Pacific & Western Credit Corp. is reporting improved profit for the second quarter.

Net earnings, total assets, total revenue and other income all increased compared to the same period a year ago, much to the delight of president and CEO David Taylor.

“We continue to be challenged in meeting our aggressive lending targets. Total lending assets for the quarter were $679 million versus our target of $719 million, a shortfall of 6%,” says Taylor of Pacific & Western’s disappointment. “This slight shortfall in placing loans and its resulting reduction in net interest income, however, was more than offset by significant fees and a dilution gain earned from our structured financing activities totaling $1 million.”

Although lending assets were not up to expectations, there was an increase of more than 14% from a year ago. While net earnings are down from the last quarter, they too are up to $1.6 million, or $0.12 per share, compared to $1.5 million, or $0.11 per share, during the same period a year ago. Pacific & Western’s year-to-date net earnings of $3.5 million, or $0.26 per share, have increased from $2.5 million, or $0.18 per share, for the same period a year ago.