Hawaii

First Hawaiian and Bank of Hawaii are warning that a global spike in coronavirus cases could stunt the state's momentum and threaten credit quality.

A prosperous decade leading up to the pandemic had left lenders in good shape, but they're worried the economic shock to the state's most vital industry could linger into 2022.

The Hawaii bank has paid employees who carpool, bike or walk to work. About a third of the workforce bought into the program before the pandemic, and it's expected to continue once life returns to normal.

Karl Yoneshige has been with the Honolulu-based institution since 1988, including two decades as CEO.

Wallace Watanabe spent more than 40 years at the Honolulu-based credit union, including serving as CEO from 1992 until his retirement in 2013.

Some states aren't waiting on the Federal Reserve to help with the historic hits to their budgets. Instead, they're working with a lender that they have a much longer history with: Bank of America.

Some of the year-over-year drop in net income can be attributed to higher-than-normal figures in 2018 and costs associated with opening three new branches in 2019.

All but a handful of states now allow a gamified way for consumers o save money, and some credit unions have adopted these programs to help boost deposits.

The Honolulu-based credit union saw a nearly 7% increase in new members, thanks in part to an expanded branch presence in West Oahu.

Hawaii Pacific Federal Credit Union merged into the Honolulu-based institution last week.