HONOLULU —Hawaii State FCU is reporting that during 2019 it saw strong growth in most areas, including a 11.55 increase in deposits to $1.55 billion. The credit union also saw growth in assets and membership, and marked its 6th consecutive year of loan growth, exceeding $1 billion in loan balances.
“While we are very proud of Hawaii State FCU’s 2019 results overall, we are especially proud of our deposit growth, which has continued to outpace most of the local banks this year,” said Andrew Rosen, president and CEO of Hawaii State FCU. “Our growth in deposits can be directly attributed to the success of our Relationship Max high-yield savings account product that we unveiled in January 2019. As a result, we’ve more than doubled the interest dividend we paid out in 2019, putting an additional $5.8 million back into our members’ pockets. This caused our net income to decrease, but unlike most traditional banks, we’re pleased with these results because it means we’re doing right by our members by paying fair deposit rates.”
Hawaii State FCU’s 2019 performance includes:
- $1.55 billion in deposits, a 11.5% increase from $1.39 billion at the end of 2018
- $1.09 billion in loan balances, a 11.4% increase from $977.7 million at the end of 2018
- $1.76 billion in assets, a 11.1% increase from $1.59 billion at the end of 2018
- $6.11 million in year-to-date net income, a 37.9% decrease from $9.84 million at the end of 2018
- 113,941 members, an increase of 6.9% from 106,601 members at the end of 2018
To accommodate its growth, Hawaii State FCU celebrated the grand opening of three new branches in 2019, including its new Salt Lake Branch and Ewa Beach Branch on Oahu, as well as the relocation of its Kahului Branch which is now double the size of its former location on Maui.
Additional 2019 highlights include:
- Became the first financial institution in the state to feature Interactive Teller Machines (ITMs) and is the first in the nation to equip ITMs with palm vein-based biometric authentication.
- Became Hawaii’s first billion-dollar credit union lender, doubling from $509 million in June 2014 to more than $1 billion in June 2019.
- Launched a new grant program for small businesses.
“To accommodate the needs of our rapidly growing membership, we were pleased in 2019 to be able to open our new Salt Lake and Ewa Beach branches, as well expand our footprint on Maui. Serving our communities and responding to the needs of our customers is our priority and we look forward to further expansion in 2020.” added Rosen.