Business
Coastal Financial Corporation Announces Fourth Quarter and Fiscal Year 2023 Results
Fourth Quarter 2023 Highlights: Net income of $9.0 million, or $0.66 per diluted common share, for the three months ended December 31, 2023, compared to $10.3
About this update from Coastal Financial Corporation
[{"type":"text","content":"Fourth Quarter 2023 Highlights: Net income of $9.0 million, or $0.66 per diluted common share, for the three months ended December 31, 2023, compared to $10.3 million, or $0.75 per diluted common share for the three months ended September 30, 2023. Return on average assets (\"ROA\") of 0.97% for the three months ended December 31, 2023.Return on average equity (\"ROE\") of 12.35% for the three months ended December 31, 2023. Total assets increased $75.1 million, or 2.0%, to $3.75 billion for the quarter ended December 31, 2023, compared to $3.68 billion at September 30, 2023.Total loans, net of deferred fees increased $59.1 million, or 2.0%, to $3.03 billion for the quarter ended December 31, 2023. Community bank loans increased $45.5 million, or 2.5%, to $1.83 billion. CCBX loans increased $13.6 million, or 1.1%, to $1.20 billion. $125.1 million in CCBX loans were sold as management continued to sell loans as part of our strategy to reduce risk, optimize the CCBX loan portfolio and strengthen our balance sheet through enhanced credit standards. Deposits increased $70.7 million, or 2.1%, to $3.36 billion for the quarter ended December 31, 2023. CCBX deposit growth of $110.5 million, or 6.3%, to $1.86 billion. CCBX deposit growth is net of an additional $69.4 million in CCBX deposits that were transferred off balance sheet for increased FDIC insurance coverage purposes. Community bank deposits decreased $39.9 million, or 2.6%, to $1.50 billion as a result of our decision to not increase our deposit rates during the quarter and let higher rate deposits run-off. Includes noninterest bearing deposits of $561.6 million or 37.5% of total community bank deposits.Community bank cost of deposits was 1.57% compared to 1.31% for the quarter ended September 30, 2023.Average deposits increased by $5.5 million compared to the quarter ended September 30, 2023. Uninsured deposits of $558.6 million, or 16.6% of total deposits as of December 31, 2023, compared to $599.0 million, or 18.2% of total deposits as of September 30, 2023. Liquidity/Borrowings as of December 31, 2023: Capacity to borrow up to $640.1 million from Federal Home Loan Bank and the Federal Reserve Bank discount window with only minimal borrowings, taken once to test the lines, under these facilities since the first quarter of 2022. Investment Portfolio as of December 31, 2023: ...