Hawaii State FCU Mid-Year Report Highlights Growth in Loans And Assets

HONOLULU — Hawaii State Federal Credit Union (Hawaii State FCU) reported continued growth in loans, assets and net income during the first half of 2016.

Hawaii’s largest credit union lender saw substantial increases in photovoltaic and auto loans in the second quarter, though mortgages continued to be the most significant driver of loan growth. Since relaunching its mortgage program in 2013 with a focus on first-time homebuyers, Hawaii State FCU has climbed to the No. 1 credit union mortgage lender in the state, and has funded more than $109 million of mortgages for the first half of 2016.

For the three-month period ending June 30, 2016, Hawaii State FCU reported:

• $1.45 billion in assets, a 4.4 percent increase compared with $1.39 billion from the same quarter last year.
• $692.6 million in loan balances, a 14 percent increase compared with $607.5 million from the same quarter last year.
• $2.4 million in net income, an 8.9 percent decrease compared with $2.64 million from the same quarter last year.

“We’re happy to report that our growth in the first half of 2016 has allowed us to give back to our members through lower fees, more competitive loan terms and higher saving rates,” said Andrew Rosen, president and CEO of Hawaii State FCU. “In addition, we’ve invested in services and features that will provide the greatest convenience, access and security to our members.”

New and renovated branches expand access for members

Hawaii State FCU will celebrate the grand opening of its newest branch at Hawaii Kai Towne Center in September, making it the only credit union serving residents in East Oahu. The organization is also projected to wrap up renovations on its Pearlridge branch, which serves 16,000 members in Aiea, Pearl City and surrounding neighborhoods, at the beginning of the fourth quarter.

The new branches will accommodate the surge in membership growth Hawaii State FCU has seen over the years. For the three-month period ending June 30, 2016, membership reached 93,840 total members, a 7.9 percent increase compared with 86,965 from the same quarter last year.

Both branches will feature a cutting-edge design with an open, member-centric environment to complete transactions and meet with credit union staff for in-depth financial advice. Hawaii State FCU will also integrate Technology Centers, equipped with handheld devices to educate members on the latest digital services, such as Apple Pay, Android Pay and Samsung Pay now available to debit and credit cardholders, as well as other features for secure banking.

“Our members are our top priority, and we are committed to expanding our reach into the communities where they live and work,” continued Rosen. “At the same time, we continue to invest in the latest technologies to give our members the conveniences of managing their accounts at the touch of a button, anywhere at any time.”