Business
Coastal Financial Corporation Announces Second Quarter 2021 Results
Second Quarter 2021 Highlights: Net income totaled $7.0 million for the quarter ended June 30, 2021, or $0.56 per diluted common share, an increase of 16.5%
About this update from Coastal Financial Corporation
[{"type":"text","content":"Second Quarter 2021 Highlights: Net income totaled $7.0 million for the quarter ended June 30, 2021, or $0.56 per diluted common share, an increase of 16.5% from $6.0 million, or $0.49 per diluted common share, for the quarter ended March 31, 2021.Basic earnings per share increased 18.0%, and diluted earnings per share increased 15.9%, for the quarter ended June 30, 2021, compared to the quarter ended March 31, 2021.Total deposits increased $130.0 million, or 7.8%, to $1.8 billion for the quarter ended June 30, 2021, compared to $1.67 billion at March 31, 2021. Loan growth of $35.7 million, or 2.9%, excluding Paycheck Protection Program (“PPP”) loans during the quarter ended June 30, 2021. CCBX relationships increased to 24 at June 30, 2021, compared to 21 at March 31, 2021. EVERETT, Wash., July 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 ended June 30, 2021. Net income for the second quarter of 2021 was $7.0 million, or $0.56 per diluted common share, compared with net income of $6.0 million, or $0.49 per diluted common share, for the first quarter of 2021, and $3.7 million, or $0.30 per diluted common share, for the quarter ended June 30, 2020. “The second quarter of 2021 ended with total assets of $2.01 billion, down just $22.2 million from March 31, 2021 despite $173.2 million in PPP loan forgiveness, pay-offs and principal paydowns during the quarter, and the payoff of $158.5 million in Paycheck Protection Program Liquidity Facility (“PPPLF”) borrowings that were obtained to help fund PPP loans. Deposit growth was strong, increasing $130.0 million during the three months ended June 30, 2021. Core deposits increased $133.3 million and represented 95.7% of total deposits as of June 30, 2021. And to top it off, we were thrilled at the announcement that Coastal was again named one of the “Top 200 Community Banks” by American Banker for 2021, making this the third year in a row we have received this recognition. “As a preferred Small Business Administration (“SBA”) lender, we worked with the SBA to provide financial assistance via PPP loans to existing and new small business customers as provided through the Coronavirus Aid, Relief and Economic Security Act (“CARES ...