Safe and Sound

COMMUNITY FIRST CREDIT UNION OF FLO

JACKSONVILLE, FL
5
Star Rating
COMMUNITY FIRST CREDIT UNION OF FLO is a JACKSONVILLE, FL-based, NCUA-insured credit union founded in 1961. As of December 31, 2017, the credit union had assets of $1.51 billion.

Thanks to the work of 278 full-time employees, the credit union has amassed loans and leases worth $1.03 billion. Its 126,283 members currently have $1.29 billion in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, COMMUNITY FIRST CREDIT UNION OF FLO exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for an analysis of how the credit union did on the three key criteria Bankrate used to score U.S. credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital is a key measurement of a credit union's financial resilience. It works as a buffer against losses and affords protection for members when a credit union is experiencing economic trouble. When looking at safety and soundness, the higher the capital, the better.

COMMUNITY FIRST CREDIT UNION OF FLO beat out the national average of 15.65 points on our test to measure capital adequacy, achieving a score of 16 out of a possible 30 points.

COMMUNITY FIRST CREDIT UNION OF FLO'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

Bankrate uses this test to determine the effect of problem assets, such as past-due loans, on the credit union's capitalization and allocated loan loss reserves.

A credit union with a large number of these types of assets may eventually be forced to use capital to cover losses, shrinking 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 interest for the credit union, pushing down earnings and elevating the risk of a future failure.

COMMUNITY FIRST CREDIT UNION OF FLO beat out the national average of 38.09 on Bankrate's asset quality test, racking up 40 out of a possible 40 points .

The credit union's ratio of problem assets was 0.00 percent in our test, below the national average and suggestive of greater financial strength than other credit unions.

Earnings score

How successful a credit union is at making money has an effect on its safety and soundness. 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 better prepared to withstand economic trouble. Losses, on the other hand, reduce a credit union's ability to do those things.

On Bankrate's earnings test, COMMUNITY FIRST CREDIT UNION OF FLO scored 14 out of a possible 30, beating out the national average of 10.11.

One indication that COMMUNITY FIRST CREDIT UNION OF FLO is running ahead of its peers in this area was its earnings ratio of 0.00 percent in our test, higher than 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.