Safe and Sound

SPACE COAST

MELBOURNE, FL
5
Star Rating
MELBOURNE, FL-based SPACE COAST is an NCUA-insured credit union started in 1951. As of December 31, 2017, the credit union had assets of $4.03 billion.

Members have $3.25 billion on deposit tended by 804 full-time employees. With that footprint, the credit union currently holds loans and leases worth $3.25 billion. SPACE COAST's 388,408 members currently have $3.40 billion in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, SPACE COAST exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for a look at how the credit union faired on the three important criteria Bankrate used to score U.S. credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is a valuable measurement of a credit union's financial fortitude. It acts as a bulwark against losses and as protection for members during times of financial trouble for the credit union. When looking at safety and soundness, the higher the capital, the better.

SPACE COAST finished below the national average of 15.65 on our test to measure the adequacy of a credit union's capital, scoring 14 out of a possible 30 points.

SPACE COAST appears to be weaker than its peers in this area, with a capitalization ratio of 14.00 percent in our test, below the average for all credit unions.

Asset Quality Score

In this test, Bankrate tries to estimate the impact of troubled assets, such as unpaid loans, on the credit union's capitalization and allocated loan loss reserves.

Having lots of these kinds of assets means a credit union may have to use capital to absorb 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 money, resulting in diminished earnings and potentially more risk of a failure in the future.

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

Troubled assets made up 0.00 percent of SPACE COAST's total assets in our test, below 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 long-term survivability. Earnings may be retained by the credit union, increasing its capital buffer, or be used to address problematic loans, potentially making the credit union more resilient in times of trouble. Credit unions that are losing money, however, have less ability to do those things.

On Bankrate's test of earnings, SPACE COAST scored 18 out of a possible 30, better than the national average of 10.11.

One indication that SPACE COAST is outperforming 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.