Safe and Sound

HARTFORD FIREFIGHTERS

Hartford, CT
4
Star Rating
HARTFORD FIREFIGHTERS is an NCUA-insured credit union founded in 1950 and currently headquartered in Hartford, CT. Regulatory filings show the credit union having assets of $20.5 million, as of December 31, 2017.

Thanks to the efforts of 4 full-time employees, the credit union currently holds loans and leases worth $7.2 million. HARTFORD FIREFIGHTERS's 1,709 members currently have $18.0 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, HARTFORD FIREFIGHTERS exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's a look at how the credit union faired on the three important criteria Bankrate used to evaluate American credit unions.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital is a useful measurement of an institution's financial resilience. It acts as a bulwark against losses and provides protection for members when a credit union is struggling financially. From a safety and soundness perspective, the more capital, the better.

On our test to measure the adequacy of a credit union's capital, HARTFORD FIREFIGHTERS scored 16 out of a possible 30 points, better than the national average of 15.65.

HARTFORD FIREFIGHTERS's capitalization ratio of 16.00 percent in our test puts it right in line with the average for all credit unions.

Asset Quality Score

This test's purpose is to try to understand how the credit union's reserves set aside to cover loan losses, as well as overall capitalization could be affected by problem assets, such as unpaid mortgages.

Having a large number of these types of assets suggests a credit union may eventually have to use capital to cover losses, shrinking its equity cushion. Many of those assets are also likely to be in non-accrual status and no longer earning money, resulting in reduced earnings and potentially more risk of a failure in the future.

HARTFORD FIREFIGHTERS beat out the national average of 38.09 on Bankrate's test of asset quality, racking up 40 out of a possible 40 points .

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

Earnings score

How successful a credit union is at earning money has an effect on its long-term survivability. Earnings may be retained by the credit union, boosting its capital cushion, or be used to deal with problematic loans, likely making the credit union better prepared to withstand economic trouble. Obviously, credit unions that are losing money are less able to do those things.

On Bankrate's earnings test, HARTFORD FIREFIGHTERS scored 6 out of a possible 30, failing to reach 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.