Intracoastal Bank earlier this month announced financial results for the year ended December 31, 2017.
Total assets at December 31, 2017, were $314.8 million up $30.3 million, or 11 percent, from $284.5 million at December 31, 2016.
Total deposits at December 31, 2017 were $285 million, up 27 million, or 10 percent from $258 million, at December 31, 2016.
Total loans at December 31, 2017 were $198.5 million, up 22.4 million, or 13 percent from $176.1 million, at December 31, 2016.
Net income for the full year 2017 increased by 19 percent from the full year 2016.
Intracoastal Bank’s President and Chief Executive Officer Bruce E. Page reported the Tier 1 capital ratio was 8.88% at December 31, 2017, above what is required to be considered well capitalized. The Bank continues to prove its safe and sound with excellent credit quality with no delinquent loans, no foreclosed properties and no charge offs for 2017. Mr. Page said, “Intracoastal‘s 2017 results far surpassed expectations and the Bank continues to perform significantly better than industry norms in all key areas of performance. Intracoastal’s proven track record of producing strong financial results has positioned the Bank to grow and make loans for the betterment of the local economy and community.”
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 Bank serves the Northeast and East Central Florida area. The bank offers a full range of deposit and loan products tailored to meet the needs of customers and the community including retail and commercial loan products, small business products and convenient 24-hour ATMs for customers and non-customers to use. The bank is a state charted commercial bank, member FDIC. Corporate information and e-banking are available at www.intracoastalbank.net.
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