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SAN DIEGO EARNINGS

July 14, 1987|GREG JOHNSON

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.

American Valley Bank reported a record $171,000 net profit for the second quarter, up from $51,000 a year ago. Coast Bank, another wholly owned subsidiary, reported that net income rose to $185,000 from $148,000 last year.

Bank of La Costa, which is 51% owned by BSD, reported that net income rose to $69,000 for the second quarter, compared with $31,000 last year. Borrego Springs Bank, which is 34% owned by BSD, reported $30,000 in net income for the quarter, compared with a $13,000 net loss during 1986.

BSD Bancorp reported that assets rose to $356.4 million from $321.1 million a year ago. Deposits rose to $326.6 million from $294 million and total loans rose to $268.1 million from $241.9 million.

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