Safe and Sound

SELF MEMORIAL HOSPITAL

GREENWOOD, SC
4
Star Rating
SELF MEMORIAL HOSPITAL is a GREENWOOD, SC-based, NCUA-insured credit union founded in 1966. The credit union has $15.0 million in assets, according to December 31, 2017, regulatory filings.

With 5 full-time employees, the credit union holds loans and leases worth $8.2 million. Its 2,947 members currently have $13.2 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, SELF MEMORIAL HOSPITAL exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's a look at how the credit union faired on the three major criteria Bankrate used to evaluate U.S. credit unions.

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SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital acts as a buffer against losses and as protection for members when a credit union is experiencing financial instability. It follows then that when it comes to measuring an a credit union's financial fortitude, capital is important. When it comes to safety and soundness, the higher the capital, the better.

SELF MEMORIAL HOSPITAL received a score of 14 out of a possible 30 points on our test to measure the adequacy of a credit union's capital, falling short of the national average of 15.65.

SELF MEMORIAL HOSPITAL's capitalization ratio of 14.00 percent in our test was below the average for all credit unions, suggesting that it's weaker than its peers.

Asset Quality Score

This test is intended to estimate how the credit union's capitalization and allocated loan loss reserves could be affected by problem assets, such as unpaid mortgages.

Having extensive holdings of these types of assets means a credit union may have to use capital to cover losses, cutting down on its equity buffer. It also means that there are likely to be many assets that are in non-accrual status and no longer earning money, pushing down earnings and elevating the chances of a failure in the future.

SELF MEMORIAL HOSPITAL beat out the national average of 38.09 on Bankrate's asset quality test, racking up 40 out of a possible 40 points .

A below-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 profitability has an effect on its safety and soundness. A credit union can retain its earnings, giving a boost to its capital cushion, or use them to deal with problematic loans, likely making the credit union better prepared to withstand financial shocks. Losses, on the other hand, lessen a credit union's ability to do those things.

SELF MEMORIAL HOSPITAL scored 2 out of a possible 30 on Bankrate's test of earnings, failing to reach the national average of 10.11.

One indication that SELF MEMORIAL HOSPITAL is running ahead of its peers in this area was its earnings ratio of 0.00 percent in our test, higher than 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.