+ Intracoastal Bank declares fourth quarter results
Intracoastal Bank announced financial results for the fourth quarter and year ending Dec. 31, 2010.
Net income for 2010 amounted to a record $1,196,243. Fourth quarter 2010 net income was $175,011, compared with $248,441 for third quarter 2010. The principal driver of the reduction in 2010 fourth-quarter earnings was a significantly higher provision for loan losses as a result of the bank’s fourth-quarter loan growth.
Total assets at Dec. 31, 2010, were $113.1 million, up $6.1 million, or 5.7%, from $107 million at Sept. 30, 2010. Compared to Dec. 31, 2009, total assets increased $27.6 million, or 32.3%.
For the quarter ending Dec. 31, 2010, Intracoastal’s total loans were $63.6 million, which represented an increase of $19.2 million, or 43.2%, from the same quarter a year ago and were up $5.7 million, or 9.8%, from the third quarter of 2010.
Period-end deposits for the fourth quarter were $99.7 million, up $7.2 million, or 7.8%, from the prior quarter, and were up 38.7%, from Dec. 31, 2009.
Commenting on the company’s results, Intracoastal Banks President and CEO Bruce E. Page stated: “According to data published by the Federal Deposits Insurance Corp., Intracoastal had the fastest growth of any bank in Flagler County during the year ending June 30, 2010, the most current data available.”
Intracoastal Bank, headquartered in Palm Coast, is Flagler County’s only locally owned and operated financial institution. Intracoastal Bank is located at 1290 Palm Coast Parkway N.W.
+ New law firm opens in Westpointe Plaza
Personal-injury attorney Philip J. Chanfrau has announced the formation of his new law new firm, Palm Coast Injury Law LLC. Chanfrau, who has been practicing law for more than 30 years in Florida, plans to serve clients in Flagler, St. Johns and Volusia counties.
Chanfrau’s areas of expertise range from vehicular accidents and product and premises liability to all forms of injuries and wrongful death.
For 25 years, Chanfrau was a partner in his own firm, Chanfrau & Chanfrau, in Daytona Beach. During the early part of his early career, he handled everything from adoptions to zoning, including domestic relations, criminal law, estate and probate, real estate and commercial litigations.
Chanfrau resides in Palm Coast with his wife, Jeanie. Palm Coast Injury Law is located at Westpointe Plaza, 389 Palm Cost Parkway S.W., Suite 4. Call 445-7411.
+ Kohl’s donates Dr. Seuss toys to hospital children
Kohl’s has donated 200 plush green birds, a character featured in Dr. Seuss’ book “Oh Say Can You Say?”, as well as several copies of “The Grinch Who Stole Christmas” to Florida Hospital Flagler.
The donation comes as a part of Kohl’s Cares for Kids program and will benefit children in the hospital’s pediatric rehabilitation program, as well as any children visiting the emergency room or staying overnight as a patient.
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