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BSD BANCORP INC. REPORTS YEAR-END 1991 RESULTS

 BSD BANCORP INC. REPORTS YEAR-END 1991 RESULTS
 SAN DIEGO, Jan. 17 /PRNewswire/ -- BSD Bancorp Inc. (AMEX: BSD)


today reported a loss of $569,000 or $.15 per share for the full year 1991 and a loss of $1.2 million or $.32 per share for the fourth quarter ended Dec. 31, 1991. This compares to net income of $3.4 million or $.92 per share for the full year 1990 and net income of $403,000 or $.11 per share for the fourth quarter ended Dec. 31, 1990.
 The decline in earnings for both the full year and the fourth quarter was due primarily to lower net interest margins and higher loan loss reserves.
 "BSD Bancorp's operating results were impacted by both the declining interest rate environment and the continued weakness of the California economy," said James S. Brown, chairman. "We added substantially to our reserves during 1991, to a total reserve of 1.7 percent of gross loans at year-end, as our non-performing loans increased through the first three quarters of 1991. At year-end, however, non-performing loans declined to $18.7 million from $23.6 million at the end of September. While still too high, we are pleased with the recent trend in these balances," he said.
 At year-end, non-performing loans stood at 5.7 percent of total loans, up from $6.5 million or 1.8 percent of total loans at the end of 1990. Loan loss reserves amounted to $5.4 million or 1.7 percent of total loans, compared to $4.2 million or 1.2 percent of total loans at year-end 1990.
 Non-interest income for the full year 1991 advanced $1 million because of gains on the sale of SBA loans and growth in fees generated by North American Trust Co. Non-interest expense increased $1 million, stemming from higher expenses relating to real estate owned, the write-down of two municipal bonds and higher FDIC insurance premiums.
 Total assets were $426 million at year-end 1991, compared to $458 million last year. Primary capital increased to 7.5 percent from 7.0 percent at the close of 1990, and risk-based capital stood at 8.6 percent, up from 8.2 percent the prior year. The company's equity-to-assets ratio also grew year-to-year to 6.4 percent from 6.1 percent in 1990.
 BSD Bancorp Inc. is a diversified holding company serving banking and trust markets predominately in Southern California.
 -0- 1/17/92
 /CONTACT: Marilyn Creson Jones, CFO of BSD Bancorp, 619-237-5366/
 (BSD) CO: BSD Bancorp Inc. ST: California IN: FIN SU: ERN


AL-JL -- SD003 -- 0831 01/17/92 07:33 EST
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Date:Jan 17, 1992
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