BSD Bancorp reported that net income for the fourth quarter ended Dec. 31, 1987, rose to $633,000, up from $54,000 during the previous fourth quarter. Net income for the year ended Dec. 31 rose to $2.2 million, up from $129,000 for 1986.
All of BSD's banking and banking services subsidiaries were profitable for the year, according to BSD Chairman James S. Brown.
BSD's Bank of San Diego subsidiary reported a $215,000 net profit during the fourth quarter, compared to a $422,000 net loss during the fourth quarter of 1986. The bank returned to profitability for the year, reporting a $324,000 net profit. The bank generated a $985,000 net loss during 1986.
BSD Datacorp also returned to profitability for the year, with a $169,000 net profit. BSD's data-processing subsidiary reported a $191,000 net loss during 1986.
Coast Bank was BSD's earnings leader for the third straight year, with a $713,000 net profit. American Valley Bank reported a $661,000 net profit for the year and Bank of La Costa, a 51%-owned subsidiary, reported an $8,000 net profit. Borrego Springs Bank, a 34%-owned subsidiary, reported a $102,000 net profit.
BSD reported that total assets fell to $335 million on Dec. 31, 1987, down from $370 million on the last day of 1986. Deposits fell to $302 million from $341 million. Brown said that assets at the end of 1986 were "temporarily inflated by unusual deposit increases related to the pending changes in 1987 tax laws."
Net loans fell to $248 million at the end of 1987, compared to $269 million a year earlier.