Charter Pacific Shows Loss by Increasing Reserves

Charter Pacific Bank in Agoura Hills reported that it lost $74,000 in the third quarter ended Sept. 30 because it increased the reserves it sets aside in case of future real estate losses.

A year earlier, the three-branch bank earned $598,000.

Charter Pacific’s nine-month profit was $690,000, down 51% from a $1.42-million profit in the same period in 1991.

The bank’s assets totaled $86.7 million as of Sept. 30, a 9% increase from the end of 1991.