Business
Coastal Financial Corporation Announces First Quarter 2023 Results
First Quarter 2023 Highlights: Quarterly net income of $12.4 million, or $0.91 per diluted common share, for the three months ended March 31, 2023, compared
About this update from Coastal Financial Corporation
[{"type":"text","content":"First Quarter 2023 Highlights: Quarterly net income of $12.4 million, or $0.91 per diluted common share, for the three months ended March 31, 2023, compared to $13.1 million, or $0.96 per diluted common share for the three months ended December 31, 2022.Total assets increased $306.6 million, or 9.7%, to $3.45 billion for the quarter ended March 31, 2023, compared to $3.14 billion at December 31, 2022.Loan growth of $209.9 million, or 8.0%, to $2.84 billion for the three months ended March 31, 2023. CCBX loans increased $153.7 million, or 15.2%, to $1.17 billion.Community bank loans increased $56.3 million, or 3.5%, to $1.67 billion. PPP loans decreased $0.9 million, or 19.3%, to $3.8 million. Deposits increased $277.7 million, or 9.9%, to $3.10 billion as of March 31, 2023. CCBX deposit growth of $284.5 million, or 22.2%, to $1.56 billion. Additional $36.9 million in CCBX deposits transferred off balance sheet. Community bank deposits decreased $6.8 million, or 0.4%, to $1.53 billion and community bank cost of deposits was 0.66%. Total revenue increased $7.6 million, or 7.8%, for the three months ended March 31, 2023, compared to the three months ended December 31, 2022Total revenue excluding BaaS credit enhancements and BaaS fraud enhancements increased $1.2 million, or 2.0%, to $59.4 million for the three months ended March 31, 2023, compared to the three months ended December 31, 2022. (A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.) EVERETT, Wash., April 27, 2023 (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, 2023. Quarterly net income for the first quarter of 2023 was $12.4 million, or $0.91 per diluted common share, compared with net income of $13.1 million, or $0.96 per diluted common share, for the fourth quarter of 2022, and $6.2 million, or $0.46 per diluted common share, for the quarter ended March 31, 2022. Total assets increased $306.6 million, or 9.7%, during the first quarter of 2023 to $3.45 billion, from $3.14 billion at December 31, 2022. Loan growth of $209.9 million, or 8.0%, during the three months ended March 31, 2023 to $2.84 billion, compared to $2.63 billion at December 31, 2022. Loan growth ...