Safe and Sound

SNOCOPE

Everett, WA
4
Star Rating
SNOCOPE is an NCUA-insured credit union founded in 1959 and currently based in Everett, WA. Regulatory filings show the credit union having $58.0 million in assets, as of December 31, 2017.

With 14 full-time employees, the credit union holds loans and leases worth $35.6 million. SNOCOPE's 6,262 members currently have $52.7 million in shares with the credit union.

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

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THE INSTITUTION'S SCORE

Capital Score

Capital is a valuable measurement of a credit union's financial fortitude. It works as a cushion against losses and as protection for members when a credit union is struggling financially. When it comes to safety and soundness, more capital is preferred.

SNOCOPE fell short of the national average of 15.65 on our test to measure the adequacy of a credit union's capital, racking up 8 out of a possible 30 points.

SNOCOPE appears to be weaker than its peers in this area, with a capitalization ratio of 8.00 percent in our test, below the average for all credit unions.

Asset Quality Score

This test is intended to try to understand how the credit union's loan loss reserves and overall capitalization could be affected by problem assets, such as past-due mortgages.

Having a large number of these kinds of assets may eventually force a credit union to use capital to cover losses, shrinking its cushion of equity. It also means that there are likely to be many assets that are in non-accrual status and no longer earning interest for the credit union, pushing down earnings and increasing the chances of a future failure.

On Bankrate's test of asset quality, SNOCOPE scored 40 out of a possible 40 points, exceeding the national average of 38.09 points.

SNOCOPE's ratio of troubled assets was 0.00 percent in our test, less than the national average and 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 safety and soundness. A credit union can retain its earnings, increasing its capital cushion, or put them to work addressing problematic loans, potentially making the credit union better able to withstand financial shocks. However, credit unions that are losing money are less able to do those things.

On Bankrate's earnings test, SNOCOPE scored 10 out of a possible 30, falling short of 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, 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.