Business
Coastal Financial Corporation Announces Second Quarter 2023 Results
Second Quarter 2023 Highlights: Net income of $12.9 million, or $0.95 per diluted common share, for the three months ended June 30, 2023, compared to $12.4
About this update from Coastal Financial Corporation
[{"type":"text","content":"Second Quarter 2023 Highlights: Net income of $12.9 million, or $0.95 per diluted common share, for the three months ended June 30, 2023, compared to $12.4 million, or $0.91 per diluted common share for the three months ended March 31, 2023. Return on average assets (\"ROA\") of 1.52% for the three months ended June 30, 2023.Return on average equity (\"ROE\") of 19.53% for the three months ended June 30, 2023. Total assets increased $84.3 million, or 2.4%, to $3.54 billion for the quarter ended June 30, 2023, compared to $3.45 billion at March 31, 2023.Loan growth, net of deferred fees of $170.3 million, or 6.0%, to $3.01 billion for the quarter ended June 30, 2023. CCBX loans increased $128.3 million, or 11.0%, to $1.29 billion.Community bank loans increased $42.0 million, or 2.5%, to $1.71 billion. Deposits increased $67.3 million, or 2.2%, to $3.16 billion for the quarter ended June 30, 2023. CCBX deposit growth of $89.3 million, or 5.7%, to $1.65 billion. Additional $9.9 million in CCBX deposits transferred off balance sheet. Community bank deposits decreased $21.9 million, or 1.4%, to $1.51 billion. Includes noninterest bearing deposits of $621.0 million or 41.1% of total community bank depositsCommunity bank cost of deposits was 0.98%. Uninsured deposits of $632.1 million, or 20.0% of total deposits as of June 30, 2023, compared to $768.3 million, or 24.8% of total deposits as of March 31, 2023. Total revenue increased $17.1 million, or 16.5%, for the three months ended June 30, 2023, compared to the three months ended March 31, 2023Total revenue excluding Banking as a Service (\"BaaS\") credit enhancements and BaaS fraud enhancements increased $8.9 million, or 15.0%, to $68.4 million for the three months ended June 30, 2023, compared to the three months ended March 31, 2023. (A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.)Liquidity/Borrowings as of June 30, 2023: Capacity to borrow up to $559.8 million from Federal Home Loan Bank and the Federal Reserve Bank discount window with no borrowings taken under these facilities since the first quarter of 2022. Investment Portfolio as of June 30, 2023 : Available for sale (\"AFS\") investments of $98.2 million, compared to $98.0 million as of March 31, 2023, of which 99.7% are U.S. Treasuries, with a weighted average remaining duratio...