Spear 1st-Quarter Profit Jumps to $1.03 Million

Spear Financial Services Inc., a Glendale-based provider of financial services, said its first-quarter profit soared to $1.03 million from $234,000 in the year-earlier quarter.

Spear, which offers insurance-related investments and operates a discount brokerage, said the latest earnings in the quarter that ended March 31 included a $185,000 gain from an accounting change.

The company’s revenue nearly doubled, to $11.5 million from $5.89 million a year earlier.