Intracoastal Bank in Palm Coast Announces Third Quarter Results
Net income of $1,021,232 during the 9 month period ending September 30, 2010
Palm Coast, FL – October 23, 2010 – Intracoastal Bank yesterday announced that the Bank recorded a net income of $1,021,232 during the 9 month period ending September 30, 2010. During the first 9 months, total assets increased by $21,492,556 to $106,982,994 at September 30, 2010. Deposits finished the third quarter at $92,521,262 an increase of $20,590,541 from December 31, 2009. During the same time, total loans increased to $57,852,853 an increase of $13,486,941. 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 phenomenal,” he added “that according to data published by the Federal Deposits Insurance Corporation (FDIC) Intracoastal had the fastest growth of any bank in Flagler County during the year ending June 30, 2010, the most current data available”.
Mr. Page reported that the Bank Tier 1 capital ratio was 13.2% at September 30, 2010, more than double what is required to be considered well capitalized. The Bank has good credit quality with no delinquent loans and no foreclosed properties. Mr. Page stated, “Our strong financial performance has positioned the Bank to continue to grow and make loans for the betterment of the community and local economy.”
In addition to serving the banking needs of the community Intracoastal Bank has benefited the area through active involvement and support of local nonprofit organizations in the form of volunteer hours, monetary donations and fundraising activities.
Intracoastal Bank, headquartered in Palm Coast, is Flagler County’s only locally owned and operated financial institution. Intracoastal Bank is located at 1290 Palm Coast Parkway, NW, Palm Coast, Florida 32137. 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.
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