Gold Coast Bank reports lower profits
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.
Sarra Sounds Off, Season 3, Ep 5: Top football teams in action and Nassau soccer playoff picks Gregg Sarra sounds off on Wantagh vs. Bethpage and Ward Melville vs Sachem North, plus Michaeil Sicoli has his Nassau soccer picks, an update on the high school fantasy football standings and the plays of the week.
Sarra Sounds Off, Season 3, Ep 5: Top football teams in action and Nassau soccer playoff picks Gregg Sarra sounds off on Wantagh vs. Bethpage and Ward Melville vs Sachem North, plus Michaeil Sicoli has his Nassau soccer picks, an update on the high school fantasy football standings and the plays of the week.
