Hawaii State FCU posts jump in net income, loans
Hawaii State Federal Credit Union reported a 68.1% jump in second-quarter net income and a double-digit percentage gain in loans.
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Hawaii State Federal Credit Union, which held a grand opening Monday for its new branch in Salt Lake Shopping Center, reported a 68.1% jump in second-quarter net income and a double-digit percentage gain in loans.
The state’s second-largest credit union, with $1.69 billion in assets, posted earnings of $3.7 million compared with $2.2 million in the year-earlier period. Loans rose to $1.02 billion from $901.9 million. Assets increased 7.5% to $1.69 billion from $1.57 billion in the year-earlier quarter.
Hawaii State FCU also increased its number of members by 6.2%, to 110,331 from 103,900.
The credit union’s earnings were “driven by strong growth across the board, including our membership,” President and CEO Andrew Rosen said in a statement. “While our year-to-date net income dipped by 4% 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.”
Rosen said that over the past five years the credit union’s loan balances have doubled by $500 million while its membership has increased by more than 30%.
Membership is open to all active and retired employees of the state, City and County of Honolulu and Maui County. In addition, there are more than 300 local organizations and businesses that can qualify individuals to become credit union members.
The credit union’s 10th branch is 1,800 square feet with a new open-concept design. It also features interactive teller machines that giving the customer the ability to independently complete, or with the assistance of a member specialist, up to 80% of transactions typically handled by a teller. ITMs give users access to all of their accounts, including checking and savings accounts, personal loans and mortgages.