Safe and Sound

LEATHERSTOCKING REGION

COOPERSTOWN, NY
4
Star Rating
LEATHERSTOCKING REGION is an NCUA-insured credit union founded in 1977 and currently headquartered in COOPERSTOWN, NY. As of December 31, 2017, the credit union held assets of $51.0 million.

With 8 full-time employees, the credit union holds loans and leases worth $21.8 million. LEATHERSTOCKING REGION's 4,475 members currently have $46.1 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, LEATHERSTOCKING REGION 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.

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THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring a credit union's financial fortitude, capital is essential. It works as a cushion against losses and affords protection for members during times of economic trouble for the credit union. When it comes to safety and soundness, more capital is preferred.

LEATHERSTOCKING REGION scored below the national average of 15.65 on our test to measure the adequacy of a credit union's capital, receiving a score of 10 out of a possible 30 points.

LEATHERSTOCKING REGION appears to be weaker than its peers in this area, with a capitalization ratio of 10.00 percent in our test, less than the average for all credit unions.

Asset Quality Score

In this test, Bankrate tries to determine the impact of troubled assets, such as unpaid mortgages, on the credit union's capitalization and allocated loan loss reserves.

Having large numbers of these kinds of assets means a credit union could eventually have to use capital to absorb losses, diminishing its equity cushion. Many of those assets are also likely to be in non-accrual status and no longer earning money, reducing earnings and increasing the chances of a future failure.

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

A below-average ratio of troubled assets of 0.00 percent in our test was potentially indicative of greater financial strength than other credit unions.

Earnings score

A credit union's ability to earn money affects its long-term survivability. A credit union can retain its earnings, expanding its capital cushion, or use them to deal with problematic loans, likely making the credit union more resilient in times of trouble. However, credit unions that are losing money are less able to do those things.

On Bankrate's test of earnings, LEATHERSTOCKING REGION scored 18 out of a possible 30, exceeding 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.