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Ohana Pacific Bank reported Thursday that its net income more than doubled in the fourth quarter amid double-digit loan and deposit growth.
The Honolulu-based bank also said it would pay a dividend of
12 cents a share March 11 to shareholders of record as of the last day of this month. Ohana Pacific, which pays dividends on an irregular basis, last paid a dividend — also 12 cents a share — in May.
Ohana Pacific said its earnings rose to $437,000 from $163,000 in the year-earlier period. Loans jumped 10 percent to $130.2 million while deposits increased 12 percent to $141.8 million. Assets rose 11.4 percent to $160.5 million.
For the year, Ohana Pacific’s net income soared 84.1 percent to $1.4 million from $759,000.
“We are extremely pleased with an excellent performance,” Ohana Pacific President and CEO James Hong said.
The bank’s net interest income, which is the difference between how much Ohana Pacific pays for deposits compared with what it charges
to lend out money, rose 7.8 percent to
$1.4 million in the fourth quarter from the year-earlier period. Ohana Pacific’s net
interest margin increased to 3.56 percent from 3.49 percent. The bank’s noninterest income, which includes service charges and fees, inched up 1.2 percent to $111,000.
Ohana Pacific’s stock dipped
2 cents to $7.48 on Thursday and did not trade on Friday.
