Gold Coast Bank Reports Profits for Fourth Quarter and Fiscal 2011

Long Island's Community Bank, Gold Coast Bank, which is headquarted in Islandia, NY and has additional branches in Huntington, NY and Setauket, NY, has announced a profitable fourth quarter and year end result for 2011.

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Islandia, NY - Long Island's Community Bank, Gold Coast Bank, which is headquarted in Islandia, NY and has additional branchesin Huntington, NY and Setauket, NY, has announced a profitable fourth quarter and year end result for 2011. Among the noteworthy gains achieved by the bank during the fourth quarter and fiscal 2011 are:
Net Income, including securities gains, was $828,000 for the year ended December 31, 2011, a $1.5 million increase from a net loss of $630,000 for the year ended December 31, 2010. Fiscal 2011 marked the first full year of operational profitability for the Bank since opening in March 2008.
Net income comprised entirely of core earnings was $97,000 for the three months ended December 31, 2011, a 115% increase in quarterly net income from $45,000 for the three months ended December 31, 2010. The fourth quarter of 2011 was the sixth consecutive quarter of profitability for the Bank.
Total Assets of $162 million at December 31, 2011, an increase of $43 million, or 36% from $119 million at December 31, 2010.
Total loans outstanding of $84 million, an increase of $13 million, or 19% compared to year end 2010. Loan originations for fiscal 2011 were $35 million, of which $16 million or 44% were originated in the fourth quarter of 2011.
Total deposits of $144 million, an increase of $42 million, or 41% compared to year end 2010. 49% of deposits at year end 2011 are demand deposits. The Bank opened its third location in East Setauket in April 2011, adding to its headquarters branch in Islandia, which opened in March 2008, and its Huntington branch that opened in August 2010.
Continued Strong Asset Quality:
Allowance for loan losses was 1.50% of total loans at December 31, 2011. The Bank had no nonperforming loans at December 31, 2011 compared to one nonperforming loan in the amount of $132,000 at December 31, 2010.
Well Capitalized at Year End:
- Tier 1 Leverage Capital of 11.08%
- Tier 1 Risk-Based Capital of 17.78%
- Total Risk-Based Capital of 19.03%
Joseph G. Perri, Gold Coast Bank President and Chief Executive Officer, stated, "We are proud to be considered one of the strongest de-novo banks in New York State. As we approach our fourth anniversary, Gold Coast Bank is well positioned for continued growth and profitability. In 2011, we added experienced staff and continued to invest in technology to support our growth. Our strong capital position, substantial liquidity and stellar asset quality will allow us to continue to meet the lending needs of our community. We are excited about expanding our products and services that cater to the special needs of small and mid-size businesses on Long Island. In fact, in November 2011 we introduced a new aggressively priced commercial loan product for small business that has been well received."

Mr. Perri continued, "Our three branches have exceeded our expectations for growth in demand deposits. We have identified two new branch locations in Nassau and Suffolk counties to further expand our footprint on Long Island in 2012. We expect to announce those locations soon."

About Gold Coast Bank
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 denovo banks, Gold Coast Bank has more than $150 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.