Safe and Sound

HARVESTERS

CANTONMENT, FL
4
Star Rating
HARVESTERS is an NCUA-insured credit union started in 1948 and currently based in CANTONMENT, FL. Regulatory filings show the credit union having $150.6 million in assets, as of December 31, 2017.

Members have $129.1 million on deposit tended by 64 full-time employees. With that footprint, the credit union holds loans and leases worth $129.1 million. HARVESTERS's 17,979 members currently have $135.5 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, HARVESTERS exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's a breakdown of how the credit union did on the three key criteria Bankrate used to score U.S. credit unions.

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THE INSTITUTION'S SCORE

Capital Score

Capital acts as a bulwark against losses and affords protection for members during periods of economic instability for the credit union. Therefore, a credit union's level of capital is a key measurement of its financial resilience. When looking at safety and soundness, more capital is preferred.

HARVESTERS received a score of 6 out of a possible 30 points on our test to measure capital adequacy, less than the national average of 15.65.

HARVESTERS appears to be on less solid financial footing than its peers in this area, with a capitalization ratio of 6.00 percent in our test, worse than the average for all credit unions.

Asset Quality Score

Bankrate uses this test to estimate the impact of troubled assets, such as unpaid mortgages, on the credit union's reserves set aside to cover loan losses, as well as overall capitalization.

Having large numbers of these kinds of assets could eventually force a credit union to use capital to absorb losses, cutting down on its buffer of equity. Many of those assets are also likely to be in non-accrual status and thus aren't earning interest for the credit union, decreasing earnings and increasing the chances of a future failure.

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

A lower-than-average ratio of problem assets of 0.00 percent in our test was potentially indicative of superior financial strength compared to other credit unions.

Earnings score

How successful a credit union is at making money has an effect on its long-term survivability. A credit union can retain its earnings, boosting its capital buffer, or use them to deal with problematic loans, likely making the credit union better prepared to withstand economic shocks. Obviously, credit unions that are losing money have less ability to do those things.

HARVESTERS exceeded the national average on Bankrate's test of earnings, achieving a score of 14 out of a possible 30.

HARVESTERS had an earnings ratio of 0.00 percent in our test, better than the average for all credit unions, an indication that it's doing better than 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.