BSD Bancorp on Wednesday reported record net income of $821,000 for the third quarter ended Sept. 30. BSD reported restated net income of $792,000 for the previous third quarter. The parent company of Bank of San Diego and several other banking-related subsidiaries reported $1.5 million in net income for the nine-month period ended Sept. 30, compared to a $1.7-million profit (restated) during the like period a year ago.
BSD realized the record profits “despite the absence of tax-loss carry-forwards,” according to a prepared statement released by BSD Chairman James S. Brown. BSD last year benefited from a $284,000 tax-loss carry-forward during the nine-month period.