HONOLULU — Hawaii State Federal Credit Union (Hawaii State FCU) marked its 17th consecutive quarter of loan growth at the end of 2017, capping off a milestone 80th anniversary year.
The organization solidified its position as the largest credit union lender in Hawaii with record growth in commercial and consumer loans and home equity lines of credit (HELOC), while also seeing a bump in membership that took the credit union past the 100,000 mark.
For the 12-month period ending Dec. 31, 2017, Hawaii State FCU reported:
- $855 million in loan balances, a 17.5 percent increase from $728 million at the end of 2016
- $1.53 billion in assets, a 4 percent increase from $1.47 billion at the end of 2016
- $4.72 million in net income, a 28.5 percent decrease from $6.6 million at the end of 2016.
- 100,370 total members, a 6 percent increase from 94,695 at the end of 2016
“As a not-for-profit financial institution owned by our members, our focus on demonstrating the credit union value has helped bring our membership count to more than 100,000,” said Andrew Rosen, president and CEO of Hawaii State FCU. “We are also pleased to see demand for our loan products remain strong, and are especially proud of the fivefold increase our commercial loan division has achieved in one year, which speaks to the high value our flexible loans provide to local businesses.”
Hawaii State FCU’s other top-performing loan products for 2017 included:
- Consumer loans grew 20 percent from 2016
- HELOCs increased 17 percent from 2016
“Our combined growth in loans and membership speak to our commitment to be a financial partner to our members at every stage of their lives, from buying their first home to planning for a comfortable retirement,” Rosen said.