Safe and Sound

ELECTRICAL WORKERS NO 22

OMAHA, NE
4
Star Rating
ELECTRICAL WORKERS NO 22 is an OMAHA, NE-based, NCUA-insured credit union dating back to 1956. As of December 31, 2017, the credit union had assets of $10.3 million.

Members have $4.0 million on deposit tended by 3 full-time employees. With that footprint, the credit union holds loans and leases worth $4.0 million. Its 1,862 members currently have $9.3 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, ELECTRICAL WORKERS NO 22 exhibited a good condition, earning 4 out of 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.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring a credit union's financial fortitude, capital is key. It acts as a buffer against losses and affords protection for members during periods of financial trouble for the credit union. When looking at safety and soundness, more capital is better.

ELECTRICAL WORKERS NO 22 came in below the national average of 15.65 on our test to measure capital adequacy, achieving a score of 10 out of a possible 30 points.

ELECTRICAL WORKERS NO 22 appears to be on less solid financial footing than its peers in this area, with a capitalization ratio of 10.00 percent in our test, lower than the average for all credit unions.

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.

Having large numbers of these types of assets may eventually force a credit union to use capital to absorb losses, cutting down on its cushion of equity. Many of those assets are also likely to be 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.

ELECTRICAL WORKERS NO 22 scored 40 out of a possible 40 points on Bankrate's test of asset quality, above the national average of 38.09.

Troubled assets made up 0.00 percent of the credit union's total assets in our test, beneath the national average and suggestive of superior financial strength compared to other credit unions.

Earnings score

A credit union's profitability has an effect on its long-term survivability. Earnings may be retained by the credit union, expanding its capital cushion, or be used to deal with problematic loans, potentially making the credit union more resilient in tough times. Losses, on the other hand, take away from a credit union's ability to do those things.

On Bankrate's earnings test, ELECTRICAL WORKERS NO 22 scored 12 out of a possible 30, better than the national average of 10.11.

ELECTRICAL WORKERS NO 22 had an earnings ratio of 0.00 percent in our test, better 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.