HONOLULU – Hawaii State Federal Credit Union (Hawaii State FCU) today reported it has exceeded $1 billion in loan balances, becoming Hawaii’s first billion-dollar credit union lender. Hawaii State FCU experienced extraordinary growth in loan balances over the last five years, doubling from $509 million in June 2014 to more than $1 billion in June 2019.
“Our $500 million in loan growth over the past five years proves that people recognize the value that Hawaii State FCU delivers through its better rates and lower fees,” said Andrew Rosen, president & CEO of Hawaii State FCU. ”We’re very proud of the fact that 99 percent of our loans are here in Hawaii to support local residents and small businesses.”
The largest components of Hawaii State FCU’s well-diversified $1 billion portfolio include:
- Home Equity Lines of Credit: more than 30 percent of its lending portfolio
- Mortgages: about 23 percent of its lending portfolio
- Personal Loans: more than 12.5 percent of its lending portfolio
“Two other specialty areas in our portfolio that have quickly proven to catch the attention of borrowers are our PV and commercial loans,” Rosen said. “We have the most attractive and flexible PV loan rates in the state and our solar program has far exceeded our expectations, currently capturing the largest market share in Hawaii. Our business lending division has also enjoyed tremendous growth since launching only four years ago. Our commercial loans currently contribute to 10 percent of our lending portfolio and we anticipate that to only increase as more small businesses become aware of our business banking services.”