Charter Pacific Bank Doubles Quarterly Profit

Charter Pacific Bank in Agoura Hills reported that its net income for its fourth quarter that ended Dec. 31 more than doubled to $291,000 from $140,000 a year earlier. For all of 1991, the three-branch bank earned $1.71 million, a 32% increase from $1.29 million in the previous year.

Charter Pacific said the improved results reflect its focus on generating fee income rather than expanding its lending operations.