By SERA KING / Headline Surfer
DAYTONA BEACH, Fla. -- Intracoastal Bancorp, Inc. at its annual meeting of shareholders at the company’s Volusia Banking Center named the following individuals to serve as directors for the 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 at the March 15 annual meeting also provided a progress update highlighting the growth and success the Bank experienced in 2021. The highlights include the following:
• Total assets on Dec. 31, were $524.7 million, up $41.1 million, or 9%, from $483.6 million on Dec. 31, 2020.
• Total deposits were $478.1 million, up 63.1 million, or 15% from $415 million, on Dec. 31, 2020.
• Total loans were $296 million, up 13.6 million, or 5% from $282.4 million, on Dec. 31, 2020.
• Total loan production for 2021 was $143 million, up 21 million, or 17% from $122 million during 2020.
• Net income for the full year 2021 increased by 12% from the full year 2020.
• The Bank continues to be safe and sound with strong credit quality with no material delinquent loans and no charge offs for 2021.
• Management also reported the Bank has reinvested $829 million in loans in the community since opening its doors in 2008 with an estimated local economic impact of over $2.5 billion.
Intracoastal’s Chairman and Chief Executive Officer Bruce E. Page said Intracoastal‘s 2021 results far exceeded expectations.
"The Bank continues to perform significantly 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 high quality, safe, and sound, local alternative," Page said. "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.”
Intracoastal’s Chairman and Chief Executive Officer Bruce E. Page said Intracoastal‘s 2021 results far exceeded expectations.
"The Bank continues to perform significantly 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 high quality, safe, and sound, local alternative," Page said. "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.”
About the Byline Writer: Sera King is associate publisher of Headline Surfer, the award-winning 24/7 internet news outlet in Lake Mary, FL serving greater Orlando, Sanford, and Daytona Beach via HeadlineSurfer.com since 2008. She's also a byline writer (business, community & sports features), a videographer, and a cartoonist for the media outlet. King received her bachelor's degree in Business Administration from the Metro Orlando Campus of Ana G. Mendez University in 2008. Headline Surfer is published by Henry Frederick, Central Florida's award-winning journalist.