Asset Quality Score
Bankrate uses this test to determine the impact of problem assets, such as past-due loans, on the credit union's loan loss reserves and overall capitalization.
Having extensive holdings of these types of assets may eventually force a credit union to use capital to cover losses, cutting down on its cushion of equity. Many of those assets are also likely to be in non-accrual status and thus aren't earning money, decreasing earnings and elevating the chances of a future failure.
On Bankrate's asset quality test, PALMETTO FIRST scored 40 out of a possible 40 points, beating out the national average of 38.09 points.
Troubled assets made up 0.00 percent of the credit union's total assets in our test, less than the national average and potentially indicative of superior financial strength compared to other credit unions.