Hawaii State FCU’s Second Quarter Driven by Loan and Membership Growth
HONOLULU — Hawaii State Federal Credit Union (Hawaii State FCU) continued to see more members join the credit union and its 19th consecutive quarter of loan growth in the second quarter of 2018.
As of June 30, 2018, Hawaii State FCU reported:
- Loans increased by $120.2 million (15.4 percent) over the previous year to $901.9 million for the 12 months ending June 30, 2018.
- Assets increased $51.1 million (3.4 percent) to $1.57 billion for the 12 months ending June 30, 2018.
- Year-to-date net income was $6.9 million, an increase of $3.66 million (112.7 percent) over the previous year.
- Membership grew by 5,880 (6.0 percent) over the previous year to 103,900 for the 12 months ending June 30, 2018.
Hawaii State FCU attributed its loan growth primarily to commercial loans, which were up 28 percent year to date. As the largest credit union lender in the state, Hawaii State FCU also enjoyed a 9 percent bump in personal loans, and a 7 percent jump in both auto loans and home equity lines of credit (HELOC) year to date.
“We’re proud to be more than a financial institution, but also a financial partner to our members,” said Andrew Rosen, president and CEO of Hawaii State FCU. “It’s been great to hear from members on how we helped them rebuild their credit or consolidated their debt so they can reach their financial goals. We believe our focus on member service has been a major driver for our consistent loan growth, which tripled from the first to second quarter this year.”