Safe and Sound

QUINCY

QUINCY, MA
5
Star Rating
Founded in 1937, QUINCY is an NCUA-insured credit union headquartered in QUINCY, MA. The credit union holds assets of $516.5 million, according to December 31, 2017, regulatory filings.

Members have $346.5 million on deposit tended by 68 full-time employees. With that footprint, the credit union has amassed loans and leases worth $346.5 million. Its 33,525 members currently have $443.3 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, QUINCY 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 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 works as a cushion against losses and provides protection for members during times of economic instability for the credit union. It follows then that an institution's level of capital is an essential measurement of its financial fortitude. When looking at safety and soundness, the higher the capital, the better.

QUINCY exceeded the national average of 15.65 points on our test to measure capital adequacy, achieving a score of 18 out of a possible 30 points.

QUINCY's capitalization ratio of 18.00 percent in our test was above the average for all credit unions, suggesting that it's on more solid financial footing than its peers.

Asset Quality Score

Bankrate uses this test to determine the impact of troubled assets, such as past-due loans, on the credit union's reserves set aside to cover loan losses, as well as overall capitalization.

Having extensive holdings of these types of assets could eventually force a credit union to use capital to absorb losses, reducing its cushion 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, reducing earnings and increasing the risk of a future failure.

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

A below-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

How successful a credit union is at making money affects its long-term survivability. 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 tough times. Credit unions that are losing money, however, have less ability to do those things.

On Bankrate's earnings test, QUINCY scored 12 out of a possible 30, beating the national average of 10.11.

QUINCY had an earnings ratio of 0.00 percent in our test, higher than the average for all credit unions, suggesting that it's outperforming 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.