BSD Bancorp Inc. reported that net income rose to a record $705,000 for the second quarter, compared with $203,000 during the same quarter a year ago. The San Diego-based bank holding company reported $945,000 in net income for the first half, up from $339,000 over the same period last year.
BSD's Bank of San Diego subsidiary reported $141,000 in net income for the second quarter, compared with $8,000 in net income a year ago. Bank of San Diego reported a $47,000 net loss for the first half, compared with a net loss of $21,000 over the same six months last year.
Bank of San Diego will "move into the black in July," according to BSD Chairman James Brown, who added that the once-struggling bank subsidiary produced the holding company's largest net profit during the second quarter.
BSD Datacorp reported a $27,000 net profit, compared with a $24,000 net loss a year ago. BSD's data-processing subsidiary reported a $94,000 net profit for the first half, compared with a profit of $13,000 last year.