# DIRECT
Needham, MA · NCUA charter 9071 · asset band $500M-1B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/direct-9071

Who the members are: federal charter, community charter, organized 1953. 23,538 members of 2,420,000 potential (1.0% of the field); checking penetration 30% (share draft accounts per 100 members); loans per 100 members 73.

**Verdict on the desk:** this could be *liquidity-tight*. 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 | $789.8M |
| Members | 23,538 (-2.5% YoY) |
| Full-time staff | 66 |
| Net worth | $89.4M |
| Net worth ratio | 11.3% (p63 of band) |
| ROA (annualized) | -0.10% (p5 of band) |
| Total delinquency | 0.40% (p31 of band) |
| Net charge-offs (annualized) | 0.16% (p15 of band) |
| Loans / shares | 113% (p99 of band) |
| Cash / assets | 6.5% |
| Borrowings / assets | 9.75% |
| Net interest margin | 2.20% (p2 of band) |
| Operating expense / assets | 2.34% (p8 of band) |
| Vehicles % of loans | 13% (p16 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 85% |
| Third-party paper % of net worth | 89% (p47 of band) |
| Vehicle delinquency | 0.99% (p76 of band) |
| Vehicle NCO | 0.56% (p32 of band) |
| Repossessed % of vehicle book | 0.16% (p75 of band) |
| Real estate % of loans | 79% |
| Credit cards % of loans | 3% |
| Unsecured % of loans | 3% |
| Commercial % of net worth | 40% |
| Core shares % of member funds | 27% |
| Certificates % of member funds | 34% |
| Average share balance | $15,136 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | – |
| Loans outstanding per 100 members | 73% |
| Loans granted per 100 members, annualized | 9% |
| Average loan balance | $40,289 |
| Loans granted, annualized | $115.3M |

## Flags firing in the latest filing

- **net worth falling** (`cap_falling`)
- **losing money** (`earn_negative`)
- **loans>95% of shares** (`str_ltos`)
- **leaning on borrowings** (`str_borrowings`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 1 | loans>95% of shares |  |
| 2016-06 | 1 |  |  |
| 2016-09 | 2 | leaning on borrowings |  |
| 2016-12 | 3 | net worth falling |  |
| 2017-03 | 5 | delinquency rising, 3rd-party paper>100% NW |  |
| 2017-06 | 4 |  | delinquency rising |
| 2017-09 | 3 |  | net worth falling |
| 2017-12 | 3 |  |  |
| 2018-03 | 4 | net worth falling |  |
| 2018-06 | 4 |  |  |
| 2018-09 | 4 |  |  |
| 2018-12 | 4 |  |  |
| 2019-03 | 4 |  |  |
| 2019-06 | 4 |  |  |
| 2019-09 | 4 |  |  |
| 2019-12 | 4 |  |  |
| 2020-03 | 3 |  | net worth falling |
| 2020-06 | 3 |  |  |
| 2020-09 | 3 |  |  |
| 2020-12 | 2 |  | leaning on borrowings |
| 2021-03 | 4 | delinquency 2x band, members leaving |  |
| 2021-06 | 6 | assets shrinking, loan book shrinking |  |
| 2021-09 | 5 |  | loan book shrinking |
| 2021-12 | 5 |  |  |
| 2022-03 | 5 | leaning on borrowings | assets shrinking |
| 2022-06 | 5 | net worth falling | delinquency 2x band |
| 2022-09 | 5 |  |  |
| 2022-12 | 5 |  |  |
| 2023-03 | 4 |  | 3rd-party paper>100% NW |
| 2023-06 | 3 |  | net worth falling |
| 2023-09 | 4 | delinquency rising |  |
| 2023-12 | 5 | 3rd-party paper>100% NW |  |
| 2024-03 | 7 | net worth falling, losing money, margin squeeze | 3rd-party paper>100% NW |
| 2024-06 | 5 |  | delinquency rising, net worth falling |
| 2024-09 | 4 |  | margin squeeze |
| 2024-12 | 5 | assets shrinking |  |
| 2025-03 | 6 | net worth falling |  |
| 2025-06 | 5 |  | net worth falling |
| 2025-09 | 4 |  | assets shrinking |
| 2025-12 | 4 |  |  |
| 2026-03 | 4 | net worth falling | members leaving |

