Safe and Sound

MOHAWK PROGRESSIVE

Schenectady, NY
3
Star Rating
Founded in 1936, MOHAWK PROGRESSIVE is an NCUA-insured credit union headquartered in Schenectady, NY. Regulatory filings show the credit union having assets of $9.3 million, as of December 31, 2017.

Members have $6.3 million on deposit tended by 4 full-time employees. With that footprint, the credit union holds loans and leases worth $6.3 million. MOHAWK PROGRESSIVE's 1,081 members currently have $8.4 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, MOHAWK PROGRESSIVE exhibited a generally satisfactory condition, earning 3 out of 5 stars for safety and soundness. Here's a look at how the credit union did on the three major criteria Bankrate used to evaluate American credit unions.

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SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital acts as a buffer against losses and provides protection for members when a credit union is experiencing financial instability. Therefore, a credit union's level of capital is a crucial measurement of its financial resilience. From a safety and soundness perspective, the more capital, the better.

MOHAWK PROGRESSIVE scored below the national average of 15.65 on our test to measure the adequacy of a credit union's capital, scoring 8 out of a possible 30 points.

MOHAWK PROGRESSIVE's capitalization ratio of 8.00 percent in our test was below the average for all credit unions, a sign that it's on less solid financial footing than its peers.

Asset Quality Score

In this test, Bankrate tries to estimate the impact of problem assets, such as past-due mortgages, on the credit union's loan loss reserves and overall capitalization.

Having large numbers of these types of assets suggests a credit union may eventually have to use capital to cover losses, shrinking 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 money, resulting in lower earnings and potentially more risk of a failure in the future.

On Bankrate's asset quality test, MOHAWK PROGRESSIVE scored 40 out of a possible 40 points, better than the national average of 38.09 points.

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

Earnings score

How successful a credit union is at earning money affects its long-term survivability. Earnings can be retained by the credit union, expanding its capital cushion, or be used to deal with problematic loans, potentially making the credit union better able to withstand financial shocks. However, credit unions that are losing money are less able to do those things.

MOHAWK PROGRESSIVE scored 2 out of a possible 30 on Bankrate's test of earnings, coming in below the national average of 10.11.

MOHAWK PROGRESSIVE had an earnings ratio of 0.00 percent in our test, higher than the average for all credit unions, an indication that it's running ahead of 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.