Business
Coastal Financial Corporation Announces Fourth Quarter 2022 Results
Fourth Quarter 2022 Highlights: Quarterly net income of $13.1 million, or $0.96 per diluted common share, for the three months ended December 31, 2022,
About this update from Coastal Financial Corporation
[{"type":"text","content":"Fourth Quarter 2022 Highlights: Quarterly net income of $13.1 million, or $0.96 per diluted common share, for the three months ended December 31, 2022, compared to $11.1 million, or $0.82 per diluted common share for the three months ended September 30, 2022.Total assets increased $10.7 million, or 0.3%, to $3.14 billion for the quarter ended December 31, 2022, compared to $3.13 billion at September 30, 2022.Loan growth of $119.4 million, or 4.8%, to $2.63 billion for the three months ended December 31, 2022. CCBX loans increased $96.9 million, or 10.6%, to $1.0 billion.Community bank loans increased $22.4 million, or 1.4%, to $1.61 billion. PPP loans decreased $1.1 million, or 18.9%, to $4.7 million. Deposits decreased $19.5 million, or 0.7%, to $2.82 billion for the three months ended December 31, 2022. CCBX deposit growth of $77.0 million, or 6.4%, to $1.28 billion. Additional $225.0 million in CCBX deposits transferred off balance sheet. Community bank deposits decreased $96.6 million, or 5.9%, to $1.54 billion and community bank cost of deposits was 0.37%. Total revenue increased $12.7 million, or 15.2%, for the three months ended December 31, 2022, compared to September 30, 2022.Total revenue excluding BaaS credit enhancements and BaaS fraud enhancements(*) increased $4.3 million, or 8.0%, to $58.3 million for the three months ended December 31, 2022.On November 1, 2022 the Company completed its private placement of $20.0 million in fixed-to-floating rate subordinated notes due November 1, 2032; the intention is to use net proceeds from the offering for general corporate purposes. 2022 Highlights: Total assets increased $509.0 million, or 19.3%, to $3.14 billion for the year ended December 31, 2022, compared to $2.64 billion at December 31, 2021.Total deposits increased $453.7 million, or 19.2%, to $2.82 billion for the year ended December 31, 2022, compared to $2.36 billion at December 31, 2021. CCBX deposits increased $563.0 million, or 78.6%, during the year ended December 31, 2022.Community bank deposits decreased $109.3 million, or 6.6%, during the year ended December 31, 2022 Loan growth of $884.5 million, or 50.8%, to $2.63 billion for the year ended December 31, 2022, compared to $1.74 billion for the year ended December 31, 2021. CCBX loans increased $665.8 million, or 192.1%.Community bank loans increased $218.7 ...