HONOLULU — Hawaii State Federal Credit Union (Hawaii State FCU) reported growth across the board in its 2016 year-end earnings. New products, services and branches introduced throughout the year drove an increase in loans, assets and membership for the second largest credit union in the state.
For the 12-month period ending Dec. 31, 2016, Hawaii State FCU reported:
- $728 million in loan balances, a 10 percent increase from $663 million in 2015
- $6.6 million in net income, a 12 percent decrease from $7.5 million in 2015
- $1.5 billion in assets, a 5 percent increase from $1.4 billion in 2015
- 94,695 total members, a 5 percent increase from 90,096 in 2015
“We celebrated several achievements in 2016, including unprecedented membership growth driven by the opening of our new Hawaii Kai branch and a transformative renovation at our Pearlridge branch,” said Andrew Rosen, president and CEO of Hawaii State Federal Credit Union. “These modern branch designs have elevated the member experience by merging high-tech features with personalized service. We’ve also added a number of private meeting rooms, where members can discuss their financial goals with an investment advisor or mortgage officer.”
Since reintroducing its first-time homebuyer mortgage program in 2013, Hawaii State FCU has experienced a steady uptick in home loans, increasing its mortgage portfolio more than 88 percent over three years. It is currently the state’s largest credit union mortgage lender, financing more than $236 million to Hawaii homeowners in 2016. Hawaii State FCU’s photovoltaic, auto, HELOC, and roof and renovation loans also boosted the credit union’s loan balance.
“We are celebrating our 80th anniversary in 2017 and are proud of the many milestones that have allowed us to serve our members, from competitive loan rates to the introduction of innovative technologies,” Rosen said. “We remain committed to our philosophy of ‘Always Right By You’ — being there to provide our members with the tools and resources they need to reach their financial goals, at every stage of their lives.”