Intracoastal Bank announces 2021 results for assets, income

Palm Coast Observer
Business

Intracoastal Bank recently announced financial results for the year ended December 31, 2021.

Total assets at December 31, 2021, were $524.7 million , up $41.1 million, or 9%, from $483.6 million at December 31, 2020.
Total deposits at December 31, 2021 were $478.1 million, up 63.1 million, or 15% from $415 million, at December 31, 2020.
Total loans at December 31, 2021 were $296 million, up 13.6 million, or 5% from $282.4 million, at December 31, 2020.
Net income for the full year 2021 increased by 12% from the full year 2020.

Intracoastal Bank’s Chief Executive Officer Bruce E. Page reported the Tier 1 capital ratio was 8.26% at December 31, 2021, above what is required to be considered well capitalized. The Bank continues to be safe and sound with excellent credit quality with no delinquent loans and no charge offs for 2021.

“Intracoastal‘s 2021 results significantly exceeded expectations and the Bank continues to perform far better than industry norms in overall performance," Page said. "Intracoastal’s proven track record of producing elite 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. Intracoastal provides an unmatched client experience by offering a high-touch relationship based banking with high-tech delivery solutions. The company offers state of the art convenience through digital solutions including online and mobile banking and a 24-hour ATM network. 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.