# PUGET SOUND REFINERY
Anacortes, WA · NCUA charter 9145 · asset band <$50M · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/puget-sound-refinery-9145

Who the members are: federal charter, multiple common bond, organized 1954. 1,068 members of 1,500 potential (71.2% of the field); checking penetration 37% (share draft accounts per 100 members); loans per 100 members 206.

**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 | $17.4M |
| Members | 1,068 (-7.5% YoY) |
| Full-time staff | 2 |
| Net worth | $2.7M |
| Net worth ratio | 15.5% (p54 of band) |
| ROA (annualized) | 1.09% (p73 of band) |
| Total delinquency | 2.20% (p80 of band) |
| Net charge-offs (annualized) | 0.30% (p69 of band) |
| Loans / shares | 66% (p62 of band) |
| Cash / assets | 44.1% |
| Borrowings / assets | 0.00% |
| Net interest margin | 3.80% (p47 of band) |
| Operating expense / assets | 2.96% (p31 of band) |
| Vehicles % of loans | 48% (p34 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 20% |
| Third-party paper % of net worth | 68% (p95 of band) |
| Vehicle delinquency | 1.59% (p74 of band) |
| Vehicle NCO | 0.65% (p83 of band) |
| Repossessed % of vehicle book | 0.00% (p46 of band) |
| Real estate % of loans | 30% |
| Credit cards % of loans | 0% |
| Unsecured % of loans | 6% |
| Commercial % of net worth | 0% |
| Core shares % of member funds | 67% |
| Certificates % of member funds | 33% |
| Average share balance | $7,903 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | $913,615 |
| Loans outstanding per 100 members | 206% |
| Loans granted per 100 members, annualized | 7% |
| Average loan balance | $4,391 |
| Loans granted, annualized | $1.5M |

## Participation posture (from the same filings)

Bought $0 and sold $0 in the latest annualized quarter; $913,615 outstanding purchased (33.8% of net worth), $0 sold and retained. Sold in 1 and bought in 3 of the last 8 quarters. Shares -2.8% year over year.

## Flags firing in the latest filing

- **delinquency 2x band** (`aq_dq_high`)
- **delinquency rising** (`aq_dq_rising`)
- **members leaving** (`shrink_members`)
- **loan book shrinking** (`shrink_loans`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 1 | auto monoline |  |
| 2016-06 | 1 |  |  |
| 2016-09 | 1 |  |  |
| 2016-12 | 1 |  |  |
| 2017-03 | 6 | net worth falling, losing money, delinquency rising, charge-offs p90, members leaving |  |
| 2017-06 | 5 |  | charge-offs p90 |
| 2017-09 | 3 |  | losing money, members leaving |
| 2017-12 | 2 |  | delinquency rising |
| 2018-03 | 2 | delinquency rising | net worth falling |
| 2018-06 | 2 | members leaving | delinquency rising |
| 2018-09 | 2 | delinquency rising | members leaving |
| 2018-12 | 1 |  | delinquency rising |
| 2019-03 | 2 | net worth falling |  |
| 2019-06 | 1 |  | net worth falling |
| 2019-09 | 1 |  |  |
| 2019-12 | 3 | delinquency rising, members leaving |  |
| 2020-03 | 3 | assets shrinking | members leaving |
| 2020-06 | 2 | members leaving | delinquency rising, assets shrinking |
| 2020-09 | 2 |  |  |
| 2020-12 | 1 |  | members leaving |
| 2021-03 | 5 | net worth falling, margin squeeze, charge-offs p90, repo signal |  |
| 2021-06 | 4 | delinquency rising | charge-offs p90, repo signal |
| 2021-09 | 4 |  |  |
| 2021-12 | 1 |  | net worth falling, margin squeeze, delinquency rising |
| 2022-03 | 1 |  |  |
| 2022-06 | 1 |  |  |
| 2022-09 | 2 | 3rd-party paper>100% NW |  |
| 2022-12 | 3 | members leaving |  |
| 2023-03 | 3 | losing money, loans>95% of shares | 3rd-party paper>100% NW, members leaving |
| 2023-06 | 3 | assets shrinking | losing money |
| 2023-09 | 3 |  |  |
| 2023-12 | 5 | delinquency rising, members leaving |  |
| 2024-03 | 4 |  | assets shrinking |
| 2024-06 | 3 | net worth falling, margin squeeze | auto monoline, loans>95% of shares, members leaving |
| 2024-09 | 2 | delinquency 2x band | net worth falling, margin squeeze |
| 2024-12 | 2 |  |  |
| 2025-03 | 2 | loan book shrinking, auto monoline | delinquency rising, delinquency 2x band |
| 2025-06 | 2 | delinquency 2x band, delinquency rising | loan book shrinking, auto monoline |
| 2025-09 | 3 | net worth falling, loan book shrinking | delinquency rising |
| 2025-12 | 2 |  | net worth falling |
| 2026-03 | 4 | delinquency rising, members leaving |  |

