Intracoastal Bank Announces 2015 Results

PALM COAST, Fla. - Jan. 15, 2016 - PRLog -- Intracoastal Bank today announced financial results for the year ended December 31, 2015.

Total assets at December 31, 2015, were $266 million up $29.4 million, or 12%, from $236.6 million at December 31, 2014.

Total loans at December 31, 2015 were $142.5 million, up 18.1 million, or 15% from $124.4 million, at December 31, 2014.

Total deposits at December 31, 2015 were $241.3 million, up 26.6 million, or 12% from 214.7 million, at December 31, 2014.

Net income for the full year 2015 increased by 16% from the full year 2014.

Intracoastal Bank’s President and Chief Executive Officer Bruce E. Page reported the Tier 1 capital ratio was 8.68% at December 31, 2015, higher than what is required to be considered well capitalized.  The Bank continues to prove its safe and sound with good credit quality with no material delinquent loans, no foreclosed properties and no charge offs for 2015.  Mr. Page said, “Intracoastal‘s 2015 results far exceeded expectations and the Bank continues to perform 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 continue to grow and make loans for the betterment of the community and local 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 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, mortgage loan origination, 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.  Intracoastal‘s 5-Star "superior" rating distinguishes the bank as one of Florida’s strongest, safest financial institutions, according to BauerFinancial, Inc.

Corporate information and e-banking are available at www.intracoastalbank.net and they can be reached on Facebook at https://www.facebook.com/intracoastalbank.