Gold Coast Bank’s profit rose 178 percent in the April-June quarter compared with the same period a year earlier, executives announced.
The Islandia-based financial institution said it earned $573,000 in the second quarter, up from $206,000 in 2015.
The quarterly profit equals 17 cents per share compared with 7 cents in 2015.
Gold Coast, which has six offices, reported total assets of $395 million as of June 30, up 22 percent from a year earlier.
Deposits totaled $352 million, a 19 percent rise year over year.
The bank’s outstanding loans totaled $297 million in the second quarter, an increase of 27 percent from June 30, 2015.
Net interest income, the difference between the revenue generated from a bank’s assets and the expense associated with liabilities, climbed to $2.9 million in the second quarter, a gain of 21 percent. The bank announced its earnings Monday.
Gold Coast raised $9.5 million between February and last month in a public stock offering. Its shares began trading on the Over-The-Counter Pink market under the symbol GLDT.
CEO John C. Tsunis said the funds will be used to open more branches, including one in Downtown Brooklyn, and to increase lending activity.
He said, “Our team is intent to continue our financial progress and sustain our expansion, while delivering exceptional service that only a community bank with local relationships can deliver.”