Solid growth seen in loans, mortgage lending and membership count
HONOLULU —Hawaii State Federal Credit Union (Hawaii State FCU) today reported a strong start to 2016 in its quarterly earnings report, continuing its record-breaking loan growth from last year.
A rise in mortgage lending led loan growth in the first quarter of 2016. As the No. 1 Hawaii-based credit union lender, Hawaii State FCU has extended credit to thousands of homebuyers since the relaunch of its mortgage loan program in 2014. To date, Hawaii State FCU funded nearly 500 mortgage loans with members borrowing nearly $170 million. In the first quarter of 2016, Hawaii State FCU funded $29 million (82 loans) in mortgage loans, a 38 percent increase from $21 million (61 loans) in the first quarter of 2015.
For the three-month period ending March 31, 2016, Hawaii State FCU reported:
- $1.43 billion in assets, a 3.7 percent increase compared with $1.38 billion from the same quarter last year
- $669.1 million in loan balances, an 18.6 percent increase compared with $564.2 million from the same quarter last year.
- $1.25 million in net income, a 54 percent decrease compared with $2.71 million from the same quarter last year.
Member growth is a significant measure for credit unions. Hawaii State FCU has seen a steady rise in members over the past four years. For the three-month period ending March 31, 2016, membership reached:
- 91,103 total members, a 7.8 percent increase compared with 85,234 from the same quarter last year.
“We’re excited to start 2016 with solid growth across the board and believe our success comes from our commitment to nurturing relationships with members built on trust and value. Additionally we strive to help our members build financial security through our innovative products and services,” said Andrew Rosen, president and CEO of Hawaii State FCU. “We continue to look for ways to grow and this year will be opening a new branch in Hawaii Kai and undergoing a major renovation at our Pearlridge branch to provide even more convenient services to our members.”
Digital Banking Services Expanded
In addition to a strong financial performance, Hawaii State FCU expanded its digital banking services in the first quarter of 2016:
- The Hawaii State FCU mobile app suite surpassed 10,000 downloads.
- com launched its online account opening service to members.
- Hawaii State FCU introduced Technology Centers at its main and Pearlridge branches, designed to assist members with incorporating new technologies into their daily banking activities.
“Member demand for our loan products and mobile banking solutions has increased in the past year, prompting us to seek out more ways to give back to our member-owners in the form of lower fees, better rates and tech features that make it easy to access and manage accounts,” Rosen said. “As the trend toward online and mobile banking continues to grow, we remain committed to providing our members with the latest industry-leading technology for secure, convenient account access and protection from fraud, right at their fingertips.”