HONOLULU — Hawaii State Federal Credit Union (Hawaii State FCU) announced today that it has enjoyed 15 straight quarters of total loan growth, making it the fastest growing credit union in Hawaii.
Between April 1 and June 30, 2017, Hawaii State FCU reported:
- $782 million in loan balances, a 13 percent increase compared with the $693 million from the same quarter last year.
- $1.52 billion in assets, a 4.8 percent increase compared with $1.45 billion from the same quarter last year.
- $1.89 million in net income, a 22 percent decrease compared with $2.4 million from the same quarter last year.
- 98,020 total members, a 4.5 percent increase compared with 93,840 from the same quarter last year.
Hawaii State FCU attributed its loan growth in large part to greater numbers of mortgage loans. Earlier this year, Hawaii State FCU launched a Combo 100 First Mortgage, which combines a first mortgage with a home equity line of credit, to provide no-down financing for both repeat and first-time homebuyers. It helps members who have a hard time saving enough for a large down payment and closing costs realize their dream of homeownership that much sooner. Hawaii State FCU has financed more than $127 million in mortgage loans to date this year.
Hawaii State FCU also recognized the unique opportunity for photovoltaic, roof and renovation loans that has satisfied members’ needs for energy-saving home improvements. By listening to its members, Hawaii State FCU has maintained its position as the top credit union lender in the state and has continued to grow its membership.
“The impressive growth we are experiencing is a testament to the value we are providing members, something each of our team members strives to deliver every day,” said Andrew Rosen, president and CEO of Hawaii State FCU. “Our success enables us to continue to invest in our members and our community through financial literacy programs, improved service and our scholarship and other community-giving programs.”