Safe and Sound

CORPUS CHRISTI S.P.

CORPUS CHRISTI, TX
4
Star Rating
CORPUS CHRISTI S.P. is a CORPUS CHRISTI, TX-based, NCUA-insured credit union founded in 1953. As of December 31, 2017, the credit union had assets of $3.2 million.

Thanks to the efforts of 3 full-time employees, the credit union has amassed loans and leases worth $2.1 million. Its 823 members currently have $2.0 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, CORPUS CHRISTI S.P. exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's a look at how the credit union did on the three major criteria Bankrate used to score American credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring an institution's financial resilience, capital is useful. It acts as a bulwark against losses and as protection for members when a credit union is experiencing financial trouble. When it comes to safety and soundness, the higher the capital, the better.

On our test to measure capital adequacy, CORPUS CHRISTI S.P. scored 30 out of a possible 30 points, above the national average of 15.65.

CORPUS CHRISTI S.P.'s capitalization ratio of 30.00 percent in our test was above the average for all credit unions, an indication that it's more well prepared for financial trouble than its peers.

Asset Quality Score

In this test, Bankrate tries to determine the impact of problem assets, such as past-due mortgages, on the credit union's loan loss reserves and overall capitalization.

Having large numbers of these kinds of assets may eventually require a credit union to use capital to absorb losses, decreasing its equity cushion. Many of those assets are also likely to be in non-accrual status and thus aren't earning money, decreasing earnings and increasing the risk of a future failure.

CORPUS CHRISTI S.P. scored 36 out of a possible 40 points on Bankrate's test of asset quality, coming in below the national average of 38.09.

The credit union's ratio of problem assets was 0.00 percent in our test, beneath the national average and suggestive 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, expanding its capital buffer, or be used to address problematic loans, likely making the credit union better able to withstand financial trouble. However, credit unions that are losing money have less ability to do those things.

CORPUS CHRISTI S.P. scored 0 out of a possible 30 on Bankrate's earnings test, failing to reach the national average of 10.11.

CORPUS CHRISTI S.P. had an earnings ratio of 0.00 percent in our test, better than the average for all credit unions, an indication that it's running ahead of 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.