TODAY'S PAPER
62° Good Evening
62° Good Evening
Business

3 LI-based banks see improved earnings

Joseph G. Perri, Gold Coast Bank president and

Joseph G. Perri, Gold Coast Bank president and chief executive, said the bank plans soon to open its fifth branch in Mineola. (June 11, 2010) Credit: Joseph D. Sullivan

Three small Long Island-based banks reported improved second-quarter results Monday.

Bridge Bancorp, parent of the Bridgehampton National Bank, said its net income rose by 24 percent from the second quarter of last year, to a record $3.1 million, or 36 cents a share.

The bank opened its 21st branch June 8 in Ronkonkoma and said it had regulatory approval to open two more -- in Hauppauge and on Shelter Island -- early next year.

But the bank said its net interest margin -- the difference between the interest it earns on loans, securities and investments and the interest it pays out to depositors -- fell to 3.63 percent from 4 percent in the second quarter of last year. And it said its provision for loan losses was increased by $1.6 million from last year's quarter, to $2.5 million, which it said "reflects the consideration of macroeconomic factors."

Total assets were $1.4 billion as of June 30, up 18 percent from a year earlier.

A second bank, the 10-branch Community National Bancorp based in Great Neck, said net income for the quarter was $672,000, or 10 cents a share, up from $635,000 or 10 cents a year earlier.

It said that net interest income was up by 23 percent to $5.1 million for the quarter ended June 30 and that its net interest margin improved 7 basis points to 3.57 percent.

The bank during the quarter opened its 10th branch -- its first in Manhattan. Total assets grew to $618.7 million as of June 30, a 19-percent increase over a year earlier.

Privately held Gold Coast Bank, founded in 2008 and based in Islandia, said its profits were up 50 percent from a year earlier, to $244,000, for the quarter ended June 30. The year-earlier results included a $290,000 gain from the sale of securities.

Total assets were $175 million as of June 30, Gold Coast said, up 37 percent from a year earlier.

Joseph G. Perri, Gold Coast Bank president and chief executive, said the bank plans soon to open its fifth branch in Mineola, which will be its first in Nassau County. Others are in Islandia, Huntington, Setauket and Farmingdale.

More news