Safe and Sound

NEW HAVEN COUNTY

NORTH HAVEN, CT
2
Star Rating
Founded in 1963, NEW HAVEN COUNTY is an NCUA-insured credit union headquartered in NORTH HAVEN, CT. The credit union has assets of $18.6 million, according to December 31, 2017, regulatory filings.

Members have $8.0 million on deposit tended by 5 full-time employees. With that footprint, the credit union currently holds loans and leases worth $8.0 million. NEW HAVEN COUNTY's 4,027 members currently have $17.5 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, NEW HAVEN COUNTY exhibited a below-average condition, earning 2 out of 5 stars for safety and soundness. Keep reading for a breakdown of how the credit union faired on the three major criteria Bankrate used to score American credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring an institution's financial fortitude, capital is crucial. It acts as a bulwark against losses and as protection for members when a credit union is struggling financially. When looking at safety and soundness, more capital is preferred.

NEW HAVEN COUNTY finished below the national average of 15.65 on our test to measure the adequacy of a credit union's capital, achieving a score of 2 out of a possible 30 points.

NEW HAVEN COUNTY had a capitalization ratio of 2.00 percent in our test, below the average for all credit unions, a sign that it's on less solid financial footing than its peers.

Asset Quality Score

Bankrate uses this test to estimate the effect of problem assets, such as past-due loans, on the credit union's loan loss reserves and overall capitalization.

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

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

A lower-than-average ratio of problem 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 ability to earn money has an effect on its safety and soundness. Earnings can be retained by the credit union, boosting its capital buffer, or be used to deal with problematic loans, potentially making the credit union better prepared to withstand financial shocks. Credit unions that are losing money, however, are less able to do those things.

NEW HAVEN COUNTY fell short of the national average on Bankrate's test of earnings, achieving a score of 0 out of a possible 30.

The credit union had an earnings ratio of 0.00 percent in our test, higher than the average for all credit unions, a sign 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.