COASTAL FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
CCB$42.91-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
(dollars in thousands, except for per share data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| INTEREST AND DIVIDEND INCOME | |||
| Interest and fees on loans | $311,441 | $183,352 | $82,112 |
| Interest on interest earning deposits with other banks | 15,346 | 6,728 | 608 |
| Interest on investment securities | 3,197 | 1,745 | 79 |
| Dividends on other investments | 387 | 345 | 284 |
| Total interest income | 330,371 | 192,170 | 83,083 |
| INTEREST EXPENSE | |||
| Interest on deposits | 89,000 | 19,004 | 2,327 |
| Interest on borrowed funds | 2,644 | 1,391 | 1,319 |
| Total interest expense | 91,644 | 20,395 | 3,646 |
| Net interest income | 238,727 | 171,775 | 79,437 |
| PROVISION FOR CREDIT LOSSES | 183,992 | 79,064 | 9,915 |
| Net interest income after provision for credit losses - loans and unfunded commitments | 54,735 | 92,711 | 69,522 |
| NONINTEREST INCOME | |||
| Deposit service charges and fees | 3,854 | 3,804 | 3,698 |
| Loan referral fees | 683 | 810 | 2,126 |
| Gain on sales of loans, net | 253 | — | 396 |
| Unrealized gain (loss) on equity securities, net | 279 | (153) | 1,469 |
| Gain on sale of bank branch including deposits and loans, net | — | — | 1,263 |
| Other income | 884 | 1,344 | 1,859 |
| Noninterest income, excluding BaaS program income and BaaS indemnification income | 5,953 | 5,805 | 10,811 |
| Servicing and other BaaS fees | 3,855 | 4,408 | 4,467 |
| Transaction fees | 4,011 | 3,211 | 544 |
| Interchange fees | 4,252 | 2,583 | 701 |
| Reimbursement of expenses | 4,175 | 2,732 | 1,004 |
| BaaS program income | 16,293 | 12,934 | 6,716 |
| BaaS credit enhancements | 177,764 | 76,374 | 9,086 |
| BaaS fraud enhancements | 7,165 | 29,571 | 1,505 |
| BaaS indemnification income | 184,929 | 105,945 | 10,591 |
| Total noninterest income | 207,175 | 124,684 | 28,118 |
| NONINTEREST EXPENSE | |||
| Salaries and employee benefits | 66,461 | 52,228 | 37,101 |
| Occupancy | 4,926 | 4,548 | 4,128 |
| Data processing and software licenses | 8,595 | 6,487 | 4,951 |
| Legal and professional expenses | 14,803 | 6,760 | 3,133 |
| Point of sale expense | 3,534 | 2,109 | 671 |
| Excise taxes | 1,976 | 2,204 | 1,589 |
| Federal Deposit Insurance Corporation ("FDIC") assessments | 2,524 | 2,859 | 1,632 |
| Director and staff expenses | 2,152 | 1,711 | 1,205 |
| Marketing | 517 | 351 | 451 |
| Other expense | 5,224 | 4,652 | 3,921 |
| Noninterest expense, excluding BaaS loan and BaaS fraud expense | 110,712 | 83,909 | 58,782 | ||
|---|---|---|---|---|---|
| BaaS loan expense | 86,900 | 53,294 | 2,976 | ||
| BaaS fraud expense | 7,165 | 29,571 | 1,505 | ||
| BaaS loan and fraud expense | 94,065 | 82,865 | 4,481 | ||
| Total noninterest expense | 204,777 | 166,774 | 63,263 | ||
| Income before provision for income taxes | 57,133 | 50,621 | 34,377 | ||
| PROVISION FOR INCOME TAXES | 12,554 | 9,996 | 7,372 | ||
| NET INCOME | $44,579 | $40,625 | $27,005 | ||
| Basic earnings per common share | $3.36 | $3.14 | $2.25 | ||
| Diluted earnings per common share | $3.27 | $3.01 | $2.16 | ||
| Weighted average number of common shares outstanding: | |||||
| Basic | 13,261,664 | 12,949,266 | 12,022,954 | ||
| Diluted | 13,640,182 | 13,514,952 | 12,521,426 | ||
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