Intracoastal Bank announced financial results on Jan. 15 for the year ended Dec. 31, 2020.
Total assets at Dec. 31, 2020, were $483.6 million, up $139.3 million, or 40%, from $344.3 million at Dec. 31, 2019.
Total deposits at Dec. 31, 2020 were $415 million, up 105.1 million, or 34% from $309.9 million, at Dec. 31, 2019.
Total loans at Dec. 31, 2020 were $282.4 million, up 41.2 million, or 17% from $241.2 million, at Dec. 31, 2019.
Net income for the full year 2020 increased by 7% from the full year 2019.
Intracoastal Bank’s Chief Executive Officer Bruce E. Page reported the Tier 1 capital ratio was 8.84% at Dec. 31, 2020, above what is required to be considered well capitalized. He said the bank continues to be safe and sound with excellent credit quality with one delinquent loan and no charge offs for 2020.