Safe and Sound

SPOKANE FIREFIGHTERS

Spokane, WA
5
Star Rating
Spokane, WA-based SPOKANE FIREFIGHTERS is an NCUA-insured credit union started in 1934. Regulatory filings show the credit union having assets of $49.5 million, as of December 31, 2017.

Thanks to the work of 7 full-time employees, the credit union has amassed loans and leases worth $32.9 million. Its 2,170 members currently have $41.0 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, SPOKANE FIREFIGHTERS exhibited a superior condition, earning a full 5 stars for safety and soundness. Here's a breakdown of how the credit union did on the three major criteria Bankrate used to score American credit unions on safety and soundness.

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 times of economic trouble for the credit union. It follows then that when it comes to measuring an a credit union's financial strength, capital is important. From a safety and soundness perspective, the higher the capital, the better.

SPOKANE FIREFIGHTERS exceeded the national average of 15.65 points on our test to measure capital adequacy, achieving a score of 24 out of a possible 30 points.

SPOKANE FIREFIGHTERS had a capitalization ratio of 24.00 percent in our test, higher than the average for all credit unions, a sign that it could be more resilient in a crisis than its peers.

Asset Quality Score

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

A credit union with lots of these kinds of assets may eventually have to use capital to absorb losses, decreasing its equity buffer. It also means that there are likely to be many assets that are in non-accrual status and thus aren't earning money, decreasing earnings and increasing the risk of a failure in the future.

On Bankrate's asset quality test, SPOKANE FIREFIGHTERS scored 40 out of a possible 40 points, better than the national average of 38.09 points.

Troubled assets made up 0.00 percent of the credit union's total assets in our test, less than the national average and potentially indicative of superior financial strength compared to other credit unions.

Earnings score

How successful a credit union is at earning money affects its safety and soundness. Earnings may be retained by the credit union, giving a boost to its capital cushion, or be used to deal with problematic loans, potentially making the credit union better able to withstand economic shocks. Conversely, losses take away from a credit union's ability to do those things.

On Bankrate's earnings test, SPOKANE FIREFIGHTERS scored 10 out of a possible 30, less than the national average of 10.11.

One indication that the credit union is doing better than its peers in this area was its earnings ratio of 0.00 percent in our test, higher 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.