APSB Bancorp’s Profit Rises 22% in 1st Quarter
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APSB Bancorp, the North Hollywood holding company for American Pacific State Bank, said its first-quarter profit rose 22% from a year earlier, to $371,000 from $304,000.
APSB, which is a major producer of federal Small Business Administration loans, attributed the gain to “solid” demand for loans, cost controls and higher interest margins, which is the difference between the interest that APSB earns on loans and the interest it pays for deposits.
The bank said its assets as of March 31 totaled $176 million, up 22% from $144 million a year ago.
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