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Coastal Financial Corporation Announces Fourth Quarter and Year End 2021 Results
GlobeNewswire · GlobeNewswire Inc.

Fourth Quarter 2021 Highlights:

  • Non-PPP loan growth of $186.8 million, or 12.9%, for three months ended December 31, 2021, compared to the three months ended September 30, 2021.

    • CCBX loans increased $156.5 million, or 82.3%,

    • Community bank loans increased $30.3 million, or 2.4%, excluding PPP loans

    • PPP loans decreased $155.5 million, or 58.2%

  • Deposit growth of $140.2 million, or 6.3%, to $2.36 billion for the three months ended December 31, 2021, compared to $2.22 billion for the three months ended September 30, 2021.

    • CCBX deposit growth of $109.1 million, or 18.0%

      • Additional $252.4 million in CCBX deposits transferred off balance sheet

    • Community bank deposit growth of $31.2 million, or 1.9%

  • Successful public offering of common stock closed on December 17, 2021, with gross proceeds of $34.5 million, accretive to book value.

  • Net income increased $606,000, or 9.1%, to $7.3 million for the quarter ended December 31, 2021, or $0.57 per diluted common share, compared to $6.7 million, or $0.54 per common diluted share, for the quarter ended September 30, 2021.

2021 Highlights:

  • Total assets increased $869.4 million, or 49.2%, to $2.64 billion for the year ended December 31, 2021, compared to $1.77 billion at December 31, 2020.

  • Total deposits increased $942.5 million, or 66.3%, to $2.36 billion for the year ended December 31, 2021, compared to $1.42 billion at December 31, 2020.

    • CCBX deposits increased $647.6 million during the year ended December 31, 2021.

  • Loan growth of $195.6 million, or 12.6%, to $1.74 billion for the year ended December 31, 2021, compared to $1.55 billion for the year ended December 31, 2020.

    • CCBX loans increased $281.0 million, or 428.2%

    • Community bank loans increased $168.2 million, or 15.0%, excluding PPP loans

    • PPP loans decreased $254.0 million, or 69.4%

    • Net deferred fees on loan receivable decreased $429,000, or 4.7%

  • Net income increased $11.9 million, or 78.3%, to $27.0 million for the year ended December 31, 2021, or $2.16 per diluted common share, compared to $15.1 million, or $1.24 per diluted common share, for the year ended December 31, 2020.

  • CCBX relationships increased by 13, or 86.7%, to 28 relationships as of December 31, 2021, compared to 15 relationships as of December 31, 2020.

EVERETT, Wash., Jan. 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 and year ended December 31, 2021. Net income for the fourth quarter of 2021 was $7.3 million, or $0.57 per diluted common share, compared with net income of $6.7 million, or $0.54 per diluted common share, for the third quarter of 2021, and $4.7 million, or $0.38 per diluted common share, for the quarter ended December 31, 2020.