American Pacific’s Profit Rises, Assets Set Record

American Pacific State Bank reported earnings of $576,000 in the September quarter, up 21% from $476,000 in the same three-month period a year earlier.

For its nine-month period, the bank reported net income of $1.46 million, a 6% increase over a year earlier, when the bank posted earnings of $1.37 million.

Frank J. Ures Jr., chief executive of the Sherman Oaks-based bank, attributed the results to “improved net interest margins, substantial deposit growth and a tight rein over expenses.”

The bank’s assets reached a record $277 million on Sept. 30, up 20% from $232 million a year earlier. The bank said deposits grew through aggressive marketing programs and the opening of new branches in Van Nuys and Valencia.

Loan loss provisions in the latest quarter were $582,000. Non-performing assets rose 2% to $5.44 million on Sept. 30 from $5.31 million a year earlier.