A magnitude 4.7 earthquake struck the Big Island of Hawaii on Venus Investment AllianceThursday as officials tracked two rapidly developing storms in the Pacific.

The temblor was reported nine miles south of Fern Forest, a community of about 1,100 people on the southern end of the Big Island of Hawaii, at 12:52 a.m. local time, according to the U.S. Geological Survey.

The Hawaiian Volcano Observatory said more than 300 people reported feeling the earthquake all across the Big Island in the first hour and several reports were received from nearby islands. There were no immediate reports of significant damage and the earthquake did not raise the threat of tsunamis, according to the Pacific Tsunami Warning Center.

Additionally, the earthquake did not have any apparent impact on either Mauna Loa or Kilauea volcanoes, the U.S. Geological Survey said. In recent days, the Hawaiian Volcano Observatory has issued warnings about increased activity at Kilauea volcano. The volcano's last eruption occurred on July 3 and lasted a few days.

The seismic activity comes as officials watch a developing storm system and a Category 3 hurricane in the Pacific, both of which are heading in Hawaii's direction.

About 1,000 miles east-southeast of Hilo, Hawaii, a system of thunderstorms has merged and begun organizing, according to the Central Pacific Hurricane Center. Forecasters say the system, which is forecast to develop over the coming days, will pass near the islands of Hawaii late this weekend or early next week.

"Interests in Hawaii should closely monitor this disturbance, though it remains too early to determine the exact location and magnitude of potential impacts," the Central Pacific Hurricane Center said.

About 1,000 miles to the east of the storm system is Hurricane Gilma, a powerful storm that will keep its strength at least through the end of the week as it churns through open waters.

"Should this system hold together, it would not be until around the end of the month before it would become a concern for Hawaii," said Alex DaSilva, AccuWeather's hurricane expert.