HONOLULU — Hawaii State Federal Credit Union (Hawaii State FCU) today reported strong membership and loan growth in the first quarter of 2017. The state’s second largest credit union, which is celebrating its 80th anniversary this year, now has more than 96,000 members and a loan portfolio of $746.6 million.
For the three-month period ending March 31, 2017, Hawaii State FCU reported:
- $746.6 million in loan balances, an 11.6 percent increase compared with $669.1 million from the same quarter last year.
- $1.504 billion in assets, a 5.4 percent increase compared with $1.427 billion from the same quarter last year.
- $1.36 million in net income, a 9.1 percent increase compared with $1.25 million from the same quarter last year.
- 96,187 total members, a 4.7 percent increase compared with 91,903 from the same quarter last year.
Hawaii State FCU has experienced steady loan growth since reintroducing its first-time homebuyers mortgage program in 2013. It financed more than $23 million in mortgage loans in the first quarter of 2017, helping members and their families achieve their dream of homeownership. The credit union’s photovoltaic, auto, home equity loans, and roof and renovation loans also boosted its loan balance, enabling Hawaii State FCU to retain its position as the No. 1 credit union lender in the state.
“Our 80-year history has been marked by growth — in more ways than one,” said Andrew Rosen, CEO and president of Hawaii State FCU. “We’ve opened a new branch to offer more convenience to our East Oahu members, are continuously innovating to bring new products and services to help members reach their financial goals, and have established a legacy of giving back to the communities where we live and work. Most importantly of all, our members know they can come to us for personalized service, trusted financial guidance and competitive rates that have been our hallmark for the past 80 years.”