American Pacific State Bank’s Profit Falls 26%
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American Pacific State Bank in Sherman Oaks said its third-quarter profit fell 26% due to increased reserves for future loan losses.
American Pacific, which has six branches in the San Fernando Valley, earned $477,000 for the three months ended Sept. 30, compared with $642,000 a year earlier. In the latest third quarter, the bank transferred $675,000 into loan loss reserves, nearly double that of a year earlier.
For the nine months ended Sept. 30, American Pacific posted a profit of $1.37 million, a drop of 21% from $1.74 million in the same period a year earlier. The bank reported that its assets held steady at $230 million as of Sept. 30.
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