Business
Coastal Financial Corporation Announces Third Quarter 2022 Results
Third Quarter 2022 Highlights: Second consecutive quarter of record net income. Quarterly net income of $11.1 million, or $0.82 per diluted common share, for
About this update from Coastal Financial Corporation
[{"type":"text","content":"Third Quarter 2022 Highlights: Second consecutive quarter of record net income. Quarterly net income of $11.1 million, or $0.82 per diluted common share, for the three months ended September 30, 2022, compared to $10.2 million, or $0.76 per diluted common share for the three months ended June 30, 2022.Total assets increased $164.0 million, or 5.5%, to $3.13 billion for the quarter ended September 30, 2022, compared to $2.97 billion at June 30, 2022.Loan growth of $173.5 million, or 7.4%, to $2.51 billion for the three months ended September 30, 2022. CCBX loans increased $111.6 million, or 13.9%, to $915.6 million.Community bank loans increased $61.9 million, or 4.0%, to $1.59 billion. PPP loans decreased $10.6 million, or 64.7%, to $5.8 million. CCBX loans held for sale decreased $16.7 million as of September 30, 2022, to $43.3 millionDeposit growth of $139.8 million, or 5.2%, to $2.84 billion for the three months ended September 30, 2022. CCBX deposit growth of $136.2 million, or 12.8%, to $1.20 billion. Additional $266.7 million in CCBX deposits transferred off balance sheet Community bank deposits increased $3.6 million, or 0.2%, to $1.63 billion and community bank cost of deposits was 0.16%. Total revenue increased $18.2 million, or 27.8% for the three months ended September 30, 2022, compared to June 30, 2022.Total revenue excluding BaaS credit enhancements and BaaS fraud enhancements(1) increased $9.2 million, or 20.7%, to $53.9 million for the three months ended September 30, 2022. EVERETT, Wash., Oct. 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 September 30, 2022. Record quarterly net income for the third quarter of 2022 was $11.1 million, or $0.82 per diluted common share, compared with net income of $10.2 million, or $0.76 per diluted common share, for the second quarter of 2022, and $6.7 million, or $0.54 per diluted common share, for the quarter ended September 30, 2021. Total assets increased $164.0 million, or 5.5%, during the third quarter of 2022 to $3.13 billion, from $2.97 billion at June 30, 2022. Loan growth of $173.5 million, or 7.4%, for the three months ended September 30, 2022 to $2.51 billion. Loan growth included CCBX loan growth of ...