Ohana Pacific Bank increased its loans by double digits in the fourth quarter, but net income fell 38 percent after taking a one-time charge of $130,000 due to the revaluation of tax-related assets.
The Honolulu-based bank said Wednesday that earnings fell to $163,000 from $263,000 in the year-earlier quarter. Loans, however, jumped 13.7 percent to $118.3 million. Deposits increased 11.4 percent to $126.7 million and assets rose 10.5 percent to $144.2 million.
For the year, Ohana Pacific’s earnings rose 9.5 percent to $759,000, from $693,000 in 2016.
U.S. pending home sales up 0.5 percent
WASHINGTON >> The pace of Americans signing contracts to buy homes increased for a third straight month in December, raising an index of pending home sales by 0.5 percent.
The National Association of Realtors said Wednesday that its index of pending sales reached 110.1, up from a revised 109.6 in November. The index is now at its highest level since registering 111.3 in March.
ON THE MOVE
HONBLUE has made three additions to its sales team:
>> Mike Flannery is the company’s new chief revenue officer and director of sales. Flannery will guide the sales team, develop new products and work to expand sales for JET Graphics’ large-format specialty printing.
>> Kellie Nakahara is the JET Graphics division’s new account manager. Nakahara will assist customers with printing needs, including corporate vehicle wraps and wall decor.
>> Michael Person is the new account manager for the Zoombis division. Person’s focus will be to help customers in the production of brochures, business cards and mass mailers.
