Safe and Sound

CORE

East Syracuse, NY
3
Star Rating
East Syracuse, NY-based CORE is an NCUA-insured credit union started in 1959. The credit union holds $99.3 million in assets, according to December 31, 2017, regulatory filings.

Members have $45.5 million on deposit tended by 23 full-time employees. With that footprint, the credit union has amassed loans and leases worth $45.5 million. Its 10,174 members currently have $87.0 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, CORE exhibited a generally satisfactory condition, earning 3 out of 5 stars for safety and soundness. Keep reading for a breakdown of how the credit union did on the three important 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 acts as a cushion against losses and as protection for members when a credit union is experiencing economic instability. Therefore, a credit union's level of capital is a crucial measurement of its financial strength. When looking at safety and soundness, the higher the capital, the better.

On our test to measure capital adequacy, CORE received a score of 14 out of a possible 30 points, failing to reach the national average of 15.65.

CORE appears to be less well prepared for financial trouble than its peers in this area, with a capitalization ratio of 14.00 percent in our test, lower than the average for all credit unions.

Asset Quality Score

This test's purpose is to try to understand how the credit union's loan loss reserves and overall capitalization could be affected by problem assets, such as unpaid mortgages.

Having extensive holdings of these kinds of assets suggests a credit union could have to use capital to cover losses, diminishing its cushion of equity. It also means that there are likely to be many assets that are in non-accrual status and no longer earning money, resulting in reduced earnings and potentially more risk of a failure in the future.

On Bankrate's test of asset quality, CORE scored 36 out of a possible 40 points, lower than the national average of 38.09 points.

The credit union's ratio of problem assets was 0.00 percent in our test, below the national average and suggestive of superior financial strength compared to other credit unions.

Earnings score

How successful a credit union is at earning money has an effect on its long-term survivability. Earnings can be retained by the credit union, expanding its capital cushion, or be used to deal with problematic loans, likely making the credit union better prepared to withstand economic trouble. Losses, on the other hand, lessen a credit union's ability to do those things.

CORE received below-average marks on Bankrate's earnings test, achieving a score of 2 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.