Safe and Sound

DEVILS SLIDE

Morgan, UT
4
Star Rating
DEVILS SLIDE is a Morgan, UT-based, NCUA-insured credit union founded in 1964. The credit union holds $11.6 million in assets, according to June 30, 2017, regulatory filings.

DEVILS SLIDE's 1,491 members currently have $9.9 million in shares with the credit union. With that footprint, the credit union holds loans and leases worth $8.0 million.

Overall, Bankrate believes that, as of June 30, 2017, DEVILS SLIDE exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Keep reading for a breakdown of how the credit union faired on the three major criteria Bankrate used to grade U.S. credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital works as a buffer against losses and provides protection for members when a credit union is experiencing financial instability. Therefore, when it comes to measuring an an institution's financial fortitude, capital is important. When looking at safety and soundness, the more capital, the better.

On our test to measure capital adequacy, DEVILS SLIDE racked up 18 out of a possible 30 points, better than the national average of 15.26.

DEVILS SLIDE's capitalization ratio of 13.00 percent in our test puts it right in line with the average for all credit unions.

Asset Quality Score

This test is intended to try to understand how the credit union's reserves set aside to cover loan losses, as well as overall capitalization could be affected by problem assets, such as unpaid mortgages.

Having extensive holdings of these types of assets means a credit union could eventually have to use capital to cover losses, reducing its buffer of equity. Many of those assets are also likely to be in non-accrual status and no longer earning interest for the credit union, pushing down earnings and elevating the risk of a failure in the future.

On Bankrate's asset quality test, DEVILS SLIDE scored 40 out of a possible 40 points, beating the national average of 38.15 points.

A lower-than-average ratio of problem assets of 1.00 percent in our test was potentially indicative of greater financial strength than other credit unions.

Earnings score

A credit union's ability to earn money affects its long-term survivability. Earnings may be retained by the credit union, giving a boost to its capital cushion, or be used to deal with problematic loans, potentially making the credit union better prepared to withstand economic trouble. Conversely, losses reduce a credit union's ability to do those things.

DEVILS SLIDE fell behind the national average on Bankrate's test of earnings, achieving a score of 10 out of a possible 30.

DEVILS SLIDE had an earnings ratio of 4.00 percent in our test, higher than the average for all credit unions, suggesting that it's outperforming its peers in this area.








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.