Business
Coastal Financial Corporation Announces Fourth Quarter and Year End 2019 Results
2019 Highlights: Net income totaled $13.2 million for the year ended December 31, 2019, or $1.08 per diluted common share, up 36.1% from $9.7 million or $0.91
About this update from Coastal Financial Corporation
[{"type":"text","content":"2019 Highlights:\n Net income totaled $13.2 million for the year ended December 31, 2019, or $1.08 per diluted common share, up 36.1% from $9.7 million or $0.91 per diluted common share for year ended December 31, 2018. Total assets were $1.13 billion at December 31, 2019, up 18.5% from $952.1 million at December 31, 2018.Total loans receivable grew at a rate of 22.3% during the year ended December 31, 2019. Total deposits increased 20.5% during the year ended December 31, 2019 to $968.0 million, compared to $803.6 million at December 31, 2018.Total core deposits increased 23.9% during the year ended December 31, 2019, and were 89.1% of total deposits, compared to 86.6% at December 31, 2018. EVERETT, Wash., Jan. 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 and year ended December 31, 2019. Net income for the fourth quarter of 2019 was $3.6 million, or $0.30 per diluted common share, compared with net income of $3.5 million, or $0.29 per diluted common share, for the third quarter of 2019. The Company had net income of $13.2 million for the year ended December 31, 2019, or $1.08 per diluted common share, compared to $9.7 million, or $0.91 per diluted common share for the year ended December 31, 2018. “We are pleased to announce that we finished 2019 strong with a 36.1% increase in net income, a 22.3% increase in total loans receivable and a 20.5% increase in deposits, as compared to the year ended December 31, 2018. The Company’s return on average equity was 11.66% for the fourth quarter of 2019,” stated Eric Sprink, the President and CEO of the Bank and the Company. “We remain focused on growing and managing the Bank, while investing, growing, and innovating our way to an enhanced future that combines our strong Bank with additional sources of fee income and a path to stronger and more viable digital Bank in the future. Today, we are formally introducing our CCBX Division which provides Banking as a Service (“BaaS”) enabling broker dealers and digital financial service providers to offer their clients banking services. The “X” is indicative of the technology services that our partners provide. As we build out CCBX, we will do our best to cover related costs with new ...