Safe and Sound

ABYSSINIAN BAPTIST CHURCH

NEW YORK CITY, NY
5
Star Rating
NEW YORK CITY, NY-based ABYSSINIAN BAPTIST CHURCH is an NCUA-insured credit union started in 1940. Regulatory filings show the credit union having assets of $856,183, as of December 31, 2017.

The credit union holds loans and leases worth $107,305. Its 296 members currently have $730,273 in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, ABYSSINIAN BAPTIST CHURCH exhibited a superior condition, earning a full 5 stars for safety and soundness. Here's a look at how the credit union did on the three key criteria Bankrate used to score American credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is a key measurement of a credit union's financial strength. It acts as a cushion against losses and affords protection for members when a credit union is experiencing financial trouble. When looking at safety and soundness, more capital is better.

On our test to measure the adequacy of a credit union's capital, ABYSSINIAN BAPTIST CHURCH received a score of 4 out of a possible 30 points, lower than the national average of 15.65.

ABYSSINIAN BAPTIST CHURCH had a capitalization ratio of 4.00 percent in our test, worse than the average for all credit unions, suggesting that it's weaker than its peers.

Asset Quality Score

This test's purpose is to estimate how the credit union's capitalization and allocated loan loss reserves could be affected by problem assets, such as past-due loans.

A credit union with lots of these types of assets could eventually be required to use capital to absorb losses, decreasing its cushion of equity. It also means that there are likely to be many assets that are in non-accrual status and thus aren't earning money, decreasing earnings and elevating the risk of a failure in the future.

ABYSSINIAN BAPTIST CHURCH scored 40 out of a possible 40 points on Bankrate's test of asset quality, beating out the national average of 38.09.

Earnings score

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

ABYSSINIAN BAPTIST CHURCH beat the national average on Bankrate's earnings test, achieving a score of 30 out of a possible 30.

One sign that the credit union is doing better than its peers in this area was its earnings ratio of 0.00 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.