PRLog - Jan. 25, 2014 - PALM COAST, Fla. -- Intracoastal Bank today announced financial results for the year ended December 31, 2013.
Intracoastal Bank's Total assets at December 31, 2013, were up $20.8 million.
Total assets at December 31, 2013, were $199.8 million, up $20.8 million, or 12%, from $179 million at December 31, 2012.
Total loans at December 31, 2013 were $106.3 million, up 15.1 million, or 17% from $91.2 million, at December 31, 2012.
Total deposits at December 31, 2013 were $182.9 million, up 23 million, or 14% from $159.9 million, at December 31, 2012.
Net income for the full year 2013 increased by 32% from the full year 2012.
Commenting on the Company’s performance 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 excellent”.
Mr. Page reported that the Bank Tier 1 capital ratio was 9.47% at December 31, 2013, 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 2013. 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, and is a 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 Flagler and Volusia Counties 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. The bank is a state charted commercial bank, member FDIC. Intracoastal‘
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President & C.E.O.
1290 Palm Coast Parkway NW
Palm Coast, FL. 32137