By: Claude Solnik
Islandia-based Gold Coast Bank reported $573,000 second quarter net income, up 178 percent from $206,000, and $991,000 for the year to date up 114 percent from $463,000.
Assets for the quarter ended June 30 increased $70 million to $395 million from a year ago and $46 million from the end of the prior year.
Gold Coast’s deposits rose $57 million to $352 million from a year ago and grew by $45 million from the end of the prior year.
The bank’s loan portfolio grew by $63 million to $297 million year over year and by $21 million from the end of the prior year.
CEO John Tsunis said the bank is intent on continuing “our financial progress” and expanding, fueled by funds it obtained recently through a public offering.
Gold Coast on June 28 completed a public offering of nearly 1 million shares that raised about $9.5 million as its stock began trading on the OTC Pink Markets under the “GLDT” symbol.