Coastway Bancorp reports $1.6M profit

WARWICK – Aided by strong loan growth, Coastway Bancorp Inc. reported year-end profit of $1.6 million, or 36 cents per diluted share, bouncing back from a net loss of $965,000 for 2014.
A large portion of the year-over-year growth, for the parent company of Coastway Community Bank, came from a 14.3 percent increase to interest income totaling $17.8 million. The growth was fueled by a 21.6 percent increase in net loans, which totaled $467 million for 2015. Provision for loan losses at the same time grew to $486,000 in 2015 compared with $432,000 in 2014.
Nonperforming loans as a percent of total loans fell to 0.91 percent for 2015 compared with 1.68 percent for 2014.
Total interest income and noninterest income grew 13.7 percent to $24.4 million for 2015 compared with $21.5 million in 2014. The bank reported total assets growing 21.3 percent to $565.1 million. Deposits grew 8.7 percent to $373.5 million.

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