Intracoastal Bank announces first quarter results

  • By Observer Staff
  • | 4:00 a.m. May 1, 2011
Intracoastal is the only locally owned financial institution in Flagler County.
Intracoastal is the only locally owned financial institution in Flagler County.
  • Palm Coast Observer
  • Business
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In Intracoastal Bank’s first quarter of business, which ended March 31, the company announced a net income of $340,751, as compared with $175,011 earned in the fourth quarter of 2010. The principal driver of the increase, according to a company release, was a result of earning asset growth — loans and investments.

This first quarter net is down from last year’s reported $540,305.

According to President and Chief Executive Officer Bruce E. Page, citing Federal Deposits Insurance Corporation data, Intracoastal boasts the fastest growth of any bank in Flagler County during the year ending June 30, 2010.

Intracoastal Bank’s Palm Coast location, at 1290 Palm Coast Parkway, is the only locally owned and operated financial institution in the county.

 

 

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