Safe and Sound

SEA COMM

MASSENA, NY
5
Star Rating
Founded in 1963, SEA COMM is an NCUA-insured credit union headquartered in MASSENA, NY. As of June 30, 2017, the credit union held assets of $549.1 million.

Members have $282.1 million on deposit tended by 108 full-time employees. With that footprint, the credit union holds loans and leases worth $282.1 million. Its 44,029 members currently have $463.5 million in shares with the credit union.

Overall, Bankrate believes that, as of June 30, 2017, SEA COMM 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 grade U.S. credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital is an essential measurement of a credit union's financial fortitude. It acts as a buffer against losses and affords protection for members when a credit union is experiencing economic instability. When looking at safety and soundness, more capital is better.

SEA COMM scored 18 out of a possible 30 points on our test to measure the adequacy of a credit union's capital, beating out the national average of 15.26.

SEA COMM had a capitalization ratio of 13.00 percent in our test, the same as the average for all credit unions, suggesting that it's running neck and neck with its peers.

Asset Quality Score

This test is intended to try to understand how the credit union's capitalization and allocated loan loss reserves could be affected by troubled assets, such as past-due mortgages.

A credit union with lots of these types of assets may eventually have to use capital to absorb losses, diminishing its buffer of equity. Many of those assets are also likely to be in non-accrual status and no longer earning money, resulting in reduced earnings and potentially more risk of a future failure.

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

A below-average ratio of troubled assets of 5.00 percent in our test was potentially indicative of superior financial strength compared to other credit unions.

Earnings score

A credit union's earnings performance has an effect on its safety and soundness. Earnings can be retained by the credit union, boosting its capital cushion, or be used to deal with problematic loans, potentially making the credit union more resilient in tough times. Credit unions that are losing money, however, are less able to do those things.

On Bankrate's test of earnings, SEA COMM scored 16 out of a possible 30, above the national average of 10.31.

One sign that SEA COMM is beating its peers in this area was its earnings ratio of 7.00 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.