Safe and Sound

UTICA POLICE DEPARTMENT

UTICA, NY
5
Star Rating
Founded in 1937, UTICA POLICE DEPARTMENT is an NCUA-insured credit union headquartered in UTICA, NY. As of December 31, 2017, the credit union held assets of $6.7 million.

Its 613 members currently have $5.4 million in shares with the credit union. With that footprint, the credit union holds loans and leases worth $3.4 million.

Overall, Bankrate believes that, as of December 31, 2017, UTICA POLICE DEPARTMENT 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 key criteria Bankrate used to evaluate U.S. credit unions on safety and soundness.

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THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring an institution's financial stability, capital is key. It acts as a cushion against losses and provides protection for members when a credit union is experiencing economic trouble. From a safety and soundness perspective, more capital is better.

On our test to measure capital adequacy, UTICA POLICE DEPARTMENT achieved a score of 30 out of a possible 30 points, exceeding the national average of 15.65.

UTICA POLICE DEPARTMENT appears to be more well prepared for financial trouble than its peers, with a capitalization ratio of 30.00 percent in our test, higher than the average for all credit unions.

Asset Quality Score

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

Having large numbers of these kinds of assets may eventually force a credit union to use capital to absorb losses, cutting down on 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 interest for the credit union, resulting in diminished earnings and potentially more risk of a future failure.

UTICA POLICE DEPARTMENT scored 36 out of a possible 40 points on Bankrate's asset quality test, coming in below the national average of 38.09.

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

Earnings score

A credit union's earnings performance affects 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 better prepared to withstand financial shocks. Losses, on the other hand, lessen a credit union's ability to do those things.

UTICA POLICE DEPARTMENT scored 14 out of a possible 30 on Bankrate's earnings test, beating the national average of 10.11.

One indication that the credit union 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.