Safe and Sound

SYRACUSE FIRE DEPARTMENT EMPLOYEES

SYRACUSE, NY
4
Star Rating
SYRACUSE FIRE DEPARTMENT EMPLOYEES is a SYRACUSE, NY-based, NCUA-insured credit union dating back to 1950. The credit union holds $87.7 million in assets, according to December 31, 2017, regulatory filings.

With 15 full-time employees, the credit union holds loans and leases worth $50.7 million. SYRACUSE FIRE DEPARTMENT EMPLOYEES's 5,988 members currently have $75.8 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, SYRACUSE FIRE DEPARTMENT EMPLOYEES exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Keep reading for a look at how the credit union faired on the three major criteria Bankrate used to evaluate U.S. credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is a crucial measurement of an institution's financial resilience. It works as a cushion against losses and provides protection for members when a credit union is struggling financially. From a safety and soundness perspective, more capital is preferred.

On our test to measure the adequacy of a credit union's capital, SYRACUSE FIRE DEPARTMENT EMPLOYEES racked up 16 out of a possible 30 points, beating the national average of 15.65.

SYRACUSE FIRE DEPARTMENT EMPLOYEES's capitalization ratio of 16.00 percent in our test puts it right in line with the average for all credit unions.

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 past-due mortgages.

Having extensive holdings of these kinds of assets suggests a credit union could eventually have to use capital to absorb losses, diminishing 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 money, pushing down earnings and elevating the chances of a failure in the future.

SYRACUSE FIRE DEPARTMENT EMPLOYEES scored 40 out of a possible 40 points on Bankrate's test of asset quality, beating out the national average of 38.09.

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 earnings performance affects its long-term survivability. Earnings can be retained by the credit union, increasing its capital cushion, or be used to deal with problematic loans, likely making the credit union more resilient in tough times. Credit unions that are losing money, however, are less able to do those things.

SYRACUSE FIRE DEPARTMENT EMPLOYEES outperformed the average on Bankrate's test of earnings, achieving a score of 12 out of a possible 30.

The credit union had an earnings ratio of 0.00 percent in our test, better than the average for all credit unions, an indication that it's doing better than 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.