Ohana Pacific’s earnings up 70%

Ohana Pacific Bank’s earnings soared 70 percent in the first quarter as loans and deposits both rose double digits from the year-earlier period.

The Honolulu-based bank, which opened in June 2006, said Friday that net income rose to $153,000 from $90,000.

Loans climbed 15.6 percent to $106,298 while deposits increased 15.8 percent to $103,320.

“The bank’s double-digit growth in loans, deposits and net income has exceeded our expectations thanks to a strong effort made by our marketing and lending team,” Ohana President and CEO James Hong said in a statement. “With a new addition of a chief lending officer last year, we are more focused on expanding in SBA (Small Business Administration) loans and home mortgage loans.”

Ohana operates two branches and has only 20 full-time-equivalent employees, but Hong said the bank is planning to add more staff. Ohana’s headquarters and main branch is at 1357 Kapiolani Blvd. — a block from Ala Moana Center. The bank also has an in-store branch that opened in December 2013 at Palama Super Market in Kalihi.

“The bank is growing rapidly,” he said.

Last quarter the bank’s net interest income, the difference between the interest it pays on deposits and the interest it receives on loans, increased 12.5 percent to $1.1 million from $992,000 in the year-earlier quarter. Noninterest income, which includes service charges and fees, rose 14.7 percent to $86,000 from $75,000.

Ohana’s thinly traded stock, which trades over the counter, last closed at a 52-week high of $6.38 on April 4.