Long Island’s Community Banksm, Gold Coast Bank, headquartered in Islandia with current branches in Setauket and Huntington, announced today profitable first quarter results for 2012, marking its seventh consecutive quarter of profitability since opening in March 2008. Among the many noteworthy gains achieved by the bank during the first quarter of 2012 are:
- Net Income was $306,000 for the quarter ended March 31, 2012, compared to $333,000 for the quarter ended March 31, 2011, which included $283,000 of securities gains. Core earnings (pre-tax earnings excluding securities gains) for the first quarter of 2012 were $215,000 compared to $50,000 for the first quarter of 2011.
- Total Assets of $160 million at March 31, 2012, an
increase of $35 million, or 27% from $125 million at March 31, 2011.
- Total loans outstanding of $92 million, an increase of $18 million, or 24% from $74 million in the first quarter of 2011. Loan originations for the first quarter of 2012 were $13 million, an increase of $6.0 million, or 83% compared to the first quarter of 2011.
- Total deposits of $141 million, an increase of $33 million, or 30% from $108 million at March 31, 2011. 49% of deposits at March 31, 2012 are demand deposits compared to 44% at March 31, 2011.
- Continued Strong Asset Quality: Allowance for
loan losses was 1.37% of total loans at March 31, 2012. The bank had no nonperforming loans at March 31, 2012.
- Well Capitalized at March 31, 2012:
- Tier 1 Leverage Capital of 11.13%
- Tier 1 Risk-Based Capital of 17.33%
- Total Risk-Based Capital of 18.57%
Gold Coast Bank’s strong capital position has resulted in it recently receiving approval from the New York State Department of Financial Services and the Federal Deposit Insurance Corporation (FDIC) to open its fourth branch at 96A Allen Boulevard in Farmingdale, NY, its first within the Town of Babylon. The branch is expected to open its doors the week of April 23, 2012 and will allow the bank to extend its presence beyond its current Islandia, NY, Setauket, NY and Huntington, NY locations.
Gold Coast Bank President and Chief Executive Officer Joseph G. Perri, who was recently among nine members appointed to serve on the new New York State Charter Advisory Board to assist New York State Superintendent of Financial Services Benjamin M. Lawsky with promoting
the state charted banking system, stated, “Gold Coast Bank is proud to be considered one of the strongest de novo banks in New York State. As we begin our fifth year of operations, we are well positioned for continued growth and profitability, which allows us to further extend our services to the greater Long Island community. We continue to expand our branch footprint with our new Farmingdale location. We also continue to add experienced staff and invest in technology to support our growth in a stable, prudent manner. Through our strong capital position, substantial liquidity and stellar asset quality, we uphold our commitment to responsibly address and meet
the banking and lending needs of today’s individuals and businesses.”
Headquartered in Islandia with individual branches located in Huntington and Setauket, Gold Coast Bank is a New York State chartered bank whose popularity and sterling reputation stems from the strong, long-term relationships it has cultivated among its large and diverse customer base. A member of the Federal Deposit Insurance Corporation (FDIC) and one of Long Island’s financially
strongest de novo banks, Gold Coast Bank has more than $160 million in assets and prides itself on providing businesses and individuals with quality lending and banking services. Fulfilling a unique niche within the Long Island commercial banking sector, Gold Coast Bank delivers specialty lending capabilities in a variety of areas that include real estate, equipment finance, and lines of credit for privately owned businesses. For more information about Gold Coast Bank, please visit www.gcbny.com.