American Pacific Earnings Increase 11% in 1st Quarter

American Pacific State Bank reported an 11% increase in its first-quarter earnings.

The Sherman Oaks-based bank had net income of $706,000 in the period that ended March 31, compared to net income of $653,000 a year earlier.

The bank attributed part of its improved results to a drop in its provision for credit losses due to improvements in the local economy.

As of March 31, the bank’s asset hit a record $312 million, up from $289 million a year earlier.