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Ohana Pacific Bank’s net income nearly doubled in the second quarter as loans, deposits and net interest income all increased by double digits from the year-earlier period.
The Honolulu-based bank said in a recent report that its earnings jumped to $388,000 from $199,000 in the second quarter of 2017. Loans rose 13 percent to $124.1 million, deposits gained 12.1 percent to $134.2 million, and net interest income — the difference between what it pays customers for deposits and the interest customers pay for loans — soared 13.2 percent to $1.3 million. Assets climbed 11.3 percent to $152.1 million.
“Our performance was driven by good loan growth and excellent asset quality as well as expanded net interest margin (up to 3.62 percent from 3.52 percent),” Ohana Pacific President and CEO James Hong said.
Hawaii State FCU profit attributed to loan growth
Hawaii State Federal Credit Union’s earnings more than doubled in the second quarter amid its 19th straight quarter of loan growth.
The state’s second-largest credit union said in a recent report that its earnings increased to $6.9 million from $3.3 million.
Loans rose 15.4 percent to $901.9 million from $781.7 million a year earlier. Hawaii State FCU attributed its loan growth primarily to commercial loans, which were up 28 percent year to date.
Assets rose 3.4 percent to $1.57 billion from $1.52 billion.
Membership increased by 5,880, or 6 percent, to 103,900 over the previous year.
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ON THE MOVE
>> Entrepreneurs’ Organization Hawaii, a chapter of the global Entrepreneurs‘ Organization, has announced that Sean Tadaki is its new president as of last month. Tadaki is also co-founder and managing partner of Commercial Asset Advisors as well as chief executive officer of Pacific Asset Strategies, a commercial property management firm.
>> Diagnostic Laboratory Services has announced that Dr. Andrew Christian Whelen is the new vice president/technical director of microbiology. He was previously the state laboratories director and worked with the Department of Health for 12 years. Prior to that Whelen served as the chief of microbiology at Tripler Army Medical Center.
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