Spear Financial Posts Profit of $1.07 Million

Spear Financial Services Inc. in Glendale reported a profit of $1.07 million for 1990, compared with a loss of $615,261 the previous year.

Spear, which provides discount brokerage and insurance investment products, said the earnings turnaround came on a 26% increase in revenue, to $25.5 million from $20.2 million.

The company, whose insurance investments are sold by its James Mitchell & Co. unit through banks and other financial institutions, also said Security Pacific Bank’s Washington state branch system is not reviewing its contract with Mitchell.

Spear said “it is expected” that Mitchell will get “a substantial termination payment,” but it did not specify how much that payment might be nor did it say how much revenue the contract had generated.