# BREAKWATER
HOUGHTON, MI · NCUA charter 8212 · asset band $100-200M · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/breakwater-8212

Who the members are: federal charter, community charter, organized 1952, low-income designated. 10,390 members of 50,000 potential (20.8% of the field); checking penetration 73% (share draft accounts per 100 members); loans per 100 members 53.

**Verdict on the desk:** this could be *ordinary*. Composite score 1 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $138.4M |
| Members | 10,390 (0.1% YoY) |
| Full-time staff | 26 |
| Net worth | $17.8M |
| Net worth ratio | 12.8% (p65 of band) |
| ROA (annualized) | 2.17% (p98 of band) |
| Total delinquency | 0.37% (p30 of band) |
| Net charge-offs (annualized) | 0.19% (p32 of band) |
| Loans / shares | 67% (p44 of band) |
| Cash / assets | 9.6% |
| Borrowings / assets | 0.00% |
| Net interest margin | 4.27% (p82 of band) |
| Operating expense / assets | 3.17% (p32 of band) |
| Vehicles % of loans | 24% (p27 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 61% |
| Third-party paper % of net worth | 66% (p61 of band) |
| Vehicle delinquency | 0.68% (p57 of band) |
| Vehicle NCO | 1.52% (p85 of band) |
| Repossessed % of vehicle book | 0.00% (p32 of band) |
| Real estate % of loans | 50% |
| Credit cards % of loans | 2% |
| Unsecured % of loans | 4% |
| Commercial % of net worth | 0% |
| Core shares % of member funds | 87% |
| Certificates % of member funds | 13% |
| Average share balance | $5,484 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | – |
| Loans outstanding per 100 members | 53% |
| Loans granted per 100 members, annualized | 12% |
| Average loan balance | $14,633 |
| Loans granted, annualized | $30.8M |

## Flags firing in the latest filing

- **delinquency rising** (`aq_dq_rising`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 1 | thin capital |  |
| 2016-06 | 1 |  |  |
| 2016-09 | 1 |  |  |
| 2016-12 | 2 | net worth falling |  |
| 2017-03 | 3 | delinquency rising |  |
| 2017-06 | 1 |  | net worth falling, delinquency rising |
| 2017-09 | 1 |  |  |
| 2017-12 | 1 |  |  |
| 2018-03 | 1 |  |  |
| 2018-06 | 1 |  |  |
| 2018-09 | 2 | delinquency rising |  |
| 2018-12 | 2 |  |  |
| 2019-03 | 2 |  |  |
| 2019-06 | 1 |  | delinquency rising |
| 2019-09 | 1 |  |  |
| 2019-12 | 0 |  | thin capital |
| 2020-03 | 0 |  |  |
| 2020-06 | 2 | thin capital, net worth falling |  |
| 2020-09 | 3 | delinquency rising, 3rd-party paper>100% NW | net worth falling |
| 2020-12 | 4 | margin squeeze |  |
| 2021-03 | 4 | net worth falling | delinquency rising |
| 2021-06 | 3 | delinquency rising | margin squeeze, net worth falling |
| 2021-09 | 2 |  | delinquency rising |
| 2021-12 | 2 |  |  |
| 2022-03 | 2 |  |  |
| 2022-06 | 3 | delinquency rising |  |
| 2022-09 | 1 |  | thin capital, delinquency rising |
| 2022-12 | 2 | delinquency rising |  |
| 2023-03 | 2 |  |  |
| 2023-06 | 3 | leaning on borrowings |  |
| 2023-09 | 2 |  | leaning on borrowings |
| 2023-12 | 3 | members leaving |  |
| 2024-03 | 2 |  | members leaving |
| 2024-06 | 2 |  |  |
| 2024-09 | 3 | assets shrinking |  |
| 2024-12 | 0 |  | 3rd-party paper>100% NW, delinquency rising, assets shrinking |
| 2025-03 | 0 |  |  |
| 2025-06 | 0 |  |  |
| 2025-09 | 0 |  |  |
| 2025-12 | 0 |  |  |
| 2026-03 | 1 | delinquency rising |  |

