Safe and Sound

FIREFIGHTERS

ONALASKA, WI
5
Star Rating
ONALASKA, WI-based FIREFIGHTERS is an NCUA-insured credit union started in 1931. As of December 31, 2017, the credit union held assets of $81.4 million.

Thanks to the efforts of 24 full-time employees, the credit union holds loans and leases worth $70.6 million. FIREFIGHTERS's 4,932 members currently have $65.6 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, FIREFIGHTERS exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for a breakdown of how the credit union did on the three important criteria Bankrate used to grade American credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is a key measurement of an institution's financial fortitude. It acts as a cushion against losses and affords protection for members when a credit union is experiencing economic trouble. When looking at safety and soundness, the higher the capital, the better.

On our test to measure capital adequacy, FIREFIGHTERS achieved a score of 20 out of a possible 30 points, exceeding the national average of 15.65.

FIREFIGHTERS's capitalization ratio of 20.00 percent in our test was higher than the average for all credit unions, suggesting that it's on more solid financial footing than its peers.

Asset Quality Score

Bankrate uses this test to determine the impact of problem assets, such as past-due loans, on the credit union's loan loss reserves and overall capitalization.

Having large numbers of these kinds of assets means a credit union may eventually have to use capital to absorb losses, decreasing its cushion 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 reduced earnings and potentially more risk of a future failure.

On Bankrate's asset quality test, FIREFIGHTERS scored 36 out of a possible 40 points, failing to reach the national average of 38.09 points.

Troubled assets made up 0.00 percent of FIREFIGHTERS's total assets in our test, less than the national average and potentially indicative of superior financial strength compared to other credit unions.

Earnings score

How successful a credit union is at earning money has an effect on its long-term survivability. Earnings can be retained by the credit union, boosting its capital cushion, or be used to deal with problematic loans, potentially making the credit union better prepared to withstand financial shocks. Credit unions that are losing money, however, have less ability to do those things.

FIREFIGHTERS exceeded the national average on Bankrate's earnings test, achieving a score of 14 out of a possible 30.

One sign 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.