Gold Coast Bank, an Islandia-based operator of five branches on the Island, reported lower profits due to a tax benefit that boosted the company's figures last year.
Profits for the privately held bank were $155,000, or 7 cents a share, for the three months ending June 30 -- down from $244,000 for the year-ago period. The decrease was due to a one-time $122,000 tax benefit that boosted the bank's profits in the 2012 quarter.
The bank's core earnings rose to $213,000 from $132,000 last year, due to a 13 percent increase in income from interest from the same quarter in 2012.
Gold Coast Bank's total assets also grew 28 percent to $224 million from the 2012 quarter.