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

- 2026-05-15 [Powered by Community: Celebrating the Sponsors Behind the 2026 Skagit Valley Tulip Festival - Skagit Valley Tulip Festival](https://news.google.com/rss/articles/CBMizAFBVV95cUxQeGx1TUhuRjZscGZyZVhkckYxYVJEaWthc1poaG5IaHpRQzl3aW1uMGxMaEF3ODZXSVgzbmJxMS1ONUpyQ2lBTmphdGRBWG8wQU1lYzBYNlBuajlKSlIxS3pFYjJSMmxGMlc0OVZmOGJWOUZ6UmY2blZlWnVzS1d5eU91eDYySVAydkgxbEQ3bmd6R3NLc210WGNXTnlqcWQ0SmNpeGptLU9odXU5NF9JNWNadTZnbkZIdElNWGY2N3FVbVgxZENhV3VoNjg?oc=5) · Skagit Valley Tulip Festival
- 2025-03-07 [The Skagit Valley Tulip Festival Begins 2025 Festivities This Spring - Newswire.com](https://news.google.com/rss/articles/CBMiqwFBVV95cUxPTTZBM2EyT04wdGZQZk95WC1wOVRSNHd5eXg5b0JKcThBWFpzcG5QYVgtNDJySHdqeUlxYTdJTEFjSVBkWFdDZXNHWXFoZmh2MjF5MFdCR3BzUXpFd2RsaEYyaFRVRmY2bzhpZmE0OEVkcWVtREd3N3hLTzJPamtmVmdKY0dnTHVJTDU0WU5OdGJuNXFCR011bDZRNm1rbXoxTjhZUXBTcWFGNnc?oc=5) · Newswire.com
- 2025-05-23 [Behind Every Bloom: Our 2025 Skagit Valley Tulip Festival Sponsors - Skagit Valley Tulip Festival](https://news.google.com/rss/articles/CBMiswFBVV95cUxQcHRxbUFBYS1mVlpxSkcxTzJ1S2tVWm5MeW02dE14Q1A0ZjU1aE1vYTMxU3BGdFZQbkg3N1VTbkNwRVhia2l6dlpnRThreTd6RDU1YmpYeFFHaXN6NlFhNGZsQzVhSHBpVjhDRzNfa2s3c3haUkVkRGh1N0Rtc0gyOG5jaXFkdWdHQmp3WThyY0dpMHJUR0FPeEFZQ0hZdnJBeUNRSHYybTlDQTJueFRiTTUyWQ?oc=5) · Skagit Valley Tulip Festival
- 2022-10-21 [Joel Zediker Obituary (1957 - 2022) - Burlington, WA - Skagit Valley Herald - legacy.com](https://news.google.com/rss/articles/CBMimgFBVV95cUxQRDc4OG41RDhaSWkxMHE5RjVlS2pSQVRLOC1nb012UjBUVEh5S1lBRE0tQWV6MlJvM3l5bENWbkJOR2FxMUV3ODdUWGFYWEplcXc2cnB1Qkd6QTVEZWctd3RuZUoyNk9hOEJKaHo3ZlNDOW9Zcjh0ZEhTZzRVYXdDbXRrNzBMSWQ0RjZ6TXB6QkhxSHFkMTMxT0lB?oc=5) · legacy.com

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=9145 (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/57.json (key "9145", 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=9145
- 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