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Article: Charter Bank Grows Asset Base.
- Article from:
- Mortgage Line
- Article date:
- March 31, 2008
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ALBUQUERQUE, NM -- Charter Bank said that it earned nearly $17 million in net income last year as its assets reached a record $1.4 billion as of Dec. 31, 2007. Total assets were up 11% from $1.3 billion reported at the end of 2006.
Net interest income was up 1%, from $31.6 million in 2006 to $31.9 million in 2007. Although net income was down 11.8% from record earnings of $19.3 million in 2006, Glen Wertheim, CEO, Charter Cos., expressed his satisfaction with the bank's performance in a press release reporting Charter's earnings.
"Charter is a real estate bank and while 2006 was a boom year, 2007 was a more challenging year in which we saw many of our ...