Safe and Sound

COUNTRYSIDE

EAST SYRACUSE, NY
4
Star Rating
Started in 1941, COUNTRYSIDE is an NCUA-insured credit union headquartered in EAST SYRACUSE, NY. The credit union has assets of $157.2 million, according to June 30, 2017, regulatory filings.

With 13 full-time employees, the credit union currently holds loans and leases worth $143.7 million. Its 7,711 members currently have $111.1 million in shares with the credit union.

Overall, Bankrate believes that, as of June 30, 2017, COUNTRYSIDE exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's an analysis of how the credit union did on the three important criteria Bankrate used to evaluate American credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital acts as a buffer against losses and as protection for members when a credit union is experiencing economic trouble. It follows then that when it comes to measuring an a credit union's financial resilience, capital is key. From a safety and soundness perspective, the more capital, the better.

On our test to measure capital adequacy, COUNTRYSIDE scored 16 out of a possible 30 points, above the national average of 15.26.

COUNTRYSIDE had a capitalization ratio of 13.00 percent in our test, the same as the average for all credit unions, suggesting that it's running neck and neck with its peers.

Asset Quality Score

Bankrate uses this test to estimate the effect of troubled assets, such as unpaid mortgages, on the credit union's loan loss reserves and overall capitalization.

A credit union with lots of these types of assets may eventually be forced to use capital to absorb losses, decreasing its equity buffer. Many of those assets are also likely to be in non-accrual status and thus aren't earning money, resulting in diminished earnings and potentially more risk of a failure in the future.

COUNTRYSIDE scored 36 out of a possible 40 points on Bankrate's asset quality test, less than the national average of 38.15.

Troubled assets made up 13.00 percent of the credit union's total assets in our test, greater than the national average and a potential cause for concern.

Earnings score

How successful a credit union is at making money has an effect on its long-term survivability. A credit union can retain its earnings, increasing its capital buffer, or use them to address problematic loans, likely making the credit union better able to withstand economic trouble. Losses, on the other hand, lessen a credit union's ability to do those things.

On Bankrate's earnings test, COUNTRYSIDE scored 16 out of a possible 30, beating out the national average of 10.31.

One sign that the credit union is outperforming its peers in this area was its earnings ratio of 8.00 percent in our test, above the average for all credit unions.








WHAT IS SAFE & SOUND?

Bankrate.com's Safe & Sound Ratings provide a star rating system to evaluate the current financial status of financial institutions. The information gathered about banks, credit unions and thrifts is updated as set forth in the Terms of Use of Safe & Sound Ratings and Reports. The Safe & Sound Ratings information is grouped by categories of banks, thrifts and credit unions.

Scoring methodology

Bankrate.com evaluates the financial condition of institutions and assigns a one- to five-star rating for each with five stars representing the highest rating. Institutions with satisfactory performance will generally receive a rating of three or more stars. The majority of institutions fall into the three- to four-star range. An institution with an "NR" rating may be too new to rate or may have limited the publicly available information in their regulatory filings. The "NR" is not an indication of financial strength or weakness. The Safe & Sound rating is believed to be reliable, but the information is not guaranteed. In addition, events since the information was collected may have altered the institution's financial condition.