Safe and Sound

DANNEMORA

Plattsburgh, NY
5
Star Rating
DANNEMORA is a Plattsburgh, NY-based, NCUA-insured credit union that opened its doors in 1958. Regulatory filings show the credit union having $169.8 million in assets, as of December 31, 2017.

Members have $95.6 million on deposit tended by 47 full-time employees. With that footprint, the credit union has amassed loans and leases worth $95.6 million. Its 16,283 members currently have $146.2 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, DANNEMORA 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 major criteria Bankrate used to evaluate American credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring an institution's financial stability, capital is valuable. It acts as a cushion against losses and provides protection for members when a credit union is struggling financially. When looking at safety and soundness, the more capital, the better.

DANNEMORA racked up 18 out of a possible 30 points on our test to measure the adequacy of a credit union's capital, exceeding the national average of 15.65.

DANNEMORA had a capitalization ratio of 18.00 percent in our test, higher than the average for all credit unions, suggesting that it could have an easier time weathering financial trouble than its peers.

Asset Quality Score

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

A credit union with a large number of these types of assets may eventually be forced to use capital to absorb 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, pushing down earnings and increasing the risk of a future failure.

DANNEMORA beat out the national average of 38.09 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, lower than the national average and 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 can be retained by the credit union, boosting its capital cushion, or be used to address problematic loans, potentially making the credit union more resilient in tough times. Conversely, losses diminish a credit union's ability to do those things.

DANNEMORA scored 14 out of a possible 30 on Bankrate's earnings test, beating the national average of 10.11.

The credit union had an earnings ratio of 0.00 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.