Gold Coast Bank reported a 20 percent rise in third-quarter profit as it continues to grow its interest income, deposits and lending.
The Islandia-based six-branch bank said its net income was $319,000, or 11 cents per share, during the three months that ended in September, up from $266,000 one year earlier. Net interest income, the difference between the revenue generated from a bank's assets and the expenses associated with liabilities, grew 20 percent, to $438,000.
Gold Coast, founded in 2008, said deposits totaled $312 million, up 29 percent from a year ago. Total assets were $343 million, up 24 percent. Outstanding loans totaled $259 million, up 32 percent.