Business
Coastal Financial Corporation Announces Fourth Quarter and Year End 2020 Results
2020 Highlights: Net income totaled $15.1 million for the year ended December 31, 2020, or $1.24 per diluted common share, an increase of 14.0% from $13.2
About this update from Coastal Financial Corporation
[{"type":"text","content":"2020 Highlights: Net income totaled $15.1 million for the year ended December 31, 2020, or $1.24 per diluted common share, an increase of 14.0% from $13.2 million, or $1.08 per diluted common share, for the year ended December 31, 2019.Basic earnings per share increased 30.0%, and diluted earnings per share increased 26.7%, for the quarter ended December 31, 2020, compared to the quarter ended December 31, 2019.An $8.3 million provision for loan losses was recorded during the year ended December 31, 2020, largely due to continued economic uncertainties from the COVID-19 pandemic.Total assets grew $637.6 million, or 56.5%, to $1.77 billion for the year ended December 31, 2020, compared to $1.13 billion at December 31, 2019. Total loans receivable, net, including $365.8 million in PPP loans, grew $608.0 million, or 64.7%, to $1.55 billion for the year ended December 31, 2020, compared to $939.1 million at December 31, 2019. Total deposits increased $453.3 million, or 46.8%, to $1.42 billion for the year ended December 31, 2020, compared to $968.0 million at December 31, 2019. EVERETT, Wash., Jan. 27, 2021 (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, 2020. Net income for the fourth quarter of 2020 was $4.7 million, or $0.38 per diluted common share, compared with net income of $4.1 million, or $0.34 per diluted common share, for the third quarter of 2020, and $3.6 million, or $0.30 per diluted common share, for the quarter ended December 31, 2019. “If there is one thing 2020 has taught us, it’s how resilient we are. Those words ring true time and time again as we continue to navigate our way through these unprecedented times. Despite the disruptions and economic uncertainty resulting from the COVID-19 pandemic, we are pleased to announce that we finished the year with $15.1 million in net income, which includes $8.3 million in provision for loan losses, primarily in response to the economic uncertainties of the COVID-19 pandemic. To date we have not seen a significant shift in our credit quality metrics, yet there are still economic uncertainties that exist. Deposit growth was strong, increasing $453.3 million, or 46.8%, in 2020, with core deposits to...