- April 19, 2024
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by: Intracoastal Bank
Intracoastal Bank announced financial results on Jan. 15 for the year ended Dec. 31, 2020.
Total assets at Dec. 31, 2020, were $483.6 million, up $139.3 million, or 40%, from $344.3 million at Dec. 31, 2019.
Total deposits at Dec. 31, 2020 were $415 million, up 105.1 million, or 34% from $309.9 million, at Dec. 31, 2019.
Total loans at Dec. 31, 2020 were $282.4 million, up 41.2 million, or 17% from $241.2 million, at Dec. 31, 2019.
Net income for the full year 2020 increased by 7% from the full year 2019.
Intracoastal Bank’s Chief Executive Officer Bruce E. Page reported the Tier 1 capital ratio was 8.84% at Dec. 31, 2020, above what is required to be considered well capitalized. He said the bank continues to be safe and sound with excellent credit quality with one delinquent loan and no charge offs for 2020.
Page said, “Intracoastal‘s 2020 results far exceeded expectations and the bank continues to perform far better than industry norms in overall performance. Intracoastal’s proven track record of producing superior financial results has positioned the Bank to continue grow and make loans for the betterment of the local community and economy.”
Intracoastal Bank is a locally owned and operated financial institution. Intracoastal Bank’s Flagler County banking center is located at 1290 Palm Coast Parkway, NW, Palm Coast, Florida 32137.
The Bank’s Volusia County Banking Center is located at 2140 LPGA Blvd., Daytona Beach, FL 32117. The community bank serves the Northeast and East Central Florida area.
The bank is a state chartered commercial bank, member FDIC. Corporate information and e-banking are available at www.intracoastalbank.net. They can be reached at 386-447-1662, or Facebook at www.facebook.com/intracoastalbank.
