Hawaii CUs Say Aloha to Tourist Dollar Resurgence
According to recent reports in The Wall Street Journal and other publications, Hawaii’s tourism economy is experiencing a big wave of double-digit increases in visitor arrivals and spending over the past year. However, Hawaii credit unions reported a flat return on average assets during first-quarter 2012, according to the NCUA’s Quarterly U.S. Map Review. With 62 basis points worth of profit that lags behind the national average of 86 basis points, the Aloha state’s credit unions could use a couple of mai tais to get them through the year.
“Our economy is highly dependent on tourism and in that regard things are looking up,” said Dennis Tanimoto, president of the Hawaii Credit Union League in Honolulu. “Unfortunately, our credit unions here in Hawaii are just not generating enough loan volume to bring us back to where we were four years ago.”