Hawaii State Federal Credit Union (Hawaii State FCU), Hawaii’s largest credit union lender with more than 110,000 members on Oahu and Maui, released its second-quarter results today, reporting strong growth in total assets and loan balances, and continues to maintain an annualized growth rate of more than 6 percent over the past five years. Hawaii State FCU also reached a significant milestone in the second quarter, becoming Hawaii’s first billion-dollar credit union lender.
- $1.02 billion in loan balances, a 12.6 percent increase from $901.9 million at the end
of the second quarter of 2018 - $1.69 billion in assets, a 7.5 percent increase from $1.57 billion at the end of the
second quarter of 2018 - $6.63 million in year-to-date net income, a 4 percent decrease from $6.90 million
year to date as of June 2018 - 110,331 members, a 6.2 percent increase from 103,900 members in the second
quarter of 2018
“Hawaii State FCU’s solid earnings in the second quarter was driven by strong growth across the board, including our membership. While our year-to-date net income dipped by 4 percent over the last year, as a not for profit we are fine with that because we are focused on providing the best rates and lowest fees we can afford. As a result we’ve also seen a dramatic rise in deposits,” said Andrew Rosen, president and CEO of Hawaii State FCU. “When it comes to our diverse lending portfolio, over the past five years alone our loan balances have doubled by $500 million while our membership has increased by more than 30 percent. To meet the needs of our growing membership, we are expanding our reach into the community and we look forward to the opening of our newest branch at Salt Lake Shopping Center this week.”
Hawaii State FCU reports that its newest high-yield savings account, Relationship Max, is a contributing factor to the credit union’s recent growth in membership. Introduced in late 2018 in an effort to return profits to its members Relationship Max is currently paying an industry-leading 1.50% APY* on balances of $50,000 or more, which is about 9 times higher than the local banks.
“We created Relationship Max in an effort to return our profits to our members and help them maximize their earnings potential. We’re happy to see so many members, old and new, earning more with our new high-yield savings account,” added Rosen.
Membership is open to all active and retired employees of the State of Hawaii, City and County of Honolulu and Maui County. In addition, employees or members of more than 300 local organizations and businesses 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.