American Pacific Bank Reports Earnings Up 8%

American Pacific State Bank, headquartered in Sherman Oaks, reported earnings of $360,000 for the second quarter ended June 30, up 8% from earnings of $333,000 reported for the same three-month period a year ago.

A one-time restructuring charge of $175,000 and a $325,000 loss on the sale of foreclosed real estate prevented earnings from reaching record second-quarter levels, the bank said.

Bank assets as of June 30 totaled $265 million, up 17% from last year’s figure of $227 million.