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.

Sourse: http://libn.com/2016/07/18/gold-coast-bank-profit-rises/

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