Safe and Sound

FIDELIS

NEW YORK, NY
5
Star Rating
FIDELIS is a NEW YORK, NY-based, NCUA-insured credit union dating back to 1956. Regulatory filings show the credit union having $329,532 in assets, as of December 31, 2017.

Its 293 members currently have $233,960 in shares with the credit union. With that footprint, the credit union holds loans and leases worth $89,918.

Overall, Bankrate believes that, as of December 31, 2017, FIDELIS exhibited a superior condition, earning a full 5 stars for safety and soundness. Here's an analysis of how the credit union faired on the three major criteria Bankrate used to evaluate American credit unions on safety and soundness.

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THE INSTITUTION'S SCORE

Capital Score

Capital is a valuable measurement of a credit union's financial resilience. It works as a cushion against losses and as protection for members during periods of economic instability for the credit union. When looking at safety and soundness, the more capital, the better.

On our test to measure the adequacy of a credit union's capital, FIDELIS achieved a score of 30 out of a possible 30 points, above the national average of 15.65.

FIDELIS's capitalization ratio of 30.00 percent in our test was above the average for all credit unions, suggesting that it's on more solid financial footing than its peers.

Asset Quality Score

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

Having extensive holdings of these kinds of assets suggests a credit union could eventually have to use capital to absorb losses, shrinking its cushion of equity. Many of those assets are also likely to be in non-accrual status and thus aren't earning interest for the credit union, pushing down earnings and increasing the risk of a future failure.

On Bankrate's test of asset quality, FIDELIS scored 36 out of a possible 40 points, falling short of the national average of 38.09 points.

The credit union's ratio of troubled assets was 0.00 percent in our test, less than the national average and potentially indicative of greater financial strength than other credit unions.

Earnings score

How successful a credit union is at earning money affects its safety and soundness. A credit union can retain its earnings, increasing its capital buffer, or put them to work addressing problematic loans, potentially making the credit union more resilient in tough times. However, credit unions that are losing money are less able to do those things.

On Bankrate's test of earnings, FIDELIS scored 4 out of a possible 30, coming in below the national average of 10.11.

One indication that the credit union is running ahead of its peers in this area was its earnings ratio of 0.00 percent in our test, above 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.