Safe and Sound

HAULPAK

PEORIA, IL
5
Star Rating
PEORIA, IL-based HAULPAK is an NCUA-insured credit union founded in 1940. As of December 31, 2017, the credit union had assets of $2.4 million.

Its 470 members currently have $1.8 million in shares with the credit union. With that footprint, the credit union holds loans and leases worth $1.1 million.

Overall, Bankrate believes that, as of December 31, 2017, HAULPAK 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 score U.S. credit unions on safety and soundness.

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THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring a credit union's financial fortitude, capital is key. It acts as a cushion against losses and as protection for members during times of economic trouble for the credit union. From a safety and soundness perspective, the more capital, the better.

On our test to measure capital adequacy, HAULPAK scored 30 out of a possible 30 points, beating the national average of 15.65.

HAULPAK had a capitalization ratio of 30.00 percent in our test, above the average for all credit unions, an indication that it's more well prepared for financial trouble than its peers.

Asset Quality Score

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

A credit union with lots of these kinds of assets could eventually have to use capital to cover losses, diminishing its equity buffer. 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, decreasing earnings and increasing the risk of a failure in the future.

HAULPAK scored above the national average of 38.09 on Bankrate's asset quality test, racking up 40 out of a possible 40 points .

A below-average ratio of troubled assets of 0.00 percent in our test was potentially indicative of superior financial strength compared to 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, giving a boost to its capital cushion, or put them to work addressing problematic loans, likely making the credit union better able to withstand financial shocks. Credit unions that are losing money, however, have less ability to do those things.

HAULPAK scored 8 out of a possible 30 on Bankrate's earnings test, falling short of the national average of 10.11.

The credit union had an earnings ratio of 0.00 percent in our test, better than the average for all credit unions, suggesting that it's outperforming 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.