HONOLULU — Hawaii State Federal Credit Union (Hawaii State FCU), the state’s largest credit union lender with more than 106,000 members on Oahu and Maui, released its 2018 earnings today, reporting a 108 percent increase in net income to $9.84 million, compared with $4.72 million in 2017. Hawaii State FCU also saw strong growth in total assets and membership, and marked its 21st consecutive quarter of loan growth.
“Hawaii State FCU’s 2018 earnings were driven by strong loan growth, up 14 percent, which outperformed the local market,” said Andrew Rosen, president and CEO of Hawaii State FCU. “We surpassed our initial projections for the year, and as a not-for-profit organization we feel it’s only right to return profits to our membership by way of higher savings rates. We know it’s also a way to help keep more money in Hawaii as interest rates are trending up across the nation.”
Hawaii State FCU’s 2018 performance includes:
- $9.84 million in net income, a 108 percent increase from $4.72 million in 2017
- $1.58 billion in assets, a 3.3 percent increase from $1.53 billion in 2017
- $977 million in loan balances, a 14.3 percent increase from $855 million in 2017
- 106,601 members, a 6.2 percent increase from 100,370 members in 2017
One of the ways Hawaii State FCU has returned profits to members is through the introduction of a new savings account product that offers an average percentage yield (APY) that is up to 10 times higher than Hawaii’s traditional bank savings average. Relationship MAX – a high-yield account for larger balances – pays an industry-leading 1.50% APY.¹
To help members maximize their earnings potential as quickly as possible, the credit union began proactively auto-converting qualified member accounts to the higher yielding Relationship Max account at the end of last year.
“Our success as a financial cooperative isn’t solely measured by our financial performance, rather we define success by our ability to provide long-term value to our members,” added Rosen. “Unlike traditional banks, we are a financial cooperative that strongly believes in returning our profits to our members even it means we’ll be making less in the long run.”
In addition to all active and retired employees of the State of Hawaii, City and County of Honolulu and Maui County, there are more than 300 local organizations and businesses that can qualify individuals to become members of Hawaii State FCU. For a full list of Select Employment Groups (SEG) eligible to join click HERE.
¹ The Relationship Max Annual Percentage Yield (APY) on daily balances of $50,000 or more is 1.50%. For daily balances between $0 and $24,999, the APY is 0.05%; for daily balances between $25,000 and $49,999, the APY is 0.10%. When a particular daily balance range is met, the rate will apply to the full balance in the account. Other accounts and terms are available. For example, our Regular Share account has an APY of 0.25% for all balances. Contact us to help determine which account may be best for you. APYs are current as of 2/1/2019 and may change at any time. Relationship Checking is required for Relationship Max. Minimum to open a Relationship Max account is $2,500. Certain terms and conditions apply. Must be a Hawaii resident. Membership in the Credit Union is required.
See Consumer Truth-in Savings Non-Term Disclosure for more information.