Charter Pacific Posts Earnings of $1.39 Million

Improved performance in all areas helped Charter Pacific Bank post mid-year earnings of $1.39 million, or 26 cents per diluted share, the company reported. It represents a significant boost from the $1.95-million loss posted for the first six months of 1997.

The stock price of the Agoura Hills-based commercial bank, which had been “languishing” at $2.35 per share at year-end 1997, has rebounded to about $3.75 as of the end of the second quarter 1998, bank president and CEO Michael Ward said in a letter to shareholders.

As of June 30, the company listed assets of $98.14 million, a gain of roughly 15% over the Dec. 31, 1997, figure and a 22% gain over June 1997.