COASTAL FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
CCB$43.62+2.1%Stored close · as of Nov 9, 2026
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Consolidated Balance Sheets
| ASSETS | ||
|---|---|---|
| December 31,2023 | December 31,2022 | |
| Cash and due from banks | $31,345 | $32,722 |
| Interest earning deposits with other banks | 451,783 | 309,417 |
| Investment securities, available for sale, at fair value | 99,504 | 97,317 |
| Investment securities, held to maturity, at amortized cost | 50,860 | 1,036 |
| Other investments | 10,227 | 10,555 |
| Loans receivable | 3,026,092 | 2,627,256 |
| Allowance for credit losses | (116,958) | (74,029) |
| Total loans receivable, net | 2,909,134 | 2,553,227 |
| CCBX credit enhancement asset | 107,921 | 53,377 |
| CCBX receivable | 9,088 | 10,416 |
| Premises and equipment, net | 22,090 | 18,213 |
| Operating lease right-of-use assets | 5,932 | 5,018 |
| Accrued interest receivable | 26,819 | 17,815 |
| Bank-owned life insurance, net | 12,870 | 12,667 |
| Deferred tax asset, net | 3,806 | 18,458 |
| Other assets | 11,987 | 4,229 |
| Total assets | $3,753,366 | $3,144,467 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| LIABILITIES | ||
| Deposits | $3,360,363 | $2,817,521 |
| Subordinated debt, net | ||
| Principal amount $45,000 (less unamortized debt issuance costs of $856 and $1,001) at December 31, 2023 and December 31, 2022, respectively | 44,144 | 43,999 |
| Junior subordinated debentures, net | ||
| Principal amount $3,609 (less unamortized debt issuance costs of $19 and $21 at December 31, 2023 and December 31, 2022, respectively) | 3,590 | 3,588 |
| Deferred compensation | 479 | 616 |
| Accrued interest payable | 892 | 684 |
| Operating lease liabilities | 6,124 | 5,234 |
| CCBX payable | 33,651 | 20,419 |
| Other liabilities | 9,145 | 8,912 |
| Total liabilities | 3,458,388 | 2,900,973 |
| SHAREHOLDERS’ EQUITY | ||
| Preferred stock, no par value: | ||
| Authorized: 25,000,000 shares at December 31, 2023 and December 31, 2022; issued and outstanding: zero shares at December 31, 2023 and December 31, 2022 | — | — |
| Common stock, no par value: | ||
| Authorized: 300,000,000 shares at December 31, 2023 and December 31, 2022; 13,304,339 shares at December 31, 2023 issued and outstanding and 13,161,147 shares at December 31, 2022 issued and outstanding | 130,136 | 125,830 |
| Retained earnings | 165,311 | 119,998 |
| Accumulated other comprehensive loss, net of tax | (469) | (2,334) |
| Total shareholders’ equity | 294,978 | 243,494 |
| Total liabilities and shareholders’ equity | $3,753,366 | $3,144,467 |
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