Coastway more than doubles profit in 2016

COASTWAY BANCORP Inc., the parent company of Coastway Community Bank, this month reported 2016 profit more than doubled 2015 profit, growing 114.3 percent to $3.5 million.
COASTWAY BANCORP Inc., the parent company of Coastway Community Bank, this month reported 2016 profit more than doubled 2015 profit, growing 114.3 percent to $3.5 million.

WARWICK – Coastway Bancorp Inc. this month reported 2016 profit more than doubled 2015 profit, growing 114.3 percent to $3.5 million.

The parent company of Coastway Community Bank reported profit for the year totaled 82 cents per diluted share compared with 36 cents per diluted share in 2015.

Total interest income and noninterest income grew 19.5 percent to $29.2 million. Interest income growth was fueled by net loans increasing 12.5 percent to $525.2 million, according to year-end results released Feb. 10. (Total loans figures were not immediately available).

Net interest margin fell to 3.31 percent during 2016 compared to 3.41 percent for 2015. Return on average assets grew to 0.58 percent compared with 0.32 percent during the prior-year period.

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Total assets grew 14 percent to $644.2 million. Total deposits increased 19.8 percent to $447.3 million.

Coastway Community Bank was founded in 1920 as the Telephone Workers Credit Union and is headquartered in Warwick. It has nine branches in Rhode Island.

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