BSD Bancorp Reports Net Income Rose 77%

BSD Bancorp reported that net income for the San Diego-based bank holding company rose by 77% to $240,000 for the first quarter ended March 31.

The holding company’s assets rose by 4% to $348.6 million, deposits rose by 4% to $319.7 million, and total loans increased by 5% to $264.5 million.

Bank of San Diego, BSD’s largest subsidiary, reported a $189,000 net loss, compared to an $29,000 net loss during the first quarter of 1986.

BSD’s American Valley Bank reported that net income rose 83% to $117,000 and BSD Datacorp reported $68,000 in net income. The data processing subsidiary suffered an $11,000 loss a year ago.

BSD’s Coast Bank subsidiary reported that net income fell by 15% to $116,000. Bank of La Costa, 51% owned by BSD, reported that net income fell by 35% to $31,000.

Borrego Springs Bank, 34% owned by BSD, reported that net income fell 25% to $15,000.