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Gold Coast Bank reports 13 percent net income rise

CEO John Tsunis says Gold Coast Bank is

CEO John Tsunis says Gold Coast Bank is looking for growth in New York City. Credit: Gold Coast Bank / Michael Bazik

Islandia-based Gold Coast Bank said an increase in loans helped lift its net income 13 percent year-over-year to $645,000 for its quarter ended June 30.

The bank late Monday reported $365 million in total loans outstanding at the end of the quarter, up 23 percent from the same period a year ago. Loan originations and draws were $40 million in the second quarter, compared with $23 million in the same period in 2016.

About 25 percent of the bank’s loan activity is in New York City, the company has said.

“We’ve been lending in the Brooklyn area for about four years now, and finally caught up and put a branch there,” John Tsunis, chairman and chief executive of Gold Coast, said Tuesday.

Gold Coast in April opened the Brooklyn branch, its first in the five boroughs, at 176 Myrtle Ave. in Fort Greene.

“We are certainly looking at other potential locations in Brooklyn, or other areas of New York City,” Tsunis said, adding that the city’s “vibrant businesses and density” create a great opportunity for growth.

Gold Coast’s deposits increased 18 percent to $417 million and its assets hit $462 million, up 17 percent in the last year.

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