Safe and Sound

REMINGTON

ILION, NY
5
Star Rating
REMINGTON is an ILION, NY-based, NCUA-insured credit union that opened its doors in 1937. Regulatory filings show the credit union having assets of $39.5 million, as of December 31, 2017.

Thanks to the efforts of 9 full-time employees, the credit union currently holds loans and leases worth $18.9 million. REMINGTON's 4,392 members currently have $33.8 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, REMINGTON exhibited a superior condition, earning a full 5 stars for safety and soundness. Here's an analysis of how the credit union did on the three key criteria Bankrate used to grade American 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 bulwark against losses and provides protection for members during times of economic instability for the credit union. It follows then that when it comes to measuring an a credit union's financial resilience, capital is key. When looking at safety and soundness, more capital is better.

REMINGTON beat out the national average of 15.65 points on our test to measure capital adequacy, racking up 18 out of a possible 30 points.

REMINGTON's capitalization ratio of 18.00 percent in our test was better than the average for all credit unions, suggesting that it could have an easier time weathering financial trouble than its peers.

Asset Quality Score

In this test, Bankrate tries to determine the impact of troubled assets, such as unpaid mortgages, on the credit union's capitalization and allocated loan loss reserves.

A credit union with lots of these types of assets may eventually have to use capital to absorb losses, shrinking its buffer of equity. Many of those assets are also likely to be in non-accrual status and no longer earning interest for the credit union, resulting in depressed earnings and potentially more risk of a failure in the future.

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

A below-average ratio of problem assets of 0.00 percent in our test was potentially indicative of greater financial strength than other credit unions.

Earnings score

A credit union's earnings performance has an effect on its long-term survivability. A credit union can retain its earnings, expanding its capital cushion, or put them to work addressing problematic loans, potentially making the credit union better able to withstand financial shocks. Credit unions that are losing money, however, are less able to do those things.

REMINGTON outperformed the average on Bankrate's earnings test, achieving a score of 12 out of a possible 30.

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