Safe and Sound

PHENIX PRIDE

PHENIX CITY, AL
5
Star Rating
PHENIX PRIDE is an NCUA-insured credit union started in 1960 and currently headquartered in PHENIX CITY, AL. The credit union has assets of $9.5 million, according to December 31, 2017, regulatory filings.

With 7 full-time employees, the credit union holds loans and leases worth $7.7 million. Its 1,692 members currently have $5.3 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, PHENIX PRIDE exhibited a superior condition, earning a full 5 stars for safety and soundness. Here's an analysis of how the credit union faired on the three important criteria Bankrate used to evaluate U.S. credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

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

PHENIX PRIDE exceeded the national average of 15.65 points on our test to measure the adequacy of a credit union's capital, racking up 16 out of a possible 30 points.

PHENIX PRIDE had a capitalization ratio of 16.00 percent in our test, equal to the average for all credit unions, an indication that it's right in line with its peers.

Asset Quality Score

This test's purpose is to estimate how the credit union's capitalization and allocated loan loss reserves could be affected by problem assets, such as unpaid loans.

A credit union with a large number of these types of assets may eventually be forced to use capital to cover losses, diminishing its buffer of equity. Many of those assets are also likely to be in non-accrual status and thus aren't earning money, decreasing earnings and increasing the risk of a failure in the future.

PHENIX PRIDE scored 32 out of a possible 40 points on Bankrate's asset quality test, lower than the national average of 38.09.

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 earnings performance affects its long-term survivability. Earnings can be retained by the credit union, increasing its capital buffer, or be used to address problematic loans, likely making the credit union more resilient in times of trouble. However, credit unions that are losing money have less ability to do those things.

PHENIX PRIDE received above-average marks on Bankrate's test of earnings, achieving a score of 28 out of a possible 30.

The credit union had an earnings ratio of 0.00 percent in our test, above the average for all credit unions, a sign that it's beating 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.