APSB Bancorp’s Profit Increases 30% for Quarter

APSB Bancorp, the Sherman Oaks-based parent of American Pacific State Bank, said its third-quarter profit rose 30% from a year earlier, to $566,000 from $436,000.

The company said its assets as of Sept. 30 stood at $204 million, up 15% from $177 million a year earlier. The asset growth was aided by APSB’s opening of a new office in Woodland Hills.

APSB, which has five branch offices, attributed the profit gain to cost controls and strong loan demand, particularly for its Small Business Administration loans.