Safe and Sound

ALBANY FIREMENS

ALBANY, NY
4
Star Rating
ALBANY FIREMENS is an ALBANY, NY-based, NCUA-insured credit union started in 1935. As of December 31, 2017, the credit union held assets of $18.3 million.

Members have $10.3 million on deposit tended by 7 full-time employees. With that footprint, the credit union has amassed loans and leases worth $10.3 million. ALBANY FIREMENS's 2,448 members currently have $16.0 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, ALBANY FIREMENS 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 important criteria Bankrate used to grade U.S. credit unions.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital works as a bulwark against losses and provides protection for members when a credit union is experiencing financial instability. It follows then that an institution's level of capital is a key measurement of its financial fortitude. When looking at safety and soundness, more capital is preferred.

ALBANY FIREMENS scored above the national average of 15.65 points on our test to measure the adequacy of a credit union's capital, achieving a score of 16 out of a possible 30 points.

ALBANY FIREMENS's capitalization ratio of 16.00 percent in our test puts it right in line with the average for all credit unions.

Asset Quality Score

This test is intended to estimate how the credit union's reserves set aside to cover loan losses, as well as overall capitalization could be affected by troubled assets, such as past-due mortgages.

Having lots of these types of assets may eventually force a credit union to use capital to cover losses, decreasing its equity buffer. It also means that there are likely to be many assets that are in non-accrual status and no longer earning interest for the credit union, resulting in diminished earnings and potentially more risk of a failure in the future.

ALBANY FIREMENS scored 36 out of a possible 40 points on Bankrate's test of asset quality, falling short of the national average of 38.09.

A lower-than-average ratio of troubled assets of 0.00 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 earning money affects 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 financial shocks. However, credit unions that are losing money have less ability to do those things.

ALBANY FIREMENS did below-average on Bankrate's test of earnings, achieving a score of 6 out of a possible 30.

ALBANY FIREMENS had an earnings ratio of 0.00 percent in our test, better 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.