Islandia-based Gold Coast Bank reported a 31 percent drop in net income to $316,000 for the quarter ended Dec. 31.
The decrease was primarily due to an increase of $201,000 in the bank’s provision for loan losses as a result of growth in its loan portfolio during the quarter, the company said in a statement released Tuesday.
Gold Coast said its net income for the year rose 53 percent to $1.9 million.
The bank closed 2016 with $429 million in assets, a 23 percent year-over-year increase. Deposits totaled $365 million, a 19 percent increase from the same period a year ago.
In February, the bank expects to open its first branch in Brooklyn, said John Tsunis, the chairman and CEO of Gold Coast.
He said the bank has already had success lending in the New York City borough. He added that the bank is targeting a Manhattan branch as well.
“We have our eyes and ears open all the time,” Tsunis said.