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Intracoastal Bank Announces Annual Meeting Results March 24, 2017

Palm Coast, Florida (March 24, 2017) – Intracoastal Bank, held its annual meeting of shareholders on March 23, 2017 at the Plantation Bay Golf and Country Club.

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

Bank management provided shareholders with a progress update highlighting the outstanding growth and success the Bank experienced in 2016. The highlights included the following:

Total assets at December 31, 2016, were $284.5 million up $18.5 million, or 7%, from $266 million at December 31, 2015.

Total loans at December 31, 2016 were $176.1 million, up 33.6 million, or 24% from $142.5 million, at December 31, 2015.

Total deposits at December 31, 2016 were $258 million, up 16.7 million, or 7% from 241.3 million, at December 31, 2015.

Net income for the full year 2016 increased by 22% from the full year 2015.

The Bank continues to prove its safe and sound with good credit quality with no material delinquent loans, no foreclosed properties and no charge offs for 2016. Bank management also reported Intracoastal Bank has reinvested 327 million in loans in the community since opening its doors in 2008 in the form of personal and business lending. Intracoastal Bank’s President and Chief Executive Officer Bruce E. Page said, “Intracoastal‘s 2016 results significantly exceeded expectations and the Bank continues to perform far better than industry norms in all key areas of performance. Intracoastal’s proven track record of strong financial results has positioned the Bank to offer our community a top quality, safe and sound, local choice. This elite level of performance also gives Intracoastal Bank the ability to continue to grow and make loans for the betterment of the community and local 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 Bank serves the Northeast and East Central Florida area. The bank offers a full range of deposit and loan products tailored to meet the needs of consumers and businesses in the community with convenient access through 24-hour ATMs, internet and mobile banking. The bank is a state charted business 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.

For further information, please contact:

Bruce Page
President & C.E.O.
2140 LPGA Blvd.
Daytona Beach, Florida 32117
1290 Palm Coast Parkway NW
Palm Coast, FL. 32137
Office: 386- 449-0958
Fax: 386-447-1663
Cell: 386-864-0611
Email: bpage@intracoastal.net
Web: www.intracoastalbank.net
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