Ohana Pacific Bank, which opened in June 2006 to cater to the Korean community and small businesses in Honolulu, earned $470,000 in 2011 to finish with the first full-year profit in its history.
The bank, with its lone branch at 1357 Kapiolani Blvd., has now recorded five consecutive quarters of profits since the fourth quarter of 2010, it said in a news release Friday night.
Ohana Pacific lost $170,000 in 2010, according to its filing with the Federal Deposit Insurance Corp.
"There has been a delay in achieving profitability due to the economic crisis that hit soon after the bank opened in 2006; however, the bank’s revenues have improved since the second half of 2010, and we were able to achieve full-year profitability in 2011," Ohana Pacific President James Hong said.
Ohana Pacific ended last year with $90.8 million in assets, slightly below the $91.8 million it had in 2010, according to its filing.
Deposits slipped to $78 million from $80.5 million.
"It is significant that the bank has been able to post profits and still maintain no or low fees to our customers," Chief Financial Officer Dianne Seo said.
Net interest income, the difference between what the bank pays depositors and what it brings in from loans, increased 4.7 percent to $3.24 million in 2011 from $3.10 million a year earlier.
Noninterest income, which includes service charges and fees, fell to $297,000 from $346,000.
