Safe and Sound

ALLSOUTH

COLUMBIA, SC
5
Star Rating
Founded in 1960, ALLSOUTH is an NCUA-insured credit union headquartered in COLUMBIA, SC. Regulatory filings show the credit union having $816.8 million in assets, as of June 30, 2017.

With 281 full-time employees, the credit union currently holds loans and leases worth $519.9 million. ALLSOUTH's 116,785 members currently have $700.3 million in shares with the credit union.

Overall, Bankrate believes that, as of June 30, 2017, ALLSOUTH exhibited a superior condition, earning a full 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 score American credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital works as a bulwark against losses and as protection for members during times of financial trouble for the credit union. Therefore, an institution's level of capital is an important measurement of its financial strength. When looking at safety and soundness, more capital is better.

On our test to measure the adequacy of a credit union's capital, ALLSOUTH achieved a score of 18 out of a possible 30 points, exceeding the national average of 15.26.

ALLSOUTH appears to be more well prepared for financial trouble than its peers, with a capitalization ratio of 14.00 percent in our test, better than the average for all credit unions.

Asset Quality Score

In this test, Bankrate tries to determine the impact of troubled assets, such as past-due mortgages, on the credit union's reserves set aside to cover loan losses, as well as overall capitalization.

A credit union with a large number of these types of assets may eventually be required to use capital to absorb losses, decreasing its cushion 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, resulting in lower earnings and potentially more risk of a failure in the future.

On Bankrate's test of asset quality, ALLSOUTH scored 40 out of a possible 40 points, beating out the national average of 38.15 points.

ALLSOUTH's ratio of troubled assets was 1.00 percent in our test, below the national average and suggestive of superior financial strength compared to other credit unions.

Earnings score

How successful a credit union is at earning money affects its long-term survivability. Earnings can be retained by the credit union, giving a boost to its capital cushion, or be used to address problematic loans, likely making the credit union better prepared to withstand financial shocks. Conversely, losses lessen a credit union's ability to do those things.

On Bankrate's earnings test, ALLSOUTH scored 16 out of a possible 30, exceeding the national average of 10.31.

The credit union had an earnings ratio of 7.00 percent in our test, higher than the average for all credit unions, suggesting that it's beating 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.