Safe and Sound

STATEWIDE

Flowood, MS
4
Star Rating
STATEWIDE is a Flowood, MS-based, NCUA-insured credit union founded in 1949. Regulatory filings show the credit union having $122.2 million in assets, as of December 31, 2017.

Members have $59.4 million on deposit tended by 40 full-time employees. With that footprint, the credit union currently holds loans and leases worth $59.4 million. STATEWIDE's 16,571 members currently have $110.1 million in shares with the credit union.

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

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THE INSTITUTION'S SCORE

Capital Score

Capital is an essential measurement of a credit union's financial strength. It works as a cushion against losses and affords protection for members when a credit union is experiencing economic instability. When looking at safety and soundness, the more capital, the better.

STATEWIDE came in below the national average of 15.65 on our test to measure capital adequacy, receiving a score of 8 out of a possible 30 points.

STATEWIDE appears to be on less solid financial footing than its peers in this area, with a capitalization ratio of 8.00 percent in our test, worse than the average for all credit unions.

Asset Quality Score

This test's purpose is to try to understand how the credit union's reserves set aside to cover loan losses, as well as overall capitalization could be affected by problem assets, such as unpaid loans.

A credit union with lots of these kinds of assets could eventually have to use capital to cover losses, decreasing its equity cushion. Many of those assets are also likely to be in non-accrual status and thus aren't earning money, resulting in reduced earnings and potentially more risk of a failure in the future.

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

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

Earnings score

How successful a credit union is at earning money affects its long-term survivability. A credit union can retain its earnings, expanding its capital cushion, or use them to deal with problematic loans, likely making the credit union more resilient in tough times. Obviously, credit unions that are losing money are less able to do those things.

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

One sign that STATEWIDE is doing better than its peers in this area was its earnings ratio of 0.00 percent in our test, above 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.