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

- 2026-09-02 [Breakwater partners with Michigan Tech’s Muslim Students Association to bring financial literacy to international students - CUInsight](https://news.google.com/rss/articles/CBMi9AFBVV95cUxNOF9LNElXX2p4SEhRdlVRREQwb1RWcXhBXzlFN1NXTklYQTlZUmJ6TU94akhnd1hJdGNzZ004emp5NEVHNmh4cEdSSEVVOUVYZEtVTFI4NXNoMmd2TGNNMVdsaEZHUjA2UTd3NnliX19BbGxxWVJXZmNhV3lRZmVKak1vVDA4VlhYTzBqQmpkZEFWLUt6ZTRkeUpEOGFzZTBlZDdvOTJJUWs0WHNHZW9vQjluN3F1UmVaYkVGODd4VVV6dF9UX09wTHdHSnVmU3NtMkVrTmJyWnBwYVpMbVhfaTBiOGFWNUI4S0ROdWtlbUk3Ylps?oc=5) · CUInsight
- 2026-09-02 [Workshop aims to help international MTU students with financial literacy - Upper Michigan's Source](https://news.google.com/rss/articles/CBMiugFBVV95cUxNZW9pOERPZlNFX1BqcENaRFphZzRsS2gyRHFvc3JUWVl4X1Q2UW1McVY2NnlRM3NZYU1Xb3JhS09uRTJZR1VyU0xRSGEzYzBFRlU1QTdrR1dWT1FZMGdlUXR3WTVQR0RmV3BaRWVoMldQN20tem53ODhYdXVrMUs4VE5KZ09DOFJmUDY1Z0dydmY1RHViTUlDM3pvb245ZHFlaDlIS0pYelhoUGlvcjlWWmtnczh1YWltaEE?oc=5) · Upper Michigan's Source
- 2026-07-08 [Breakwater Federal Credit Union begins major renovation of Sharon Avenue property - myupnow.com](https://news.google.com/rss/articles/CBMi8gFBVV95cUxQS3FlVEFuU09zVk1WLXZsbk5aV0U5NVJDU1BXRUdDSF9Ga0Z6Rm5iQmQ1QWVENkVQaHlFYS1OT0Qzc2R6Tks1UjNEUjNPRVhLWDZyZ2UyaTVwRThreG9sckc2N3ExX29QNDdaOEJXOVFUMzFyVXZmNVJGYVhFa1Ffd0o4ZmxTR0FPbXNSRm0xRzdYaTJVU2hYa3MxcE1lUks1WUJ0N08wSVJ3dVA3Mk9qSzZMcmdUTUM5MllQR0dGWjdLblZDWUFOQ3RlY3V2aVNaZ1BpX0c3U1RNWndsTklGM1p3YjgtcGV0SlJmMlcwTkRzdw?oc=5) · myupnow.com
- 2024-10-16 [Breakwater FCU part of International Credit Union Week - The Mining Gazette](https://news.google.com/rss/articles/CBMiqwFBVV95cUxNN2d0ZUF6Q2JQZUc5dlZvWkpCSDFqS0RtbElaY0dxNjl4NXNCaVZMVUV0WmpwTDhRbkhfX1NvVVIxZUhSU1Y3NHhyZXEzWm1ESkVGblFTSU9YbjQ4MGJ2UEh4bXJuYTg3bUZ4eWY0YUVCRkd1NmhKSEtXRk5oN1RLeDFRZnhLcmxlRnlPS2VQUDEwUTJIQ2VHaEVFQmV1b2wtS0hjendIblotSlk?oc=5) · The Mining Gazette
- 2026-07-07 [Federal credit union begins headquarters improvement project in Houghton - Upper Michigan's Source](https://news.google.com/rss/articles/CBMiugFBVV95cUxPTEEwR2lPNUFrcWtSOEYzc0VkNFhPclVCR3Y4S1FsMFRUU3JrYW5ySDhhNzlpaDVEX25lV1ZPY0RsVWh3dE1wVm1qQlVSWlE0TGZzek0tYXZMcVUxVTc1aUd2TWFyU1BPSk1aemVpSW55RmdkRHhtN2VzV1REc1I5UWQ2TjNkSnhIMmdEcVBXQUpyZXB4RnBNSXY4UVVPS1lwUVZlVXVfbVJ3UkdycFcyUFhCTUd0bjI1QVE?oc=5) · Upper Michigan's Source
- 2026-01-30 [Breakwater Federal Credit Union opens $1,500 scholarship program - Upper Michigan's Source](https://news.google.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?oc=5) · Upper Michigan's Source
- 2026-03-31 [Scholarship deadline extended for Breakwater FCU Scholarship Program - CUInsight](https://news.google.com/rss/articles/CBMirgFBVV95cUxQaE1GMUdSamJzVTE4WmtQaUh1TGJ4MmRsRUJBSndHdjFKNWxKcjJRYjhhRm1WZ3dQZGcteWRUbm5iN2wyTXotNnNHNExfVGk3bWFqSXplNDRVckM5M0xrdjRpWXZXZGJON0FDV3BRZmZkckY3STVJODFtMXZhSGN5SVpFdHFGMjU0d2F1b1RRWlBKUEVvdkgtNk1zR2FNVEhyTmdJVS1FdWYwenNTb0E?oc=5) · CUInsight
- 2026-03-03 [Copper Country businesses hold ‘Pike Tank’ entrepreneur event for students - Upper Michigan's Source](https://news.google.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?oc=5) · Upper Michigan's Source

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=8212 (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/20.json (key "8212", 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=8212
- 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