Safe and Sound

NEW HAVEN FIREFIGHTERS

NEW HAVEN, CT
5
Star Rating
Founded in 1951, NEW HAVEN FIREFIGHTERS is an NCUA-insured credit union headquartered in NEW HAVEN, CT. As of December 31, 2017, the credit union had assets of $6.6 million.

The credit union has amassed loans and leases worth $2.5 million. NEW HAVEN FIREFIGHTERS's 743 members currently have $5.2 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, NEW HAVEN FIREFIGHTERS exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for a look at how the credit union faired on the three important criteria Bankrate used to score U.S. credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital works as a buffer against losses and provides protection for members during periods of financial instability for the credit union. It follows then that a credit union's level of capital is a valuable measurement of its financial strength. When it comes to safety and soundness, more capital is preferred.

NEW HAVEN FIREFIGHTERS did better than the national average of 15.65 points on our test to measure the adequacy of a credit union's capital, racking up 30 out of a possible 30 points.

NEW HAVEN FIREFIGHTERS's capitalization ratio of 30.00 percent in our test was above the average for all credit unions, suggesting that it could have an easier time weathering financial trouble than its peers.

Asset Quality Score

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

A credit union with extensive holdings of these types of assets could eventually be forced to use capital to absorb losses, cutting down on its cushion of equity. Many of those assets are also likely to be in non-accrual status and thus aren't earning money, pushing down earnings and elevating the risk of a future failure.

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

Earnings score

How successful a credit union is at earning money affects its safety and soundness. Earnings can be retained by the credit union, increasing its capital buffer, or be used to address problematic loans, potentially making the credit union more resilient in tough times. Credit unions that are losing money, however, have less ability to do those things.

On Bankrate's earnings test, NEW HAVEN FIREFIGHTERS scored 4 out of a possible 30, lower than the national average of 10.11.

One indication that NEW HAVEN FIREFIGHTERS is outperforming its peers in this area was its earnings ratio of 0.00 percent in our test, better than the average for all credit unions.

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.