Gold Coast Bank net rises sharply
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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Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
