Discovery Bancorp reports quarterly climb, annual decline

San Diego Business Journal, March 13, 2006 by Mike Allen

Quarterly Climb, Annual Drop: San Marcos-based Discovery Bancorp reported net income for the fourth quarter of $330,044, up 138 percent from the prior year's fourth quarter.

However, earnings for the bank last year were $552, 681, down 10.6 percent from the net income in 2004.

The bank's earnings last year included one-time expenses of $340,000 related to the holding company's acquisition of Celtic Capital Corp., a Santa Monica-based commercial finance company, and $260,000 in costs related to the holding company's reorganization. In 2004, Discovery Bank also took $85,800 in tax benefits due to earlier net losses. The bank opened in 2001.

Discovery's total assets grew to $164.6 million as of Dec. 31, up 66 percent from the same time in 2004. Total loans rose 68 percent to $134 million, and total deposits grew to $112.6 million, up 41 percent from the prior year.

Discovery stock, traded over the counter under the ticker DVBC.OTC, closed at $18.50 on March 6.

Send any news about local banks and other finance stories to Mike Allen via e-mail at mallen@sdbj.com. He can be reached at (858) 277-6359.