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

- 2026-02-02 [How to get some of the highest APYs on the market with Northern Bank Direct CDs - Fortune](https://news.google.com/rss/articles/CBMiakFVX3lxTE9oOGNlTWk2YjJBanVhZXZ3Nm9tWndjZk8tMVZwLXppQ09abE5EQ3lfTzJUSFBUUHJhUHpuQ1dYbzBqZGpYWVNVc0NqTkhTYzZvekFHNnVuSXZfdjRGZUViV2tkR3Rvek1sUnc?oc=5) · Fortune
- 2026-06-11 [Social Security deadline approaching: What you need to do now - masslive.com](https://news.google.com/rss/articles/CBMipgFBVV95cUxPNmpDcElRdTB5OXk3VHYza0F1N0pGZnc1T3cyc05KdFNza2ZVLVpRQ2VYRlNCQWE1Q3pielRRNm92OFFlNHFIakxfeVBaUDZxMlpLS1FaT00tSFN1Q19qY3E5eG9QQUM3RGpJWkJPZmROR0dHUlVOVk53OXdMX1BpZGV6ODdIOTBTUWRadVZ2Vy10NjhobS1EbEJ4V0U2M2llT3NHSGhB0gG6AUFVX3lxTE1kOXdEVUg2OHpPYkxrNk5EY1dRV1NObDdtcFp1a29BRjlzMXZaR1FMSllvVC1RQnBaNkRBZGU5djFfWTBqRUF2NFliRE1YRXBkYzNHUV9wVF9ERVZ4UElkNjJyNGdkTG8zSWFteFlQaXROZjM1a1RrRF9ZR2otSmdyS2hWNWMtSVNsN2plYXlvUklCd2ZXS2YyT0JDbzFLMm5BWGMzbnhudnRhNmE3RUpteUpOUjhPUkNUdw?oc=5) · masslive.com
- 2026-01-10 [Michael F. Ferreer Obituary (2026) - Shrewsbury, MA - Britton-Shrewsbury Funeral Home - legacy.com](https://news.google.com/rss/articles/CBMihAFBVV95cUxQYjQ2Z3JJRHZtdmRTRU9HRUVfZkhQQjY1a1pQSzhicHplYzcwTFpjc054VXhkZWwxSWVzc2Y4T29DakJmMFNldTI4UlpBM0t0dm4zSEQ4Sm9ncy1JTV94UHpFWGJMT3BCUXhhVm5KWTRzWUlheXl0SVRtbFdUYnhtVk9TajA?oc=5) · legacy.com
- 2025-11-24 [How to Set Up Direct Deposit - NerdWallet](https://news.google.com/rss/articles/CBMieEFVX3lxTE9MRDdRZW8wV040VEsxdmJ2VkhnUlJJSHRhc2Jicm80c1lUYmxUM2J2LU42WC05Zzg4UDFzbzJqUHZ4a0IxcXA2Y0hydDUxZm9DSHVkWUJZTnI4SmxVZVljUDBscnZCZEZ3azlXUV80YUhGU0FyaGtUMw?oc=5) · NerdWallet
- 2024-04-23 [Local credit union warns members of data breach that exposed personal information - Boston 25 News](https://news.google.com/rss/articles/CBMi6gFBVV95cUxPRF83dVRSYVhQVW1UT01wck14ekFjcC03SEZLUUhwQkpVTTExMVN2UkFab0hYNFpNMHl1dm9nZkgzei1nV2owRm9Na0p5WWNMSksyVjJnN2ZJZ1Vlb2ZfS2R2a2w2YWVhbHN4X0JRelZKZmVoLW9xR08ycmhkM3dBdTlDSHVRSFJHYUM5MEdfUEdfX1lMeVFSQUZkUHprTkhnX2RhYVljZWItaGNmbEFOQmNkYmM0WnQ3RW1zNXV3QzdoVElpZ1NIX0JqOWRVT0F5bERNVmVzWUw3TzN5SHdCaFNFeURXNk11alHSAf4BQVVfeXFMT3paM0dILUZCQndCM1JsNHo1UExYV3kwdU9sS0xnYzIwTUN6X045bjFHaGtUNHhyekdhX3N6UGlERWxGRXY1bXZzTFJsNDNyYTFxXzl3c3c4cmpnWGZyZE1MSW5vZlMxbVlBYXRqOFV2cmZyUXI5anRSTkF3YS1venJkenEyY0ZJS05pTE1mZUxBYXhtNzRiWVVRSU5kRmVYXy12YWhzd3hjc2tseWJSaUVTQVktTEpOTWtvSDc3YkJDeDI3MmtJS3UwZjlsRXZpN3RxVjBFZU1BSnE5cUdCdDd2ZVlMQ0p6cG1RRmZHMTR2SnBsYTMwa052dndhN2c?oc=5) · Boston 25 News
- 2022-03-08 [Direct Federal Credit Union Hires Greg Ryan as Senior Vice President, Commercial Lending - Newswire.com](https://news.google.com/rss/articles/CBMiqwFBVV95cUxObVk0TTdIaUUtLVVNZlc0bnlPZ2lnVmJPbnBHLW5IRHZ3QlBrTzkwdURKbWR5b1Q1M3NKdHByU2haQ0Z0cDBTMk10ZXNCOHBjeGtJVFFIOENtWUczZzFGS0FfNHdoX29WWnlfY01QZG9qMzBIZlp5SHlxeVlyb0FTSVBVdlZrYXNha1h6eDhDWVE3Q2wtcDdueXB3dk9OaWpYUTlvVnlGMlpXU0E?oc=5) · Newswire.com
- 2025-09-24 [Best Banks For Early Direct Deposit In 2025 - Bankrate](https://news.google.com/rss/articles/CBMif0FVX3lxTFBkQVl3ako4SVQzcGxkSGFBRWRpd0RVb3NGVVFfcUFpcU1BbmhVRU91YkRLdEs1UVhLZVQxQV90MmhVOTdjazdOdkhJa0ViWnFkblNLQ20wMEhaX2hndlNheEJmaVFnRFBMQ3lCVE9RTHNPNEpMRWJjZG16Rks2dzQ?oc=5) · Bankrate
- 2021-08-14 [Decision Intelligence for Financial Institutions - Curinos](https://news.google.com/rss/articles/CBMigwFBVV95cUxPcG5fSDdsdktWbHhJdGtaalFVdXgzNjc2TWtGdzRiSHI5STJKeEY4ZWNaVG5oVURqZzRKbnBMMHdoSWV3OEVkWVU1QV9wSXdjT2J2Z2JuSGRiZ0ROZkJrSDNrSnU1aUpudHNFQW94ckIxWDdycDZwVGpfYmp4SnczcXNXdw?oc=5) · Curinos

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=9071 (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/47.json (key "9071", 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=9071
- 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