Safe and Sound

DEVILS SLIDE

Morgan, UT
4
Star Rating
DEVILS SLIDE is an NCUA-insured credit union founded in 1964 and currently based in Morgan, UT. Regulatory filings show the credit union having $11.6 million in assets, as of December 31, 2017.

Thanks to the work of 2 full-time employees, the credit union has amassed loans and leases worth $8.3 million. Its 1,490 members currently have $9.8 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, DEVILS SLIDE exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Keep reading for a look at how the credit union did on the three important criteria Bankrate used to score U.S. credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is a crucial measurement of a credit union's financial fortitude. It works as a bulwark against losses and as protection for members when a credit union is experiencing financial instability. When looking at safety and soundness, more capital is preferred.

DEVILS SLIDE achieved a score of 18 out of a possible 30 points on our test to measure capital adequacy, better than the national average of 15.65.

DEVILS SLIDE had a capitalization ratio of 18.00 percent in our test, better than the average for all credit unions, suggesting that it could be more resilient in a crisis than its peers.

Asset Quality Score

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

A credit union with extensive holdings of these types of assets may eventually be required to use capital to cover losses, cutting down on its equity cushion. Many of those assets are also likely to be in non-accrual status and no longer earning interest for the credit union, diminishing earnings and increasing the risk of a future failure.

DEVILS SLIDE scored 40 out of a possible 40 points on Bankrate's test of asset quality, exceeding the national average of 38.09.

Earnings score

A credit union's earnings performance has an effect on its safety and soundness. A credit union can retain its earnings, giving a boost to its capital cushion, or put them to work addressing problematic loans, potentially making the credit union better able to withstand economic shocks. Conversely, losses reduce a credit union's ability to do those things.

On Bankrate's test of earnings, DEVILS SLIDE scored 10 out of a possible 30, below the national average of 10.11.

One sign that DEVILS SLIDE is outperforming its peers in this area was its earnings ratio of 0.00 percent in our test, higher 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.