Safe and Sound

SPRINGFIELD FIREFIGHTERS

Springfield, IL
4
Star Rating
SPRINGFIELD FIREFIGHTERS is a Springfield, IL-based, NCUA-insured credit union founded in 1938. Regulatory filings show the credit union having assets of $3.6 million, as of December 31, 2017.

The credit union currently holds loans and leases worth $1.2 million. Its 358 members currently have $3.2 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, SPRINGFIELD FIREFIGHTERS exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Keep reading for a breakdown of how the credit union faired on the three important criteria Bankrate used to evaluate U.S. credit unions.

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SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is an important measurement of a credit union's financial resilience. It acts as a buffer against losses and affords protection for members when a credit union is experiencing financial trouble. When it comes to safety and soundness, the more capital, the better.

SPRINGFIELD FIREFIGHTERS scored 18 out of a possible 30 points on our test to measure the adequacy of a credit union's capital, better than the national average of 15.65.

SPRINGFIELD FIREFIGHTERS's capitalization ratio of 18.00 percent in our test was better than the average for all credit unions, a sign that it's stronger than its peers.

Asset Quality Score

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

Having extensive holdings of these kinds of assets means a credit union could eventually have to use capital to cover losses, cutting down on its equity cushion. It also means that there are likely to be many assets that are in non-accrual status and thus aren't earning money, pushing down earnings and increasing the chances of a failure in the future.

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

SPRINGFIELD FIREFIGHTERS's ratio of troubled assets was 0.00 percent in our test, below the national average and potentially indicative of greater financial strength than other credit unions.

Earnings score

How successful a credit union is at making money has an effect on its safety and soundness. Earnings can be retained by the credit union, boosting its capital cushion, or be used to address problematic loans, likely making the credit union more resilient in times of trouble. Obviously, credit unions that are losing money have less ability to do those things.

SPRINGFIELD FIREFIGHTERS scored 4 out of a possible 30 on Bankrate's test of earnings, lower than the national average of 10.11.

One indication that the credit union is running ahead of 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.