Safe and Sound

FASNY

Albany, NY
4
Star Rating
FASNY is an NCUA-insured credit union founded in 2003 and currently headquartered in Albany, NY. As of December 31, 2017, the credit union had assets of $12.7 million.

Thanks to the efforts of 2 full-time employees, the credit union holds loans and leases worth $6.2 million. FASNY's 1,256 members currently have $11.3 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, FASNY exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's an analysis of how the credit union did on the three major criteria Bankrate used to evaluate U.S. credit unions.

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THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring a credit union's financial strength, capital is crucial. It works as a bulwark against losses and affords protection for members during periods of financial instability for the credit union. From a safety and soundness perspective, the higher the capital, the better.

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

FASNY appears to be on less solid financial footing than its peers in this area, with a capitalization ratio of 14.00 percent in our test, less than the average for all credit unions.

Asset Quality Score

In this test, Bankrate tries to determine the effect of problem assets, such as past-due mortgages, on the credit union's loan loss reserves and overall capitalization.

Having large numbers of these kinds of assets may eventually force a credit union to use capital to absorb losses, reducing 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 interest for the credit union, resulting in diminished earnings and potentially more risk of a future failure.

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

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

How successful a credit union is at making money affects its long-term survivability. A credit union can retain its earnings, boosting its capital buffer, or put them to work addressing problematic loans, likely making the credit union more resilient in tough times. Conversely, losses take away from a credit union's ability to do those things.

FASNY did below-average on Bankrate's earnings test, achieving a score of 10 out of a possible 30.

FASNY had an earnings ratio of 0.00 percent in our test, higher than the average for all credit unions, suggesting that it's beating 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.