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VALLEY EARNINGS

APSB Reports 17% Gain in 2nd-Quarter Profit

July 26, 1988

APSB Bancorp, the North Hollywood parent of American Pacific State Bank, said its second-quarter profit rose 17% from a year earlier.

The company's net income in the three months that ended June 30 climbed to $271,000, or 29 cents a share, from $231,000, or 24 cents a share, a year earlier. For the first half of 1988, APSB's earnings increased 31% to $575,000, or 60 cents a share, from $440,000, or 46 cents a share, in the comparable 1987 period.

APSB, whose assets rose 8% to $151 million as of June 30 from $139.5 million a year earlier, attributed the earnings gains to increased loan volume and a wider net interest margin, the difference between what APSB earns on its loans and what it pays for deposits.

For detailed data and results of other companies, please see tables, Page 13.

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