Safe and Sound

PITTSBURGH FIREFIGHTER'S

Pittsburgh, PA
5
Star Rating
Started in 1935, PITTSBURGH FIREFIGHTER'S is an NCUA-insured credit union headquartered in Pittsburgh, PA. As of December 31, 2017, the credit union held assets of $80.3 million.

Thanks to the work of 9 full-time employees, the credit union currently holds loans and leases worth $25.0 million. PITTSBURGH FIREFIGHTER'S's 4,733 members currently have $68.0 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, PITTSBURGH FIREFIGHTER'S 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 key criteria Bankrate used to score U.S. credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital acts as a cushion against losses and provides protection for members when a credit union is struggling financially. It follows then that when it comes to measuring an a credit union's financial fortitude, capital is essential. When looking at safety and soundness, more capital is preferred.

On our test to measure the adequacy of a credit union's capital, PITTSBURGH FIREFIGHTER'S achieved a score of 22 out of a possible 30 points, better than the national average of 15.65.

PITTSBURGH FIREFIGHTER'S appears to be more well prepared for financial trouble than its peers, with a capitalization ratio of 22.00 percent in our test, above the average for all credit unions.

Asset Quality Score

This test is intended 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 lots of these kinds of assets could eventually have 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 interest for the credit union, resulting in depressed earnings and potentially more risk of a future failure.

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

The credit union's ratio of problem assets was 0.00 percent in our test, lower than the national average and potentially indicative of superior financial strength compared to other credit unions.

Earnings score

How successful a credit union is at earning money has an effect on its long-term survivability. A credit union can retain its earnings, expanding its capital buffer, or use them to deal with problematic loans, potentially making the credit union better able to withstand economic shocks. Conversely, losses take away from a credit union's ability to do those things.

PITTSBURGH FIREFIGHTER'S received below-average marks on Bankrate's test of earnings, achieving a score of 8 out of a possible 30.

One sign that PITTSBURGH FIREFIGHTER'S 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.