Profit Marks Turnaround at American Pacific Bank

American Pacific State Bank said its fourth-quarter earnings rose to $215,116, or 27 cents a share, from $22,056, or 3 cents a share, a year earlier. For the year, the bank’s earnings rose 234%, to $1 million, or $1.27 a share, from $300,550, or 38 cents a share, in 1985.

The North Hollywood bank’s performance for the year represents a sharp turnaround from 1985, when it was struggling to recover from small-business and real-estate loans that went sour. The improved results are partly attributable to cost-cutting and a decision not to renew $6 million in high-interest certificates of deposit.

For the year, American Pacific’s assets increased 4.8%, to $143.8 million.