-09 | 6 |  |  |
| 2021-12 | 5 |  | members leaving |
| 2022-03 | 5 | members leaving | margin squeeze |
| 2022-06 | 4 | delinquency rising | capital below 7% |
| 2022-09 | 3 |  | delinquency rising |
| 2022-12 | 2 |  | members leaving |
| 2023-03 | 3 | assets shrinking |  |
| 2023-06 | 4 | delinquency rising |  |
| 2023-09 | 4 |  |  |
| 2023-12 | 3 |  | assets shrinking |
| 2024-03 | 6 | net worth falling, losing money, loan book shrinking |  |
| 2024-06 | 4 | assets shrinking, members leaving | delinquency rising, net worth falling, losing money, loan book shrinking |
| 2024-09 | 5 | loan book shrinking |  |
| 2024-12 | 5 |  |  |
| 2025-03 | 5 |  |  |
| 2025-06 | 5 | delinquency rising | assets shrinking |
| 2025-09 | 3 |  | thin capital, delinquency rising |
| 2025-12 | 3 | delinquency rising | loan book shrinking |
| 2026-03 | 4 | thin capital, net worth falling | auto monoline |

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

- 2023-05-22 [Jay Kruse named CEO of Norstar FCU - CUInsight](https://news.google.com/rss/articles/CBMigAFBVV95cUxPd2huTXV3TDhPUWhZUy1ISFJLMmJjUkpvaFBWWUgtc083RGlidHlPUFl1NFNXMmtFWk9kWXJOSzhSeUNZZ3cteDlSbU5RRFpvWFBzb0JDVXdJMndIbURLQWlWQ0RvNjZfakRBdFhqT1dIdjJBWUpFcE80Y203X3NHRA?oc=5) · CUInsight
- 2024-09-27 [James "Jim" William Jarman Obituary Sep 27, 2024 - Miller Funeral Home](https://news.google.com/rss/articles/CBMiZ0FVX3lxTFBlTzJScVNTMTNDSEY3VHltN0lITVhvSnI5S08wX3dvaHlkSjJjc3NWX2V6TmtoUzh0YlVpNjE2dmQ2em0tbHJfRG5ZeVRxbk9CdVZzWDRyNkdTbzZqRnB6TlBPdC00V1E?oc=5) · Miller Funeral Home
- 2024-02-22 [Obituary | Jean Brown of Sioux Falls, South Dakota - HERITAGE FUNERAL HOME : Sioux Falls, South Dakota](https://news.google.com/rss/articles/CBMiZEFVX3lxTE9EbWZoX2xwOERuU1p4eDFFbmtzMDVKTmkwUUhsRk15eXZuSlFWVF93NWxvY245cHBEWHh4Vko3RDZodDBYMVN5eTdnUzNsdGpWY211NWs0NE9zbFAtbzE2OTVFMW4?oc=5) · HERITAGE FUNERAL HOME : Sioux Falls, South Dakota
- 2024-12-20 [Richard "Dick" L. Schmidt Obituary - Argus Leader](https://news.google.com/rss/articles/CBMiX0FVX3lxTE5YVktkR0JYMTczLVE0SU5fOG9fRFJWYTBaRlptUzA1R2Z0aTJsNG9SWnhRcWJWSm9lUWpvTkl0WGNYVzNhbDRzTVVWVUUyeUQtR3JCYTFWUGI4UzVnMWJN?oc=5) · Argus Leader
- 2019-03-13 [New 605 Styling Co. aims to break the mold for hair salons - SiouxFalls.Business](https://news.google.com/rss/articles/CBMijwFBVV95cUxObGFCSlYyejRsU3o0WHlOZ3VtZGdmMXhaVm11bEE4TzRRNTctRDdWNjZoM2xUMldYUHllRlRCYnRBci1jZkVfY2NVWHFObndZSi1KdkZTYTQ1VFBBaVZhY1Uzby1CVlZEeFU0ZGhRRFQ1WDd2V0dwSW1sSDFvUno0bUQ5N3pFSUR5UFdvV1FGTQ?oc=5) · SiouxFalls.Business
- 2026-08-25 [Raymond (Ray) H. Handel Obituary Apr 26, 2013 - Miller Funeral Home](https://news.google.com/rss/articles/CBMiYkFVX3lxTE0tTEhjclUyZVB5Qmdtd1FkdmdaajRmV3ViMVBuV283XzFHdVFuRG54bXpabW1ZVS1CS2hRLVhEbTljOUdJMWd6bktpUW5uNGIyUmdlcU8xN3NSaGk3WHZvVlpB?oc=5) · Miller Funeral Home
- 2014-07-07 [On the Move - Argus Leader](https://news.google.com/rss/articles/CBMikgFBVV95cUxPUzR5RFVyRjZHdFo2TE9ZRFBjMXZuQWplZEtOY3NzV3NoN05reGVfazNTLVlXa182QkJkbkVxaDdmTTNhc3V2ZUlwZUhNeU5uU0pHcm43by1heURfc2o1SmJSRWx3V0hEU3d1NnljdGFrcVo2cThCUXdhUFB1NF9ZQU9yWUhyR3J5bVFnLUVFUzd3QQ?oc=5) · Argus Leader
- 2025-01-07 [Benard "Ben" John Aning Obituary Jan 7, 2025 - Miller Funeral Home](https://news.google.com/rss/articles/CBMiY0FVX3lxTFA0QXRlTFI2OU5hQmJwOFI5OFdOV3V3NUFZRnZlNkRhSk5YY2dycjdPVjdZZFI2dmlPWVJTRDJCNGx2alJKa2Jta2pqS0JtbWZhZ0ZNdjRfcnJEYm1Qa2trNHZtaw?oc=5) · Miller Funeral Home

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=77 (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/13.json (key "77", 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=77
- 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