Safe and Sound

PLAINFIELD POLICE & FIREMEN'S

Plainfield, NJ
NR
Star Rating
Plainfield, NJ-based PLAINFIELD POLICE & FIREMEN'S is an NCUA-insured credit union started in 1938. Regulatory filings show the credit union having $3.5 million in assets, as of December 31, 2017.

With 2 full-time employees, the credit union has amassed loans and leases worth $1.2 million. PLAINFIELD POLICE & FIREMEN'S's 521 members currently have $3.3 million in shares with the credit union.

Overall, Bankrate did not have enough information on this institution to give it a star rating. Here's a look at how the credit union faired on the three important criteria Bankrate used to grade U.S. credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital works as a cushion against losses and affords protection for members when a credit union is struggling financially. Therefore, a credit union's level of capital is a useful measurement of its financial resilience. When it comes to safety and soundness, the higher the capital, the better.

PLAINFIELD POLICE & FIREMEN'S scored below the national average of 15.65 on our test to measure the adequacy of a credit union's capital, racking up 4 out of a possible 30 points.

PLAINFIELD POLICE & FIREMEN'S had a capitalization ratio of 4.00 percent in our test, worse than the average for all credit unions, a sign that it's weaker than its peers.

Asset Quality Score

This test is intended to try to understand how the credit union's loan loss reserves and overall capitalization could be affected by problem assets, such as past-due mortgages.

Having extensive holdings of these kinds of assets may eventually require a credit union to use capital to cover losses, diminishing its buffer of equity. It also means that there are likely to be many assets that are in non-accrual status and no longer earning interest for the credit union, resulting in depressed earnings and potentially more risk of a future failure.

PLAINFIELD POLICE & FIREMEN'S scored 12 out of a possible 40 points on Bankrate's test of asset quality, falling short of the national average of 38.09.

PLAINFIELD POLICE & FIREMEN'S's ratio of problem assets was 1.00 percent in our test, identical to the national average.

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 cushion, or use them to address problematic loans, likely making the credit union more resilient in tough times. Conversely, losses take away from a credit union's ability to do those things.

PLAINFIELD POLICE & FIREMEN'S scored 0 out of a possible 30 on Bankrate's test of earnings, falling short of the national average of 10.11.

PLAINFIELD POLICE & FIREMEN'S had an earnings ratio of -1.00 percent in our test, above the average for all credit unions, suggesting 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.