Hawaii State Federal Credit Union has recently surpassed $1 billion in loans.
The $1.6 billion-asset credit union said on Monday that it was the first CU in the Aloha State to reach that milestone.
According to Andrew Rosen, president and CEO of the Honolulu-based Hawaii State FCU, the credit union’s loan balances have doubled from $509 million in June 2014 to more than $1 billion last month.
The CU said in a statement that its loan portfolio is “well-diversified,” with home equity lines of credit making up more than 30% of the book. Mortgages made up almost a quarter while personal loans were 12.5% of the portfolio.
Rosen said two other specialty areas, PV loans, which finance the installation of a photovoltaic power system, and commercial loan, are growing quickly for the credit union.
“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,” Rosen said in a press release. “Our business lending division has also enjoyed tremendous growth since launching only four years ago. Our commercial loans currently contribute to 10% of our lending portfolio and we anticipate that to only increase as more small businesses become aware of our business banking services."
In its most recent call report, Hawaii State FCU said it earned roughly $3 million in the first quarter, down 38% from a year earlier. As of March 31, it was considered well capitalized with a net worth ratio of 10.99%.
