Safe and Sound

ST. JOSEPHS PARISH BUFFALO

Buffalo, NY
5
Star Rating
Buffalo, NY-based ST. JOSEPHS PARISH BUFFALO is an NCUA-insured credit union started in 1939. Regulatory filings show the credit union having $63.3 million in assets, as of December 31, 2017.

With 10 full-time employees, the credit union currently holds loans and leases worth $59.1 million. ST. JOSEPHS PARISH BUFFALO's 5,692 members currently have $54.1 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, ST. JOSEPHS PARISH BUFFALO exhibited a superior condition, earning a full 5 stars for safety and soundness. Here's a look at how the credit union did on the three important criteria Bankrate used to evaluate American credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital is a crucial measurement of an institution's financial resilience. It works as a bulwark against losses and affords protection for members when a credit union is experiencing economic instability. From a safety and soundness perspective, the more capital, the better.

ST. JOSEPHS PARISH BUFFALO received a score of 10 out of a possible 30 points on our test to measure the adequacy of a credit union's capital, lower than the national average of 15.65.

ST. JOSEPHS PARISH BUFFALO appears to be less well prepared for financial trouble than its peers in this area, with a capitalization ratio of 10.00 percent in our test, below the average for all credit unions.

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 problem assets, such as unpaid mortgages.

A credit union with lots of these kinds of assets could eventually have to use capital to absorb losses, reducing its buffer of equity. It also means that there are likely to be many assets that are in non-accrual status and thus aren't earning interest for the credit union, resulting in depressed earnings and potentially more risk of a future failure.

ST. JOSEPHS PARISH BUFFALO scored above the national average of 38.09 on Bankrate's asset quality test, racking up 40 out of a possible 40 points .

A lower-than-average ratio of troubled 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 ability to earn money has an effect on its long-term survivability. Earnings may be retained by the credit union, increasing its capital buffer, or be used to deal with problematic loans, potentially making the credit union better prepared to withstand financial shocks. Obviously, credit unions that are losing money are less able to do those things.

ST. JOSEPHS PARISH BUFFALO scored 26 out of a possible 30 on Bankrate's test of earnings, exceeding the national average of 10.11.

One sign 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.