Intracoastal Bancorp announces annual meeting results

Ormond Beach Observer
Business

from: Intracoastal Bancorp, Inc.

Intracoastal Bancorp, Inc. held its annual meeting of shareholders on Thursday, March 18, at the company’s Volusia Banking Center.

At the meeting, the following individuals were elected to serve as directors for the coming year: Dr. Pamela Carbiener, C. Scott Crews, Thomas L. Gibbs, Anand Jobalia, Albert B. Johnston, Jr., Gerald P. Keyes, Michael Machin, Bruce E. Page and Ryan T. Page.

Bank management provided a progress update highlighting the growth and success the bank experienced in 2020. The highlights included the following:

Total assets at December 31, 2020, were $483.6 million , up $139.3 million, or 40%, from $344.3 million at December 31, 2019.
Total deposits at December 31, 2020 were $415 million, up 105.1 million, or 34% from $309.9 million , at December 31, 2019.
Total loans at December 31, 2020 were $282.4 million, up 41.2 million, or 17% from $241.2 million, at December 31, 2019.
Net income for the full year 2020 increased by 7% from the full year 2019.

The bank continues to be safe and sound with strong credit quality with no material delinquent loans and no foreclosed properties for 2020. Management also reported the bank has reinvested 682 million in loans in the community since opening its doors in 2008 in the form of personal and business lending.

“Intracoastal‘s 2020 results significantly exceeded expectations," said Bruce E. Page, Intracoastal’s chairman and chief executive officer. "The bank continues to perform far better than industry norms in most key areas and in overall performance. Intracoastal’s proven track record of exceptional financial results has positioned the bank to offer our community a high quality, safe and sound, local alternative. This elite level of performance also gives Intracoastal Bank the ability to continue to grow and make loans for the betterment of the local economy and community.”