Hawaii State FCU Reports Strong Membership and Loan Growth in First Quarter
HONOLULU — Hawaii State Federal Credit Union (Hawaii State FCU), Hawaii’s largest credit union lender with more than 108,000 members on Oahu and Maui, released its first-quarter results today, reporting strong growth in total assets and loan balances, and has enjoyed consecutive membership growth since 2012.
Hawaii State FCU’s performance for the three-month period ending March 31, 2019, includes:
- $986.3 million in loan balances, a 13.8 percent increase from $867.1 million in the first quarter of 2018
- $1.64 billion in assets, a 6.2 percent increase from $1.54 billion in the first quarter of 2018
- $2.93 million in net income, a 37.7 percent decrease from $4.7 million in the first quarter of 2018
- 108,520 members, a 6.3 percent increase from 102,134 members in the first quarter of 2018
“The decrease in net income comes as no surprise and is a direct reflection of our efforts to provide more value to our members in everyday savings. Unlike traditional banks where profits are returned to shareholders in the form of dividends, Hawaii State FCU is committed to returning profits to our members in the form of better loan rates and by paying more in deposit interest. In fact, we have spent more than $1 million year to date in deposit interest rates for our members,” said Andrew Rosen, president & CEO of Hawaii State FCU. “As the market interest rate has continued to increase over the years, this is the perfect opportunity to reward our members more.”
At the end of 2018, Hawaii State FCU introduced a new high-yield savings account product, Relationship Max, which pays an industry-leading 1.50% APY and is currently up to 9 to 10 times higher than the local banks.
To meet the needs of its growing membership, Hawaii State FCU also plans to open its 10th branch later this summer at the Salt Lake Shopping Center in Honolulu, and recently celebrated the grand reopening of its new Kahului Branch at the Pu‘unene Shopping Center – which is more than double the size of its former location on Maui.
Membership is open to all active and retired employees of the State of Hawaii, City and County of Honolulu and Maui County. In addition, there are more than 300 local organizations and businesses that can qualify individuals to become credit union members. For a full list of Select Employment Groups (SEG) eligible to join, click here.
To learn more about Hawaii State FCU, please visit www.HawaiiStateFCU.com.