Bank’s 2nd-Quarter Profit Rises 10%

Sherman Oaks-based American Pacific State Bank announced second-quarter profits of $650,000, up 10% from the same quarter last year.

Frank J. Ures Jr., president and chief executive of the eight-branch financial institution, said “earnings continue to increase in direct proportion to the bank’s asset growth. Strong earnings allowed the bank to declare and pay a 14-cent cash dividend in May.”

While the bank saw loans jump 22% in the period, it lost some after-tax profits because of a much higher than expected write-off involving its investment in mortgage-backed securities, the company said.