Safe and Sound

SELF RELIANCE NY

New York, NY
5
Star Rating
New York, NY-based SELF RELIANCE NY is an NCUA-insured credit union founded in 1951. Regulatory filings show the credit union having $1.33 billion in assets, as of December 31, 2017.

With 36 full-time employees, the credit union holds loans and leases worth $728.1 million. SELF RELIANCE NY's 15,276 members currently have $1.12 billion in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, SELF RELIANCE NY 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 major criteria Bankrate used to grade U.S. credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is a useful measurement of a credit union's financial fortitude. It acts as a buffer against losses and provides protection for members when a credit union is experiencing economic instability. When it comes to safety and soundness, more capital is better.

On our test to measure the adequacy of a credit union's capital, SELF RELIANCE NY achieved a score of 22 out of a possible 30 points, beating out the national average of 15.65.

SELF RELIANCE NY had a capitalization ratio of 22.00 percent in our test, higher than the average for all credit unions, suggesting that it's on more solid financial footing than its peers.

Asset Quality Score

In this test, Bankrate tries to estimate the effect of troubled assets, such as past-due mortgages, on the credit union's reserves set aside to cover loan losses, as well as overall capitalization.

A credit union with large numbers of these types of assets may eventually be required to use capital to absorb losses, diminishing its buffer of equity. Many of those assets are also likely to be in non-accrual status and thus aren't earning money, diminishing earnings and increasing the chances of a failure in the future.

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

A lower-than-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

How successful a credit union is at making money affects its long-term survivability. Earnings can be retained by the credit union, increasing its capital buffer, or be used to deal with problematic loans, potentially making the credit union better able to withstand financial shocks. However, credit unions that are losing money are less able to do those things.

SELF RELIANCE NY scored 10 out of a possible 30 on Bankrate's test of earnings, failing to reach the national average of 10.11.

One indication that SELF RELIANCE NY is running ahead of 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.