Palm Coast, Florida (April 21, 2011) - Intracoastal Bank today announced financial results for the first quarter ended March 31, 2011.
First quarter 2011 net income was $340,751, compared with $175,011 for the fourth quarter 2010. The principal driver of this increase in first quarter 2011 earnings was a result of the Banks strong earning asset growth (loans and investments).
Total assets at March 31, 2011, were $126.6 million, up $13.5 million, or 11.9%, from $113.1 million at December 31, 2010.
For the quarter ended March 31, 2011, Intracoastal’s total loans were $64.7 million, which represented an increase of $1.1 million, or 1.7 percent, from fourth quarter of 2010.
Period-end deposits for the first quarter 2011 were $112.8 million, up $13.1 million, or 13.1 percent, from the prior quarter.
Commenting on the Company’s results Intracoastal Bank’s President and Chief Executive Officer Bruce E. Page stated, “The Company’s results once again surpassed Management and Board expectations and the response from the community has continued to be amazing,” 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 11.9% at March 31, 2011, about double what is required to be considered well capitalized. The Bank has good credit quality with no delinquent loans, no foreclosed properties and no charge offs for first quarter 2011. 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.”
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 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 customers and the community. The bank is a state charted commercial bank, member FDIC. Intracoastal Bank ranks as one of Florida’s strongest, safest financial institutions, according to BauerFinancial, Inc. More corporate information and e-banking are available at www.intracoastalbank.net.
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