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Net income falls at Hawaii State FCU for first half of 2019

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Hawaii State Federal Credit Union in Honolulu posted lower net income through the first half of the year despite an uptick in loans.

The $1.7 billion-asset credit union said Thursday that it had earned roughly $6.6 million for the year to date, down about 4%.

Loan balances have doubled over the last five years and totaled $1 billion at the end of the second quarter. That’s an increase of more than 12% from a year earlier.

Members totaled more than 110,000, up roughly 6% from the second quarter of 2018. The credit union said its newest high-yield savings account is partly why membership was up. The account offers 1.5% annual percentage yield on balances over $50,000.

“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,” Andrew Rosen, president and CEO of Hawaii State FCU, said in a press release. “As a result we’ve also seen a dramatic rise in deposits.”

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