Safe and Sound

S C I

FLORENCE, SC
4
Star Rating
Started in 1965, S C I is an NCUA-insured credit union headquartered in FLORENCE, SC. The credit union holds assets of $16.3 million, according to December 31, 2017, regulatory filings.

With 4 full-time employees, the credit union holds loans and leases worth $8.5 million. S C I's 1,457 members currently have $13.2 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, S C I exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Keep reading for a breakdown of how the credit union did on the three major criteria Bankrate used to grade U.S. credit unions.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital is a crucial measurement of a credit union's financial strength. It works as a buffer against losses and as protection for members when a credit union is struggling financially. When it comes to safety and soundness, the more capital, the better.

S C I did better than the national average of 15.65 points on our test to measure capital adequacy, receiving a score of 28 out of a possible 30 points.

S C I appears to be more resilient than its peers, with a capitalization ratio of 28.00 percent in our test, better than the average for all credit unions.

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 problem assets, such as unpaid mortgages.

Having large numbers of these kinds of assets suggests a credit union could eventually have to use capital to cover 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 money, pushing down earnings and increasing the risk of a future failure.

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

Troubled assets made up 0.00 percent of the credit union's total assets in our test, less than the national average and suggestive of superior financial strength compared to other credit unions.

Earnings score

A credit union's profitability affects its safety and soundness. Earnings can be retained by the credit union, increasing its capital buffer, or be used to address problematic loans, likely making the credit union better prepared to withstand financial trouble. Losses, on the other hand, diminish a credit union's ability to do those things.

S C I scored 0 out of a possible 30 on Bankrate's test of earnings, coming in below the national average of 10.11.

The credit union had an earnings ratio of 0.00 percent in our test, better than the average for all credit unions, a sign that it's beating 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.