Asset Quality Score
This test is intended 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 loans.
A credit union with lots of these types of assets may eventually have to use capital to cover losses, reducing its cushion of equity. Many of those assets are also likely to be in non-accrual status and thus aren't earning money, resulting in lower earnings and potentially more risk of a failure in the future.
On Bankrate's asset quality test, MAGNIFY scored 36 out of a possible 40 points, coming in below the national average of 38.09 points.
Troubled assets made up 0.00 percent of MAGNIFY's total assets in our test, less than the national average and potentially indicative of greater financial strength than other credit unions.