Safe and Sound

SHARONVIEW

FORT MILL, SC
4
Star Rating
SHARONVIEW is an NCUA-insured credit union founded in 1976 and currently headquartered in FORT MILL, SC. Regulatory filings show the credit union having assets of $1.49 billion, as of December 31, 2017.

Members have $1.34 billion on deposit tended by 283 full-time employees. With that footprint, the credit union has amassed loans and leases worth $1.34 billion. Its 75,075 members currently have $907.6 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, SHARONVIEW exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Keep reading for an analysis of how the credit union did on the three key criteria Bankrate used to grade American credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is an essential measurement of an institution's financial resilience. It acts as a bulwark against losses and as protection for members when a credit union is experiencing economic trouble. From a safety and soundness perspective, the more capital, the better.

On our test to measure the adequacy of a credit union's capital, SHARONVIEW received a score of 10 out of a possible 30 points, below the national average of 15.65.

SHARONVIEW appears to be weaker than its peers in this area, with a capitalization ratio of 10.00 percent in our test, lower than the average for all credit unions.

Asset Quality Score

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

Having a large number of these kinds of assets may eventually require a credit union to use capital to absorb losses, decreasing its cushion of equity. It also means that there are likely to be many assets that are in non-accrual status and thus aren't earning interest for the credit union, pushing down earnings and elevating the chances of a future failure.

SHARONVIEW did better than the national average of 38.09 on Bankrate's asset quality test, racking up 40 out of a possible 40 points .

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 profitability has an effect on its safety and soundness. A credit union can retain its earnings, giving a boost to its capital buffer, or use them to deal with problematic loans, likely making the credit union more resilient in times of trouble. However, credit unions that are losing money are less able to do those things.

SHARONVIEW underperformed the average on Bankrate's earnings test, achieving a score of 8 out of a possible 30.

One indication that SHARONVIEW is beating its peers in this area was its earnings ratio of 0.00 percent in our test, better 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.