Safe and Sound

SELF RELIANCE NY

New York, NY
5
Star Rating
Founded in 1951, SELF RELIANCE NY is an NCUA-insured credit union based in New York, NY. As of June 30, 2017, the credit union held assets of $1.31 billion.

Thanks to the work of 37 full-time employees, the credit union holds loans and leases worth $745.0 million. Its 15,325 members currently have $1.10 billion in shares with the credit union.

Overall, Bankrate believes that, as of June 30, 2017, SELF RELIANCE NY exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for a look at how the credit union did on the three key criteria Bankrate used to grade American credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is an essential measurement of a credit union's financial resilience. It acts as a bulwark against losses and affords protection for members when a credit union is struggling financially. From a safety and soundness perspective, more capital is better.

SELF RELIANCE NY achieved a score of 22 out of a possible 30 points on our test to measure capital adequacy, beating out the national average of 15.26.

SELF RELIANCE NY had a capitalization ratio of 16.00 percent in our test, better than the average for all credit unions, an indication that it could have an easier time weathering financial trouble than its peers.

Asset Quality Score

Bankrate uses this test to estimate the effect of problem assets, such as past-due loans, on the credit union's reserves set aside to cover loan losses, as well as overall capitalization.

A credit union with a large number of these types of assets could eventually be required to use capital to absorb losses, diminishing 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 interest for the credit union, resulting in diminished earnings and potentially more risk of a failure in the future.

SELF RELIANCE NY did better than the national average of 38.15 on Bankrate's test of asset quality, racking up 40 out of a possible 40 points .

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

Earnings score

How successful a credit union is at making money has an effect on its safety and soundness. Earnings may be retained by the credit union, increasing its capital cushion, or be used to deal with problematic loans, likely making the credit union better prepared to withstand financial shocks. Credit unions that are losing money, however, are less able to do those things.

SELF RELIANCE NY did below-average on Bankrate's test of earnings, achieving a score of 10 out of a possible 30.

One sign that SELF RELIANCE NY is beating its peers in this area was its earnings ratio of 5.00 percent in our test, better than 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.