HONOLULU — Hawaii State Federal Credit Union (Hawaii State FCU) continued to see strong membership growth and its 18th consecutive quarter of loan growth in the first quarter of 2018.
For the three-month period ending March 31, 2018, Hawaii State FCU reported:
- $867.1 million in loan balances, a 16.1 percent increase compared with $746.6 million from the same quarter last year.
- $1.548 billion in assets, a 2.9 percent increase compared with $1.504 billion from the same quarter last year.
- $4.7 million in net income, a 245.7 percent increase compared with $1.36 million from the same quarter last year, due to a one-time rebate from NCUA.
- 102,134 total members, a 6.2 percent increase compared with 96,187 from the same quarter last year.
After surpassing a milestone 100,000 members at the end of 2017, Hawaii State FCU’s membership rose 1.8 percent (1,764 members) over one quarter, achieving a record 6.2 percent annualized increase. The credit union attributes its continued growth to the value it brings to members through their free financial education resources, commitment to personalized service, and ability to offer better rates and lower fees than many banks.
“The steady loan growth is also great news for the local economy as we continue to focus on lending to Hawaii families and businesses,” said Andrew Rosen, president and CEO of Hawaii State FCU. “We’re not only proud to be a local financial institution, but also a lifelong financial partner to our members.”