Ohana Pacific Bank’s fourth-quarter earnings were dragged down by a $220,000 write-off, but strong loan and deposit growth prompted the company to declare a dividend for the third straight year.

The Honolulu-based bank, which operates two branches, said Tuesday it posted its 21st consecutive profitable quarter even as net income fell 6.1 percent to $275,000 from $293,000 in the year-earlier period.

Ohana Pacific took the write-down on its portion of a loan made in conjunction with the former Pacific Rim Bank (now called First Foundation Bank) on a Big Island parcel. The sale of that land is now pending.

The bank’s board also declared a dividend of 10 cents a share that will be payable March 10 to shareholders of record on Jan. 26.

For the year, Ohana Pacific’s earnings rose 4.3 percent to $1.12 million from $1.07 million in 2014.

“Without this atypical write-off expense, the bank’s 2015 net income would have been much higher,” Ohana Pacific President and CEO James Hong said. “The bank has no additional OREO (other real estate owned) at this time and is expecting core earnings to remain strong going forward in 2016.”

During the fourth quarter, loans jumped 15.5 percent to $94.4 million from $81.7 million in the year-earlier period while deposits increased 8.7 percent to $104.2 million from $95.8 million. Assets increased 8.3 percent to $120.5 million from $111.2 million.

“We believe that our new 30-year conforming mortgage loan program, which was launched during the fourth quarter of 2015, was one of the contributing factors to a substantial increase in our loan portfolio balance,” Hong said. “This strong loan production has generated a positive impact on our net interest margin.”

Ohana Pacific’s net interest margin, which is the difference between what the bank brings in from loans and what it pays depositors, improved to 3.36 percent from 3.26 percent a year ago.

Hong said total loans during the fourth quarter alone grew by $8.8 million over the third quarter due to more emphasis in commercial and residential real estate loans.

The bank’s fourth-quarter net interest income, thanks to improving margins, edged up 0.8 percent to $955,000 from $947,000. Noninterest income, which includes service charges and fees, fell 7.9 percent to $70,000 from $76,000.

Ohana Pacific’s stock, which trades over the counter under the ticker OHPB, last closed at $5.75 on Dec. 18.