Business
Coastal Financial Corporation Announces Third Quarter 2023 Results
Third Quarter 2023 Highlights: Net income of $10.3 million, or $0.75 per diluted common share, for the three months ended September 30, 2023, compared to
About this update from Coastal Financial Corporation
[{"type":"text","content":"Third Quarter 2023 Highlights: Net income of $10.3 million, or $0.75 per diluted common share, for the three months ended September 30, 2023, compared to $12.9 million, or $0.95 per diluted common share for the three months ended June 30, 2023. Return on average assets (\"ROA\") of 1.13% for the three months ended September 30, 2023.Return on average equity (\"ROE\") of 14.60% for the three months ended September 30, 2023. Total assets increased $145.0 million, or 4.1%, to $3.68 billion for the quarter ended September 30, 2023, compared to $3.54 billion at June 30, 2023.Total loans, net of deferred fees decreased $40.5 million, or 1.3%, to $2.97 billion for the quarter ended September 30, 2023 as management sold loans as part of our strategy to reduce risk, optimize the CCBX loan portfolio and strengthen the balance sheet through enhanced credit standards. Community bank loans increased $71.6 million, or 4.2%, to $1.78 billion. CCBX loans decreased $112.1 million, or 8.7%, to $1.18 billion. $320.9 million in CCBX loans were sold. Deposits increased $127.1 million, or 4.0%, to $3.29 billion for the quarter ended September 30, 2023. CCBX deposit growth of $99.1 million, or 6.0%, to $1.75 billion. CCBX deposit growth is net of an additional $51.9 million in CCBX deposits that were transferred off balance sheet for increased FDIC insurance coverage. Community bank deposits increased $28.0 million, or 1.9%, to $1.54 billion. Includes noninterest bearing deposits of $584.0 million or 38.0% of total community bank depositsCommunity bank cost of deposits was 1.31%. Uninsured deposits of $599.0 million, or 18.2% of total deposits as of September 30, 2023, compared to $632.1 million, or 20.0% of total deposits as of June 30, 2023. Liquidity/Borrowings as of September 30, 2023: Capacity to borrow up to $577.9 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 September 30, 2023 : Available for sale (\"AFS\") investments of $98.9 million, compared to $98.2 million as of June 30, 2023, of which 99.7% are U.S. Treasuries, with a weighted average remaining duration of 5 months as of September 30, 2023.Held to maturity (\"HTM\") investments of $42.6 million, of which 100% are U.S. Agency mortgage backed secur...