American Pacific Posts 17% Profit Gain in Quarter

American Pacific State Bank said its fourth-quarter profit rose 17% from a year earlier, to $654,000 from $558,000.

For the full year that ended Dec. 31, the Sherman Oaks-based bank’s net income rose 22% from the previous year, to $2.11 million from $1.73 million. The bank attributed the gains to strong loan demand and cost controls.

The assets of American Pacific, which focuses much of its effort on Small Business Administration loans, totaled $209.8 million as of Dec. 31, up 10% from $190.7 million a year earlier.

Separately, American Pacific said late last month that it dissolved APSB Bancorp, a holding company that formerly was American Pacific’s corporate parent. The bank said that APSB’s use as a vehicle for diversification is no longer needed, and that dissolving the holding company would cut costs.