Gold Coast Bank reported record earnings in its 2012 fourth quarter earnings report, stating that income had more than doubled.
According to a release, the Islandia-based bank had a net income of $920,000 for the quarter ending Dec. 31, 2012 compared with $436,000 for the same period of time in 2011. The bank reaped $845,000 in tax benefits, up from $339,000 the previous year.
Core earnings dropped from $96,000 to $75,000.
The bank attributed the decrease to expenses associated with the opening of the bank’s new Mineola branch in October 2012. The branch was the bank’s fifth location and first in Nassau County. It also has branches in Islandia, Farmingdale and Huntington.
Gold Coast’s net income was $1,796,000 for 2012, up from $1.168 million last year. The bank’s total assets were $202 million at the end of 2012, up 25 percent from 2011.
“We continue to be encouraged by our bank’s growth and profitability,” Gold Coast President and CEO Joseph G. Perri, said in a statement. “We grew by two additional branches in 2012, Farmingdale and Mineola, which is our first in Nassau County.”
The bank has also won approval to increase its capital stock from about 2.4 million shares to 4.35 million.
“That will allow us to raise additional capital to ensure we meet all regulatory capital requirements as well as increase our legal lending limit,” Perri said, noting “we intend to commence a common stock offering soon.”
