Business
Coastal Financial Corporation Announces Second Quarter 2022 Results
Second Quarter 2022 Highlights: Record quarterly net income of $10.2 million, or $0.76 per diluted common share, for the three months ended June 30, 2022,
About this update from Coastal Financial Corporation
[{"type":"text","content":"Second Quarter 2022 Highlights: Record quarterly net income of $10.2 million, or $0.76 per diluted common share, for the three months ended June 30, 2022, compared to $6.2 million, or $0.46 per diluted common share for the three months ended March 31, 2022.Total assets increased $136.0 million, or 4.8%, to $2.97 billion for the quarter ended June 30, 2022, compared to $2.83 billion at March 31, 2022.Loan growth of $461.2 million, or 24.0%, excluding PPP loan forgiveness/repayments of $31.1 million and including $60.0 million in loans held for sale, for the three months ended June 30, 2022, compared to the three months ended March 31, 2022. CCBX loans increased $288.6 million, or 56.0%Community bank loans increased $112.7 million, or 8.0%, excluding PPP loan forgiveness/repaymentsPPP loans decreased $31.1 million, or 65.5%, to $16.4 millionCCBX loans held for sale of $60.0 million as of June 30, 2022, previously there were no loans held for sale. Deposit growth of $120.8 million, or 4.7%, to $2.70 billion for the three months ended June 30, 2022, compared to $2.58 billion at March 31, 2022. CCBX deposit growth of $166.6 million, or 18.5% Additional $269.5 million in CCBX deposits transferred off balance sheet Community bank deposits decreased $45.8 million, or 2.7%, and community bank cost of deposits remained at 0.08%. Total revenue increased $14.1 million, or 27.6% for the three months ended June 30, 2022, compared to March 31, 2022. Total revenue excluding BaaS credit enhancements and BaaS fraud enhancements * increased $11.1 million, or 33.0%, for the three months ended June 30, 2022, compared to March 31, 2022. EVERETT, Wash., July 27, 2022 (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, 2022. Record quarterly net income for the second quarter of 2022 was $10.2 million, or $0.76 per diluted common share, compared with net income of $6.2 million, or $0.46 per diluted common share, for the first quarter of 2022, and $7.0 million, or $0.56 per diluted common share, for the quarter ended June 30, 2021. Total assets increased $136.0 million, or 4.8%, during the second quarter of 2022 to $2.97 billion, from $2.83 billion at March 31, 2022. Loan growth for the three ...