American Pacific Bank’s Quarterly Earnings Up 7%

American Pacific State Bank of Sherman Oaks said its earnings for the third quarter that ended Sept. 30 were $695,000, up 7% from $649,000 in the third quarter last year.

For the nine months ending Sept. 30, the bank’s earnings were $1.87 million, up 13% from last year’s earnings of $1.66 million.

Bank assets at the end of the third quarter were a record $297 million, up 4% from $285 million last year.

The bank attributed the increase in earnings to reductions in operating expenses and a stronger economy.