Business
Coastal Financial Corporation Announces First Quarter 2022 Results
First Quarter 2022 Highlights: Total assets increased $198.2 million, or 7.5%, to $2.83 billion for the quarter ended March 31, 2022, compared to $2.64
About this update from Coastal Financial Corporation
[{"type":"text","content":"First Quarter 2022 Highlights: Total assets increased $198.2 million, or 7.5%, to $2.83 billion for the quarter ended March 31, 2022, compared to $2.64 billion at December 31, 2021.Non-PPP loan growth of $283.8 million, or 17.3%, for the three months ended March 31, 2022, compared to the three months ended December 31, 2021. CCBX loans increased $168.7 million, or 48.7%, Community bank loans increased $115.1 million, or 8.9%, excluding PPP loan forgiveness/repaymentsPPP loans decreased $64.3 million, or 57.5% Deposit growth of $212.7 million, or 9.0%, to $2.58 billion for the three months ended March 31, 2022, compared to $2.36 billion at December 31, 2021. CCBX deposit growth of $183.2 million, or 25.6% Additional $276.4 million in CCBX deposits transferred off balance sheet Community bank deposit growth of $29.5 million, or 1.8% Total revenue increased $12.3 million, or 31.7% for the three months ended March 31, 2022, compared to December 31, 2021. Total revenue excluding BaaS credit enhancements, BaaS fraud recovery and reimbursement of expenses* increased $4.9 million, or 17.3%, for the three months ended March 31, 2022, compared to December 31, 2021. Net income of $6.2 million, or $0.46 per diluted common share, for the three months ended March 31, 2022, compared to $7.3 million, or $0.57 per diluted common share for the three months ended December 31, 2021. EVERETT, Wash., April 27, 2022 (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, 2022. Net income for the first quarter of 2022 was $6.2 million, or $0.46 per diluted common share, compared with net income of $7.3 million, or $0.57 per diluted common share, for the fourth quarter of 2021, and $6.0 million, or $0.49 per diluted common share, for the quarter ended March 31, 2021. Total assets increased $198.2 million, or 7.5%, during the first quarter of 2022 to $2.83 billion, compared to $2.64 billion at December 31, 2021. Deposit growth was strong, increasing $212.7 million, or 9.0%, during the three months ended March 31, 2022. Non-PPP loan growth of $283.8 million, or 17.3%, for the three months ended March 31, 2022. Even with PPP loans decreasing $64.3 million, or 57.5% as a result of PPP loan forgivene...