Safe and Sound

QSIDE

QUEENS VILLAGE, NY
3
Star Rating
Started in 1940, QSIDE is an NCUA-insured credit union headquartered in QUEENS VILLAGE, NY. The credit union holds assets of $49.7 million, according to December 31, 2017, regulatory filings.

Members have $30.3 million on deposit tended by 14 full-time employees. With that footprint, the credit union has amassed loans and leases worth $30.3 million. QSIDE's 8,110 members currently have $44.2 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, QSIDE exhibited a generally satisfactory condition, earning 3 out of 5 stars for safety and soundness. Keep reading for a look at how the credit union did on the three important criteria Bankrate used to score U.S. credit unions.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital acts as a bulwark against losses and provides protection for members during periods of financial trouble for the credit union. Therefore, a credit union's level of capital is a crucial measurement of its financial fortitude. When looking at safety and soundness, the higher the capital, the better.

On our test to measure capital adequacy, QSIDE received a score of 6 out of a possible 30 points, below the national average of 15.65.

QSIDE had a capitalization ratio of 6.00 percent in our test, lower than the average for all credit unions, suggesting that it could be less resilient in a crisis than its peers.

Asset Quality Score

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

A credit union with extensive holdings of these kinds of assets could eventually have to use capital to cover losses, shrinking its buffer of equity. Many of those assets are also likely to be in non-accrual status and no longer earning money, diminishing earnings and elevating the risk of a future failure.

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

QSIDE's ratio of problem assets was 0.00 percent in our test, below the national average and suggestive of greater financial strength than other credit unions.

Earnings score

A credit union's ability to earn money affects its safety and soundness. A credit union can retain its earnings, giving a boost to its capital cushion, or use them to deal with problematic loans, likely making the credit union more resilient in times of trouble. Credit unions that are losing money, however, are less able to do those things.

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

One sign that QSIDE is doing better than its peers in this area was its earnings ratio of 0.00 percent in our test, above 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.