Office: 386- 449-0958, Cell: 386-864-0611
Palm Coast, Florida (January 18, 2013) - Intracoastal Bank today announced financial results for the year ended December 31, 2012.
Total assets at December 31, 2012, were $179 million, up $24 million, or 15%, from $155 million at December 31, 2011.
Total loans at December 31, 2012 were $91.2 million, up 13 million, or 17% from 78.2 million, at December 31, 2011.
Total deposits at December 31, 2012 were $159.9 million, up 21.6 million, or 16% from $138.3 million, at December 31, 2011.
Net income for the full 2012 year amounted to a record $2,172,465, compared with $1,470,759 for 2011, a 47% increase.
Commenting on the Company’s results Intracoastal Bank’s President and Chief Executive Officer Bruce E. Page stated, “The Company’s results exceeded Management and Board expectations and the response from the community has continued to be great ” he added “that according to data published by the Federal Deposits Insurance Corporation (FDIC) Intracoastal had the fastest growth in total deposits of any bank in combined Flagler and Volusia Counties market area during the year ending June 30, 2012, the most current data available”.
Mr. Page reported that the Bank Tier 1 capital ratio was 9.55% at December 31, 2012, higher than what is required to be considered well capitalized. The Bank has good credit quality with no material delinquent loans, no foreclosed properties and no material charge offs for 2012. Mr. Page stated, “Intracoastal Bank has consistently performed significantly above industry norms in every key area of performance. Our strong financial performance has positioned the Bank to continue to grow and make loans for the betterment of the community and local economy.”
Intracoastal Bank, headquartered in Palm Coast, is Flagler County’s only locally owned and operated financial institution. Intracoastal Bank’s main banking center is located at 1290 Palm Coast Parkway, NW, Palm Coast, Florida 32137. The Bank’s Lending Center is located at 1659 N. Clyde Morris Blvd Ste 2, 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. The bank is a state charted commercial bank, member FDIC. Intracoastal‘
More corporate information and e-banking are available at www.intracoastalbank.net.
For further information, please feel free to contact: