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Gold Coast Bank net rises sharply

Gold Coast Bank said it earned 14 cents

Gold Coast Bank said it earned 14 cents a share in the first quarter ended March 31, 2016, up from 9 cents a year ago. Above, the Islandia-based bank's corporate headquarters are seen on Feb. 14, 2011. Credit: Kevin P. Coughlin

Islandia-based Gold Coast Bank said Monday that its first-quarter net income rose 63 percent from a year earlier to $418,000 on an almost 30 percent increase in net interest income.

The six-branch bank said it earned 14 cents a share in three months ended March 31, up 55 percent from 9 cents a share a year earlier.

Total assets at March 31 were $372 million, up 8 percent from a year earlier.

Net interest income, the difference between the revenue generated from a bank’s assets and the expenses associated with liabilities, rose from $2.3 million to $2.9 million.

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