Bank’s Quarterly Income Up 24% Over Last Year

American Pacific State Bank posted a 24% climb in its first-quarter net income.

The bank had net income of $875,000 in the quarter that ended March 31, compared to a profit of $705,000 in the same period a year earlier.

The bank’s assets at the end of the first quarter rose to a record $350 million, up 12% from $312 million a year ago.

Frank Ures Jr., the bank’s chief executive, attributed the improved performance in part to a reduction in its provision for loan losses, thanks to the improving local economy.

American Pacific is headquartered in Sherman Oaks and has eight branches.