BSD Bancorp reported Wednesday that net income...

BSD Bancorp reported Wednesday that net income rose 33% to $1.2 million for the fourth quarter ended Dec. 31, up from $870,000 during the previous fourth quarter. Net income for the year rose by 4%, to a record $2.7 million, up from $2.5 million (restated) during the previous year.

BSD’s year-end assets rose by 5% to $355 million, up from $335 million a year ago. Total deposits rose by 6% to $319 million, up from $302 million a year ago. Net loans rose by 7% to $266, up from $248 million a year ago.

BSD’s equity-to-assets ratio rose to 6.3%, up from 6.1% a year ago.

BSD’s three wholly owned banking subsidiaries--Coast Bank, Bank of San Diego and American Valley Bank--reported higher results for the year. Bank of San Diego reported that net income rose to $1 million, up from $295,000 a year ago.