Intracoastal Bank today announced financial results for the year ended December 31, 2020.
Total assets at December 31, 2020, were $483.6 million , up $139.3 million, or 40%, from $344.3 million at December 31, 2019.
Total deposits at December 31, 2020 were $415 million, up 105.1 million, or 34% from $309.9 million , at December 31, 2019.
Total loans at December 31, 2020 were $282.4 million, up 41.2 million, or 17% from $241.2 million, at December 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 December 31, 2020, above what is required to be considered well capitalized. The Bank continues to be safe and sound with excellent credit quality with one delinquent loan and no charge offs for 2020. Mr. 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 offers a full range of deposit and loan products and services tailored to meet the needs of consumer and business customers.
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 https:www.facebook.com/intracoastalbank.
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