AMERICAN PACIFIC EARNINGS RISE.Byline: Gregory J. Wilcox Daily News Staff Writer Reaping the rewards of an improved local economy, American Pacific State Bank on Thursday reported a 19 percent jump in profits for the year. The bank, which has eight branches across the San Fernando San Fernando, city, Argentina San Fernando (săn fərnăn`dō), city (1991 pop. 144,761), Buenos Aires prov., E Argentina. It is a district administrative center in the Greater Buenos Aires area. and Santa Clarita valleys The Santa Clarita Valley is the valley of the Santa Clara River in Southern California. It stretches through Los Angeles County and Ventura County. Its main population center is the city of Santa Clarita. The valley was part of the 48,612-acre (19,672. and a headquarters in Sherman Oaks, also said its fourth-quarter profits increased 13 percent from a year ago. Net income for the fourth quarter ended Dec. 31 totaled $1.2 million, or 23 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with net income of $1.1 million, 20 cents, in the year-ago period. For the full year the bank earned $3.5 million, up from $2.9 million. On a per-share basis, yearly earnings were 67 cents vs. 56 cents. Assets were $345.5 million, up 11 percent from $311.2 million. Frank J. Ures Jr., the bank's president and chief executive officer, said that improved earnings resulted from a decrease in the amount of money set aside to cover bad loans as the Valley's economy began to improve. American Pacific is a community bank that specializes in loans to small businesses. Its Small Business Administration loan department is nationally ranked by the federal government and it is one of the largest generators of SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loans in the San Fernando and Santa Clarita valleys. The last price of the company's stock, which is traded sporadically spo·rad·ic also spo·rad·i·cal adj. 1. Occurring at irregular intervals; having no pattern or order in time. See Synonyms at periodic. 2. Appearing singly or at widely scattered localities, as a plant or disease. , was 8 11/16. |
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