Safe and Sound

FIRST FLORIDA

JACKSONVILLE, FL
5
Star Rating
FIRST FLORIDA is a JACKSONVILLE, FL-based, NCUA-insured credit union founded in 1950. Regulatory filings show the credit union having assets of $870.5 million, as of December 31, 2017.

Thanks to the work of 169 full-time employees, the credit union holds loans and leases worth $520.5 million. FIRST FLORIDA's 52,872 members currently have $625.7 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, FIRST FLORIDA exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for a look at how the credit union did on the three important criteria Bankrate used to evaluate American credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital acts as a buffer against losses and as protection for members when a credit union is struggling financially. It follows then that when it comes to measuring an an institution's financial resilience, capital is valuable. When looking at safety and soundness, more capital is preferred.

FIRST FLORIDA scored 22 out of a possible 30 points on our test to measure the adequacy of a credit union's capital, exceeding the national average of 15.65.

FIRST FLORIDA's capitalization ratio of 22.00 percent in our test was better than the average for all credit unions, suggesting that it's stronger than its peers.

Asset Quality Score

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

Having large numbers of these kinds of assets means a credit union could eventually have to use capital to cover losses, decreasing 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 money, resulting in diminished earnings and potentially more risk of a future failure.

FIRST FLORIDA scored 40 out of a possible 40 points on Bankrate's test of asset quality, exceeding the national average of 38.09.

A lower-than-average ratio of troubled assets of 0.00 percent in our test was potentially indicative of greater financial strength than other credit unions.

Earnings score

A credit union's ability to earn money affects its long-term survivability. A credit union can retain its earnings, increasing its capital buffer, or put them to work addressing problematic loans, potentially making the credit union more resilient in tough times. However, credit unions that are losing money have less ability to do those things.

FIRST FLORIDA scored 10 out of a possible 30 on Bankrate's earnings test, less than 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.