Safe and Sound

SYMPHONY

BOSTON, MA
4
Star Rating
SYMPHONY is a BOSTON, MA-based, NCUA-insured credit union dating back to 1968. The credit union has assets of $3.2 million, according to December 31, 2017, regulatory filings.

The credit union holds loans and leases worth $1.8 million. Its 310 members currently have $2.8 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, SYMPHONY exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's an analysis of how the credit union faired on the three important criteria Bankrate used to grade U.S. credit unions.

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THE INSTITUTION'S SCORE

Capital Score

Capital acts as a cushion against losses and as protection for members when a credit union is experiencing economic instability. It follows then that when it comes to measuring an an institution's financial strength, capital is essential. From a safety and soundness perspective, the higher the capital, the better.

SYMPHONY received a score of 12 out of a possible 30 points on our test to measure capital adequacy, less than the national average of 15.65.

SYMPHONY's capitalization ratio of 12.00 percent in our test was worse than the average for all credit unions, suggesting that it could be less resilient in a crisis than its peers.

Asset Quality Score

This test's purpose is to try to understand how the credit union's reserves set aside to cover loan losses, as well as overall capitalization could be affected by troubled assets, such as unpaid loans.

Having lots of these kinds of assets could eventually force a credit union to use capital to cover losses, shrinking its cushion of equity. Many of those assets are also likely to be in non-accrual status and no longer earning interest for the credit union, resulting in reduced earnings and potentially more risk of a future failure.

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

Earnings score

A credit union's profitability has an effect on its long-term survivability. A credit union can retain its earnings, expanding its capital cushion, or use them to address problematic loans, potentially making the credit union better able to withstand financial trouble. However, credit unions that are losing money have less ability to do those things.

SYMPHONY scored 8 out of a possible 30 on Bankrate's earnings test, below the national average of 10.11.

One indication that SYMPHONY is beating its peers in this area was its earnings ratio of 0.00 percent in our test, above 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.