Ohana Pacific Bank’s earnings declined 64.7 percent in the first quarter primarily due to tax expenses even as assets, loans and deposits all rose during the period.

The state’s smallest bank said Wednesday it had tax expenses of $59,000 in the first quarter of 2016 compared with a tax credit of $100,000 in the first quarter of 2015.

Ohana Pacific’s net income fell to $90,000 from $255,000 in the year-earlier period. Nevertheless, the results marked the bank’s 22nd consecutive profitable quarter.

Assets rose 5.7 percent to $119.4 million, loans jumped 8.1 percent to $91.9 million and deposits increased 5.9 percent to $103.3 million.

“The increase in loans were in commercial and residential real estate lending,” Ohana Pacific President and CEO James Hong said.

Ohana Pacific’s net interest income, the difference between the interest it pays on deposits and the interest it receives on loans, increased 7.1 percent to $992,000 from $926,000. Its net interest margin slipped to 3.44 percent from 3.50 percent.

Noninterest income, which includes service charges and fees, jumped 38.9 percent to $75,000 from $54,000 primarily due to an increase in residential loans.

The bank’s noninterest expenses, which include human resources-related costs, audit expenses and other corporate expenses, increased 11.3 percent to $917,000 from $824,000. During the first quarter, the bank paid out bonuses to employees for the company’s strong performance in 2015 when its earnings rose 4.3 percent to $1.12 million from $1.07 million in 2014.

Ohana Pacific’s loan quality improved last quarter with the bank having no nonperforming assets — delinquent loans not accruing interest and foreclosed real estate — compared with $662,000 in the year-earlier quarter.

The bank also said it went through a data system conversion on April 25 to provide better service to its customers.

Ohana Pacific, which has its headquarters at 1357 Kapiolani Blvd. — a block from Ala Moana Center — also has an in-store branch that opened in December 2013 at Palama Super Market in Kalihi. Ohana Pacific caters primarily to the Korean community and small and midsize businesses.

Following its opening in June 2006, Ohana Pacific had five years of losses before turning around its operations following the recession.

Ohana Pacific’s stock, which trades over the counter under the ticker OHPB, last closed at a 52-week high of $6 on Monday. The earnings were released Wednesday after the market closed.