Business
Coastal Financial Corporation Announces First Quarter 2020 Results
Quarter One 2020 Highlights: Net income totaled $2.7 million for the quarter ended March 31, 2020, or $0.22 per diluted common share, a decrease of 3.0% from
About this update from Coastal Financial Corporation
[{"type":"text","content":"Quarter One 2020 Highlights:\n Net income totaled $2.7 million for the quarter ended March 31, 2020, or $0.22 per diluted common share, a decrease of 3.0% from $2.8 million or $0.23 per diluted common share for the quarter ended March 31, 2019. Total assets were $1.18 billion and grew at an annualized rate of 19.8% during the quarter ended March 31, 2020, compared to total assets of $1.13 billion at December 31, 2019.Total loans receivable grew at an annualized rate of 28.3% during the quarter ended March 31, 2020 to $1.01 billion compared to $939.1 million at December 31, 2019. A provision for credit losses of $1.6 million was recorded during the quarter ended March 31, 2020, due to loan growth and in response to the economic uncertainties of the COVID-19 pandemic.Total deposits increased at an annualized rate of 15.4% during the quarter ended March 31, 2019 to $1.01 billion, compared to $968.0 million at December 31, 2019.Total core deposits increased at an annualized rate of 13.9% during the quarter ended March 31, 2020 and were 88.8% of total deposits. EVERETT, Wash., April 27, 2020 (GLOBE NEWSWIRE) -- Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), the holding company for Coastal Community Bank (the “Bank”), today reported unaudited financial results for the quarter ended March 31, 2020. Net income for the first quarter of 2020 was $2.7 million, or $0.22 per diluted common share, compared with net income of $3.6 million, or $0.30 per diluted common share, for the fourth quarter of 2019, and $2.8 million or $0.23 per diluted common share for the quarter ended March 31, 2019. “As we close the first quarter of 2020, we are in the midst of an unprecedented global COVID-19 pandemic that is impacting the physical and economic health of our community and nation. We started the year off strong and despite the pandemic related disruptions that occurred late in the period, we finished the first quarter of 2020 with net income of $2.7 million, which includes $1.6 million in loan loss provision expense due to loan growth and in response to the economic uncertainties of the pandemic, annualized loan growth of 28.3% and annualized deposit growth of 15.4%. We also continue to build out and expand on our CCBX division, which provides Banking as a Service (“BaaS”) enabling broker dealers and digital financial service providers ...