Safe and Sound

SOUTHERN BAPTIST CHURCH OF NEW YORK

New York, NY
1
Star Rating
NEW YORK, NY-based SOUTHERN BAPTIST CHURCH OF NEW YORK is an NCUA-insured credit union started in 1978. The credit union holds $187,123 in assets, according to December 31, 2017, regulatory filings.

Its 105 members currently have $165,189 in shares with the credit union. With that footprint, the credit union holds loans and leases worth $48,802.

Overall, Bankrate believes that, as of December 31, 2017, SOUTHERN BAPTIST CHURCH OF NEW YORK exhibited a significantly below-average condition, earning 1 out of 5 stars for safety and soundness. Here's a breakdown of how the credit union did on the three key criteria Bankrate used to score American credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital works as a buffer against losses and as protection for members when a credit union is struggling financially. Therefore, a credit union's level of capital is an important measurement of its financial strength. When looking at safety and soundness, the higher the capital, the better.

SOUTHERN BAPTIST CHURCH OF NEW YORK received a score of 14 out of a possible 30 points on our test to measure capital adequacy, below the national average of 15.65.

SOUTHERN BAPTIST CHURCH OF NEW YORK's capitalization ratio of 14.00 percent in our test was below the average for all credit unions, an indication that it's on less solid financial footing than its peers.

Asset Quality Score

This test's purpose is to try to understand how the credit union's loan loss reserves and overall capitalization could be affected by troubled assets, such as unpaid mortgages.

Having extensive holdings of these types of assets may eventually require a credit union to use capital to cover losses, cutting down on 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 money, pushing down earnings and increasing the chances of a failure in the future.

SOUTHERN BAPTIST CHURCH OF NEW YORK fell short of the national average of 38.09 on Bankrate's asset quality test, racking up 16 out of a possible 40 points .

SOUTHERN BAPTIST CHURCH OF NEW YORK's ratio of troubled assets was 1.00 percent in our test, the same as the national average.

Earnings score

How successful a credit union is at making money affects its safety and soundness. Earnings can be retained by the credit union, giving a boost to its capital buffer, or be used to address problematic loans, potentially making the credit union better able to withstand economic shocks. Losses, on the other hand, lessen a credit union's ability to do those things.

SOUTHERN BAPTIST CHURCH OF NEW YORK scored 0 out of a possible 30 on Bankrate's test of earnings, failing to reach the national average of 10.11.

SOUTHERN BAPTIST CHURCH OF NEW YORK had an earnings ratio of 0.00 percent in our test, better 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.