Safe and Sound

FAMILY FIRST OF NY

ROCHESTER, NY
4
Star Rating
FAMILY FIRST OF NY is an NCUA-insured credit union founded in 1969 and currently based in ROCHESTER, NY. Regulatory filings show the credit union having assets of $195.4 million, as of December 31, 2017.

Thanks to the efforts of 48 full-time employees, the credit union currently holds loans and leases worth $159.7 million. Its 15,033 members currently have $152.2 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, FAMILY FIRST OF NY exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Keep reading for an analysis of how the credit union did on the three key criteria Bankrate used to score American credit unions.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital works as a bulwark against losses and affords protection for members when a credit union is experiencing financial trouble. Therefore, when it comes to measuring an a credit union's financial strength, capital is essential. When it comes to safety and soundness, the higher the capital, the better.

FAMILY FIRST OF NY received a score of 12 out of a possible 30 points on our test to measure capital adequacy, coming in below the national average of 15.65.

FAMILY FIRST OF NY had a capitalization ratio of 12.00 percent in our test, below the average for all credit unions, a sign that it's on less solid financial footing than its peers.

Asset Quality Score

In this test, Bankrate tries to estimate the effect of troubled assets, such as unpaid mortgages, on the credit union's capitalization and allocated loan loss reserves.

Having a large number of these types of assets could eventually force a credit union to use capital to cover losses, shrinking its buffer of equity. It also means that there are likely to be many assets that are in non-accrual status and no longer earning money, reducing earnings and increasing the risk of a failure in the future.

On Bankrate's test of asset quality, FAMILY FIRST OF NY scored 40 out of a possible 40 points, beating the national average of 38.09 points.

A below-average ratio of problem assets of 0.00 percent in our test was potentially indicative of greater financial strength than other credit unions.

Earnings score

A credit union's earnings performance has an effect on its safety and soundness. A credit union can retain its earnings, expanding its capital buffer, or use them to deal with problematic loans, likely making the credit union better able to withstand economic trouble. Conversely, losses take away from a credit union's ability to do those things.

FAMILY FIRST OF NY scored 12 out of a possible 30 on Bankrate's test of earnings, better than the national average of 10.11.

FAMILY FIRST OF NY had an earnings ratio of 0.00 percent in our test, higher than the average for all credit unions, a sign 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.