American Pacific’s Parent Shows 1st-Quarter Increase

APSB Bancorp, parent of American Pacific State Bank, said its first-quarter profit jumped 45% from a year earlier.

Net income at the North Hollywood institution rose to $304,000, or 32 cents a share, from $209,000, or 22 cents a share, a year earlier. The company’s assets as of March 31 totaled $144 million.

APSB attributed the higher earnings to an increase in loans outstanding and a wider net interest margin, which is the difference between what APSB receives in interest on its loans and the interest it pays on deposits.