Business
Coastal Financial Corporation Announces Third Quarter 2019 Results
Quarter Three 2019 Highlights: Net income totaled $3.5 million for the quarter ended September 30, 2019, or $0.29 per diluted common share, up from $2.6
About this update from Coastal Financial Corporation
[{"type":"text","content":"Quarter Three 2019 Highlights:\n Net income totaled $3.5 million for the quarter ended September 30, 2019, or $0.29 per diluted common share, up from $2.6 million, or $0.22 per diluted common share, for the quarter ended September 30, 2018. Total assets were $1.1 billion at September 30, 2019, up 14.5% from $952.1 million at December 31, 2018.Total loans receivable grew at an annualized rate of 18.4% for the nine months ended September 30, 2019 and increased 13.8% from December 31, 2018. Total core deposits grew at an annualized rate of 23.3% for the nine months ended September 30, 2019 and increased 17.5% since December 31, 2018. EVERETT, Wash., Oct. 28, 2019 (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 September 30, 2019. Net income for the third quarter of 2019 was $3.5 million, or $0.29 per diluted common share, compared with net income of $3.3 million, or $0.27 per diluted common share, for the second quarter of 2019. The Company had net income of $9.6 million for the nine months ended September 30, 2019, or $0.79 per diluted common share, compared to $6.6 million, or $0.66 per diluted common share for the nine months ended September 30, 2018. Eric Sprink, President and CEO, commented, “We had a strong quarter with earnings of $3.5 million, and loan growth of $28.9 million funded by $62.8 million in core deposit growth. We were extremely pleased to find that we moved into 4th place in deposit market share in Snohomish County at June 30, 2019, up from 5th place as compared to one year ago. Additionally, Sandler O’Neill + Partners recognized the Company as a Sm-All Star Class of 2019. Those that make the list have superior performance metrics in growth, profitability, credit quality, and capital strength. After going public last year, this recognizes the hard work and dedication of our board and staff at all levels.” Results of Operations Net interest income was $10.7 million for the quarter ended September 30, 2019, an increase of 5.3% from $10.2 million for the quarter ended June 30, 2019 and an increase of 21.2% from $8.8 million from the quarter ended September 30, 2018. The increase compared to prior quarter and prior year’s third quarter is related to increased...