BSD Bancorp reported that net income rose to a record $610,000 for the third quarter ended Sept. 30. The San Diego-based bank holding company reported a $264,000 net loss during the third quarter of 1986.
BSD's $1.5-million net profit for the nine-month period surpassed the holding company's previous annual earnings record of $1.1 million. The holding company reported a $75,000 net profit during the first nine months of 1986.
BSD's Bank of San Diego subsidiary, reported a $157,000 net profit for the quarter ended Sept. 30. It had reported a $542,000 net loss in the third quarter of 1986 and a $110,000 net profit for the nine-month period ended Sept. 30.
Bank of San Diego, which is operating under a regulatory order to bolster its capital-to-assets ratio from about 5% to 7%, generated a $563,000 net loss for the first three months of 1986.
The profitable performances during the third quarter and the nine-month period "verify the Bank of San Diego's return to consistent profitability," according to a prepared statement issued Tuesday by BSD and Bank of San Diego Chairman James S. Brown.
BSD's Coast Bank subsidiary reported a $165,000 profit, up from $149,000 during the third quarter of 1986, and a $466,000 net profit for the nine-month period.
BSD's American Valley Bank subsidiary reported a $160,000 net profit, up from $92,000 during the like quarter a year ago, and a $447,000 net profit for the first three quarters of 1987.
BSD also owns BSD Datacorp, the holding company's data processing subsidiary as well as interests in Bank of La Costa and Borrego Springs Bank, each of which recorded profits for the quarter.
As of Sept. 30, BSD had a total of $342.3 million in assets, $311 million in deposits and $249 million in net loans.