Safe and Sound

SUNCOAST

Tampa, FL
4
Star Rating
Founded in 1978, SUNCOAST is an NCUA-insured credit union based in Tampa, FL. The credit union has $8.74 billion in assets, according to December 31, 2017, regulatory filings.

Members have $6.40 billion on deposit tended by 1,552 full-time employees. With that footprint, the credit union has amassed loans and leases worth $6.40 billion. SUNCOAST's 747,403 members currently have $7.60 billion in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, SUNCOAST exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's an analysis of how the credit union did on the three major 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 important measurement of a credit union's financial fortitude. It acts as a bulwark against losses and as protection for members during periods of economic instability for the credit union. From a safety and soundness perspective, the higher the capital, the better.

SUNCOAST received a score of 8 out of a possible 30 points on our test to measure capital adequacy, less than the national average of 15.65.

SUNCOAST had a capitalization ratio of 8.00 percent in our test, below the average for all credit unions, a sign that it could be less resilient in a crisis than its peers.

Asset Quality Score

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

Having large numbers of these types of assets means a credit union may have to use capital to absorb losses, diminishing its buffer of equity. Many of those assets are also likely to be in non-accrual status and no longer earning interest for the credit union, resulting in reduced earnings and potentially more risk of a failure in the future.

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

Troubled assets made up 0.00 percent of SUNCOAST's total assets in our test, less than the national average and suggestive of greater financial strength than other credit unions.

Earnings score

How successful a credit union is at making money affects its safety and soundness. Earnings may be retained by the credit union, increasing its capital cushion, or be used to deal with problematic loans, likely making the credit union better prepared to withstand financial trouble. Conversely, losses diminish a credit union's ability to do those things.

SUNCOAST outperformed the average on Bankrate's test of earnings, achieving a score of 18 out of a possible 30.

One indication that SUNCOAST 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.