American Pacific State Bank Posts Higher Profits

American Pacific State Bank, based in Sherman Oaks, said it earned $563,500 for the first quarter that ended March 31, a 3% increase from the $549,000 it made a year earlier.

But American Pacific, which has five branches in the San Fernando Valley and specializes in small-business loans, said its assets decreased 5% as of March 31, to $218 million. The bank attributed that to large certificate of deposit holders shifting funds to the stock market.