Islandia-based Gold Coast Bank said Tuesday that increased deposits and loan originations helped lift net income 23 percent to $515,000 for the quarter ended March 31.
Deposits rose 19 percent to $388 million, while loan originations jumped 38 percent to $31 million.
The bank’s assets also increased 19 percent to $443 million.
About 25 percent of the bank’s loan activity is in New York City.
Earlier this month, Gold Coast opened its first branch in the five boroughs. That branch is located at 176 Myrtle Ave. in Fort Greene, Brooklyn.
“The Brooklyn branch is in an area we already have a customer base,” said John Tsunis, the chairman and chief executive of Gold Coast.
The bank is seeking branch locations in Manhattan and the Long Island City section of Queens.
“The population density and wealth in the New York City area is hard to close our eyes to,” Tsunis said.
Gold Coast also has six branches in Nassau and Suffolk counties.