Safe and Sound

OMAHA FIREFIGHTERS

OMAHA, NE
5
Star Rating
OMAHA, NE-based OMAHA FIREFIGHTERS is an NCUA-insured credit union founded in 1946. The credit union has assets of $58.6 million, according to June 30, 2017, regulatory filings.

With 7 full-time employees, the credit union holds loans and leases worth $23.7 million. Its 3,880 members currently have $48.9 million in shares with the credit union.

Overall, Bankrate believes that, as of June 30, 2017, OMAHA FIREFIGHTERS exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for a look at how the credit union faired on the three important criteria Bankrate used to score U.S. credit unions on safety and soundness.

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THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring an institution's financial stability, capital is essential. It works as a bulwark against losses and as protection for members when a credit union is experiencing economic instability. From a safety and soundness perspective, the higher the capital, the better.

On our test to measure the adequacy of a credit union's capital, OMAHA FIREFIGHTERS scored 24 out of a possible 30 points, better than the national average of 15.26.

OMAHA FIREFIGHTERS had a capitalization ratio of 16.00 percent in our test, higher than the average for all credit unions, a sign that it could be more resilient in a crisis than its peers.

Asset Quality Score

In this test, Bankrate tries to determine the effect of troubled assets, such as past-due mortgages, on the credit union's capitalization and allocated loan loss reserves.

Having lots of these types of assets could eventually require a credit union to use capital to absorb losses, reducing its equity cushion. It also means that there are likely to be many assets that are in non-accrual status and thus aren't earning money, resulting in reduced earnings and potentially more risk of a future failure.

OMAHA FIREFIGHTERS exceeded the national average of 38.15 on Bankrate's asset quality test, racking up 40 out of a possible 40 points .

Troubled assets made up 0.00 percent of the credit union's total assets in our test, below the national average and suggestive of superior financial strength compared to other credit unions.

Earnings score

A credit union's profitability has an effect on its long-term survivability. A credit union can retain its earnings, expanding its capital buffer, or use them to deal with problematic loans, potentially making the credit union better prepared to withstand financial trouble. Credit unions that are losing money, however, are less able to do those things.

On Bankrate's test of earnings, OMAHA FIREFIGHTERS scored 8 out of a possible 30, below the national average of 10.31.

OMAHA FIREFIGHTERS had an earnings ratio of 4.00 percent in our test, higher than the average for all credit unions, suggesting that it's doing better than 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.