Business
Coastal Financial Corporation Announces Second Quarter 2020 Results
Quarter Two 2020 Highlights: Total Number of PPP Loans PPP Funding Distribution Current Deferrals Compared to March 31, 2020 Total Loans Current Deferrals
About this update from Coastal Financial Corporation
[{"type":"text","content":"Quarter Two 2020 Highlights:\n\n \n \n \n \n \n \n \n \n \n \n \n Total Number of PPP Loans\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n PPP Funding Distribution\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current Deferrals Compared to March 31, 2020 Total Loans\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current Deferrals Compared to June 30, 2020 Total Loans\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total Loan Deferrals by Ending Date\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total Loan Deferrals by Deferral Type\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total Loan Deferrals by Industry\n \n \n \n \n \n \n \n \n\n Net income totaled $3.7 million for the quarter ended June 30, 2020, or $0.30 per diluted common share, an increase of 12.2% from $3.3 million, or $0.27 per diluted common share, for the quarter ended June 30, 2019. A $1.9 million provision for loan losses was recorded during the quarter ended June 30, 2020, due to economic uncertainties from the COVID-19 pandemic, up from $1.6 million during the quarter ended March 31, 2020.Asset growth of $494.9 million, or 41.8%, to $1.68 billion for the quarter ended June 30, 2020, compared to $1.18 billion at March 31, 2020. Total loans receivable, net of deferred loan fees, grew 44.0% during the quarter ended June 30, 2020 to $1.45 billion compared to $1.01 billion at March 31, 2020. Includes $427.4 million in Paycheck Protection Program (“PPP”) loans originated in the second quarter of 2020. Loans receivable, net of PPP loans, grew at an annualized rate of 5.8%, or $14.5 million, during the quarter ended June 30, 2020.Total deposits increased 30.0% during the quarter ended June 30, 2020 to $1.31 billion, compared to $1.01 billion at March 31, 2020. Utilized the Paycheck Protection Program Liquidity Facility (“PPPLF”) to fund PPP loans. $190.2 million loans pledged and borrowed at June 30, 2020.Opened 15th branch in Arlington, Washington. EVERETT, Wash., July 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 ended June 30, 2020. Net income for the second quarter of 2020 was $3.7 million, or $0.30 per diluted common share, compared with net income of $2.7 million, or $0.22 per diluted common share, ...