Long Island’s Gold Coast Bancorp Reports 37% Earnings Growth in 2019

ISLANDIA, N.Y.--(BUSINESS WIRE)--Gold Coast Bancorp, Inc. (OTC:GLDT) (“Gold Coast”), the holding company for Gold Coast Bank, known as “Long Island’s Community Bank”sm, (the “Bank”) today reported net income for the quarter ended September 30, 2019 of $587,000, or $0.15 per diluted share compared with net income of $391,000, or $0.10 per diluted share for the quarter ended September 30, 2018. Return on average assets and return on average equity was 0.41 percent and 5.00 percent, respectively, in the third quarter of 2019, compared to 0.29 percent and 3.64 percent in the 2018 third quarter. The increase in net income was primarily due to a decrease in the provision for loan losses.