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Business

Gold Coast bank shows yearly profit

Gold Coast Bank

Gold Coast Bank Photo Credit: Kevin P. Coughlin

Gold Coast Bank, one of the Island’s newer financial institutions specializing in commercial banking, reported Thursday that 2011 was its first profitable year since its founding in 2008.

Headquartered in Islandia, privately-held Gold Coast also has branches in Huntington and Setauket.

It said its net income was $828,000 for the year, up $1.5 million from a net loss of $630,000 for 2010.

Net income for last year’s final quarter was $97,000, up 115 percent from a year earlier. The fourth quarter of 2011 was the sixth consecutive quarter of profitability for the bank. 

Total assets were $162 million at Dec. 31, up 36 percent from a year earlier. Total loans outstanding were $84 million, up 19 percent. Total deposits of $144 million at year’s end represented a 41 percent increase.

Allowance for loan losses was 1.5 percent of total loans at Dec. 31, the bank said, and it had no nonperforming loans at year’s end. 

President and chief executive Joseph G. Perri said in a statement that Gold Coast is one of New York’s strongest new state chartered banks. “We have identified two new branch locations in Nassau and Suffolk counties to further expand our footprint on Long Island in 2012,” he said. “We expect to announce those locations soon.”

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