Severance for former CEO hits Gold Coast Bank earnings

Privately held Gold Coast Bank in Islandia reported lower quarterly net income Thursday afternoon due to a one-time charge related to severance payments.

Net income at Gold Coast was $5,000 -- or less than 1 cent per share -- for the three months ending June 30, compared to $155,000 for the same period in 2013.

The decline in profit was because of a charge of $278,000 for severance payments related to the departure of former chief executive and president Joseph Perri, said chief financial officer Catherine Califano. Perri left the company in May to pursue other opportunities and was replaced by chairman John Tsunis.

Interest income at Gold Coast rose in the second quarter, while noninterest income fell.

Gold Coast Bank runs five branches on Long Island -- in Islandia, Huntington, East Setauket, Farmingdale and Mineola.