By SERA KING / Headline Surfer
DAYTONA BEACH, Fla. — At its annual meeting of shareholders at the company’s Volusia Banking Center, Intracoastal Bancorp, Inc. named the following 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.
At the March 15 Annual Meeting, Bank management also provided a progress update highlighting the growth and success the Bank has experienced in 2021. Highlights include:
• Total assets as of December 31 were $524.7 million, up $41.1 million, or 9%, from $483.6 million as of December 31, 2020.
• Total deposits were $478.1 million, up $63.1 million, or 15%, from $415 million as of December 31, 2020.
• Total loans were $296 million, up $13.6 million, or 5%, from $282.4 million, as of December 31, 2020.
• Total loan origination for 2021 was $143 million, up $21 million, or 17%, from $122 million in 2020.
• Net income for the full year 2021 increased by 12% compared to the full year 2020.
• The Bank continues to be safe and sound with strong credit quality, with no significant overdue loans and no write-offs for 2021.
• Management also reported that the Bank has reinvested $829 million in lending back into the community since opening in 2008, with an estimated local economic impact of more than $2.5 billion.
Intracoastal President and CEO Bruce E. Page said Intracoastal’s 2021 results far exceeded expectations.
“The Bank continues to perform well above industry standards in most key areas and in overall performance. Intracoastal’s proven track record of exceptional financial results has enabled the Bank to provide our community with a high quality, safe and solid local alternative,” said Page. . “This elite level of performance also gives Intracoastal Bank the ability to continue to grow and lend for the betterment of the local economy and community.”
Intracoastal President and CEO Bruce E. Page said Intracoastal’s 2021 results far exceeded expectations.
“The Bank continues to perform well above industry standards in most key areas and in overall performance. Intracoastal’s proven track record of exceptional financial results has enabled the Bank to provide our community with a high quality, safe and solid local alternative,” said Page. . “This elite level of performance also gives Intracoastal Bank the ability to continue to grow and lend for the betterment of the local economy and community.”
Fast facts:
About the author of the signature: Sera King is Associate Editor of Headline Surfer, the award-winning 24/7 Internet media outlet in Lake Mary, Florida, serving Orlando, Sanford, and Daytona Beach through HeadlineSurfer.com since 2008. She is also Managing Editor ( business, community and sports feature films), a videographer and a cartoonist for the media. King received his bachelor’s degree in business administration from Ana G. Mendez University’s Metro Orlando campus in 2008. Headline Surfer is published by award-winning Central Florida journalist Henry Frederick.
