American Pacific State Bank, a seven-branch bank based in Sherman Oaks, reported a 21% increase in net income for the second quarter that ended June 30.
The bank reported a profit of $436,000 for the second quarter, up from $360,000 in the same three-month period a year earlier. For the first six months of the year, the bank reported earnings of $1 million, up 15% from $884,000 in the corresponding period of 1994.
Assets totaled $290 million as of June 30, up 9% from $265 million a year earlier.
Frank Ures, chief executive of American Pacific, attributed the results partly to improvements in the Southern California economy.