Business
Coastal Financial Corporation Announces Fourth Quarter and Year End 2021 Results
Fourth Quarter 2021 Highlights: Non-PPP loan growth of $186.8 million, or 12.9%, for three months ended December 31, 2021, compared to the three months ended
About this update from Coastal Financial Corporation
[{"type":"text","content":"Fourth Quarter 2021 Highlights: Non-PPP loan growth of $186.8 million, or 12.9%, for three months ended December 31, 2021, compared to the three months ended September 30, 2021. CCBX loans increased $156.5 million, or 82.3%, Community bank loans increased $30.3 million, or 2.4%, excluding PPP loansPPP loans decreased $155.5 million, or 58.2% Deposit growth of $140.2 million, or 6.3%, to $2.36 billion for the three months ended December 31, 2021, compared to $2.22 billion for the three months ended September 30, 2021. CCBX deposit growth of $109.1 million, or 18.0% Additional $252.4 million in CCBX deposits transferred off balance sheet Community bank deposit growth of $31.2 million, or 1.9% Successful public offering of common stock closed on December 17, 2021, with gross proceeds of $34.5 million, accretive to book value.Net income increased $606,000, or 9.1%, to $7.3 million for the quarter ended December 31, 2021, or $0.57 per diluted common share, compared to $6.7 million, or $0.54 per common diluted share, for the quarter ended September 30, 2021. 2021 Highlights: Total assets increased $869.4 million, or 49.2%, to $2.64 billion for the year ended December 31, 2021, compared to $1.77 billion at December 31, 2020.Total deposits increased $942.5 million, or 66.3%, to $2.36 billion for the year ended December 31, 2021, compared to $1.42 billion at December 31, 2020. CCBX deposits increased $647.6 million during the year ended December 31, 2021. Loan growth of $195.6 million, or 12.6%, to $1.74 billion for the year ended December 31, 2021, compared to $1.55 billion for the year ended December 31, 2020. CCBX loans increased $281.0 million, or 428.2%Community bank loans increased $168.2 million, or 15.0%, excluding PPP loans PPP loans decreased $254.0 million, or 69.4% Net deferred fees on loan receivable decreased $429,000, or 4.7% Net income increased $11.9 million, or 78.3%, to $27.0 million for the year ended December 31, 2021, or $2.16 per diluted common share, compared to $15.1 million, or $1.24 per diluted common share, for the year ended December 31, 2020.CCBX relationships increased by 13, or 86.7%, to 28 relationships as of December 31, 2021, compared to 15 relationships as of December 31, 2020. EVERETT, Wash., Jan. 27, 2022 (GLOBE NEWSWIRE) -- Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), the holding com...