Southwest Bancorp of Vista, citing efforts in...

Southwest Bancorp of Vista, citing efforts in the past two years to cut costs and improve performance, Monday reported a 70% jump in net income, to $604,000, for the second quarter ended June 30.

Net income for the first half rose nearly 45% to $950,000, the “best first-half performance in the company’s history,” according to Sidney Fox, president and chief executive.

Southwest is the parent of Southwest Bank. The bank, in turn, has two wholly owned subsidiaries--SW Mortgage Inc. and Southwest Thrift and Loan Ass.

Total assets as of June 30 increased 6% to $296.2 million, total deposits rose 2% to nearly $256 million, and net loans dropped 1% to $194.6 million.

Equity capital was $17.1 million as of June 30, or 5.8% of total assets, up an equity capital of $12.7 million, or 4.5% of total assets, in the comparable period last year.

Compucraft Co., a $2-million-per-year precision machine, sheet metal and welding shop, has been named “Small Business of the Month” for July by the San Diego Chamber of Commerce.

Systech Corp., the San Diego-based inter-computer communications controllers manufacturer, has signed a one-year original equipment manufacturer agreement valued at about $2 million with Sun Microsystems.

Loral Terracom has signed a $4-million contract to supply the U.S. Air Force with 68 microwave radio terminals.

Solarsmith Corp. and Southwest Energy, both San Diego-based solar energy contracting and developing firms, have merged.

National Steel and Shipbuilding has been awarded a $36-million Navy ship repair contract.