has announced profitable second quarter results for 2012, marking its eighth consecutive quarter of profitability since opening in March 2008.
Gold Coast Bank is also proud of its recent ranking among the top safest banks in America. In a list recently compiled by InvestingAnswers, Gold Coast Bank placed among 359 banks out of a total of more than 7,300 in the nation to achieve a perfect Texas Ratio of 0.0.
This is a designation determined through a special metric called the “Texas Ratio” that can be used to find banks that are the furthest from failure. The closer the Texas Ratio gets to zero, the lower the bank’s risk of failure.
Gold Coast Bank’s profitable second quarter results for this year are attributed to a number of noteworthy gains achieved by the bank during the second quarter, which are:
- Net Income was $244,000 for the quarter ended June 30, 2012, compared to $163,000 for the quarter ended June 30, 2011, which included $290,000 of securities gains. Core earnings (pre-tax earnings excluding securities gains) for the second quarter of 2012 were $132,000 compared to a pre-tax loss of $127,000 for the second quarter of 2011.
- Net income was $550,000 for the six months ended June 30, 2012, compared to $496,000 for the six months ended June 30, 2011, which included $574,000 of securities gains. Core earnings (pre-tax earnings excluding securities gains) for the first six months of 2012 were $347,000 compared to a pre-tax loss of $78,000 for the first six months of 2011.
- Total Assets of $175 million at June 30, 2012, an increase of $47 million, or 37% from $128 million at June 30, 2011.
“Gold Coast Bank is proud to be voted one of the 359 safest banks in America out of more than 7,300 banks," said Gold Coast Bank President and Chief Executive Officer Joseph G. Perri. "Through our profitability and financial strength over the last five years of operations, we have been able to expand our branch network as well as upgrade our internal operational systems and key cash management services. All of these initiatives have enabled us to provide greater services for our current customers as well as the opportunity to reach and obtain new customers.
Gold Coast Bank is continuing its branch expansion. Coming soon, subject to New York State Department of Financial Services approval, the bank will be opening a Mineola branch, the fifth overall branch and first in Nassau County.
Gold Coast Bank is headquartered in Islandia with individual branches in Huntington, Setauket and Farmingdale.
For more information about Gold Coast Bank, please visit www.gcbny.com.