Hawaii State Federal Credit Union’s net income more than doubled in 2018 as the lender capped off the year with its 21st consecutive quarter of loan growth.

The state’s second-largest credit union said in a financial report due out today that its earnings rose to $9.8 million from $4.7 million in 2017.

Loans jumped 14.3 percent to $977 million from $855 million while assets rose 3.3 percent to $1.58 billion from $1.53 billion.

Membership increased 6.2 percent, to 106,601 from 100,370 in the previous year.

“Earnings were driven by strong loan growth, up 14 percent, which outperformed the local market,” Hawaii State FCU President and CEO Andrew Rosen said. “We surpassed our initial projections for the year, and as a not-for-profit organization we feel it’s only right to return profits to our membership by way of higher savings rates. We know it’s also a way to help keep more money in Hawaii as interest rates are trending up across the nation.”

The credit union said its new savings account product, Relationship MAX, is a high-yield account for larger balances and pays a 1.5 percent annual percentage rate that is higher than traditional bank savings rates.

Hawaii State FCU serves state, city and county employees as well as nonprofits and select businesses and their families across the state.

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ON THE MOVE

Bank of Hawaii has announced the following new vice presidents:

>> Yi Jin has been promoted from assistant vice president and will continue as an international banking officer in International Commercial Banking. Jin has more than 20 years’ experience working with Bank of Hawaii and is bilingual in English as well as in Mandarin Chinese.

>> Ashley Noji was promoted from assistant vice president at Bank of Hawaii and will continue her duties as an analytics and deposit products manager at the Retail Deposits department. Noji started in the bank’s Branch Division more than eight years ago and also worked as a senior credit analyst and commercial banker.

>> Lorraine Sim is a new vice president and financial adviser for Bankoh Investment Services. Prior to Bank of Hawaii, Sim served as a private client adviser for J.P. Morgan Chase Bank, N.A., in California for more than five years and worked as a financial adviser for Bank of the West and Banco Popular.

>> Cathy Tajiri also is a new vice president and relationship manager for The Private Bank. Tajiri has 22 years of financial industry experience, including 18 years as a financial consultant with Charles Schwab & Co.