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Gold Coast Bank Reports Another Profitable Quarter

Local bank says its earnings have grown seven consecutive quarters.

Since its launch in 2008, has posted seven consecutive profitable quarters, including a 27 percent year-over-year increase from March of 2011 to March of 2012, the bank announced Monday.

The Islandia-based bank, which has locations in Setauket, Huntington and soon-to-be-launched Farmingdale, saw assets climb to $160 million in March of 2012, up from $125 million in March of 2011. It also posted a net income of $306,000 in March of 2012, following a first-quarter net of $215,000.

Gold Coast CEO and president Joseph Perri said in a statement that the bank, considered a de novo bank for five years or less in operation, said the bank is in the position to not only continue to grow its revenue and assets, but also to expand.

"We also continue to add experienced staff and invest in technology to support our growth in a stable, prudent manner," Perri said. "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."

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