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
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $44,579 | $40,625 | $27,005 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 183,992 | 79,064 | 9,915 |
| Depreciation and amortization | 2,328 | 1,809 | 1,587 |
| Loss on disposition of fixed assets | 39 | 35 | — |
| Increase in operating lease right-of-use assets | 833 | 1,087 | 1,056 |
| Increase in operating lease liabilities | (857) | (1,086) | (1,044) |
| Gain on sales of loans | (253) | — | (396) |
| Net discount accretion on investment securities | (25) | (50) | 32 |
| Unrealized holding (gain) loss on equity investment | (279) | 153 | (1,469) |
| Stock-based compensation | 3,688 | 2,517 | 1,284 |
| Gain on sale of bank branch, including deposits and loans | — | — | (1,263) |
| Increase in bank-owned life insurance value | 27 | (360) | (172) |
| Deferred tax benefit (expense) | 13,879 | (11,018) | (3,011) |
| Net change in CCBX receivable | 1,328 | (9,150) | (1,096) |
| Net change in CCBX credit enhancement asset | (50,079) | (44,665) | (8,712) |
| Net change in CCBX payable | 13,232 | 18,578 | 1,841 |
| Net change in other assets and liabilities | (15,919) | (10,441) | 4,290 |
| Total adjustments | 151,934 | 26,473 | 2,842 |
| Net cash provided by operating activities | 196,513 | 67,098 | 29,847 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Purchase of investment securities available for sale | — | (134,912) | (117,493) |
| Purchase of investment securities held for investment | (50,244) | — | — |
| Change in other investments, net | 607 | (2,230) | (950) |
| Principal paydowns of investment securities available-for-sale | 9 | 17 | 33 |
| Principal paydowns of investment securities held-to-maturity | 417 | 256 | 1,515 |
| Maturities and calls of investment securities available-for-sale | 250 | 70,000 | 102,500 |
| Purchase of bank owned life insurance | (230) | (53) | (5,000) |
| Proceeds from sales of loans held for sale | 600,199 | 152,546 | — |
| Proceeds from sales of loan participations | — | 10,300 | — |
| Purchase of loans | (91,465) | (168,464) | (60,260) |
| Purchase of loan participations | — | (52) | — |
| Proceeds from sale of loans related to sale of bank branch | — | — | 4,092 |
| Increase in loans receivable, net | (1,052,283) | (912,518) | (141,503) |
| Net cash transfer for branch sale | — | — | (19,980) |
| Purchases of premises and equipment, net | (6,245) | (2,838) | (2,593) |
| Net cash used by investing activities | (598,985) | (987,948) | (239,639) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
|---|---|---|---|
| Net increase in demand deposits, NOW and money market, and savings | 553,932 | 467,744 | 980,766 |
| Net decrease in time deposits | (11,089) | (14,010) | (14,223) |
| Net repayment from long term FHLB borrowing | — | (24,999) | — |
| Increase from subordinated debt proceeds | — | 19,625 | 24,263 |
| Decrease from subordinated debt repayment | — | — | (10,000) |
| Net advances from Paycheck Protection Program Liquidity Facility | — | — | (153,716) |
| Proceeds from exercise of stock options | 618 | 1,468 | 359 |
| Proceeds from public offering | — | — | 32,387 |
| Net cash provided by financing activities | 543,461 | 449,828 | 859,836 |
| NET CHANGE IN CASH, DUE FROM BANKS AND RESTRICTED CASH | 140,989 | (471,022) | 650,044 |
| CASH, DUE FROM BANKS AND RESTRICTED CASH, beginning of year | 342,139 | 813,161 | 163,117 |
| CASH, DUE FROM BANKS AND RESTRICTED CASH, end of quarter | $483,128 | $342,139 | $813,161 |
| SUPPLEMENTAL SCHEDULE OF OPERATING AND INVESTING ACTIVITIES | |||
| Interest paid | $91,436 | $20,068 | $3,820 |
| Income taxes paid | $6,843 | $23,498 | $8,759 |
| SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS | |||
| Fair value adjustment of securities available-for-sale, gross | $2,418 | $(2,959) | $(37) |
| Operating lease right-of-use assets | $1,747 | $— | $41 |
| Operating lease liabilities | $(1,747) | $— | $(41) |
| Transfer from loans to loans held for sale | $599,946 | $152,546 | $— |
| Adjustment to retained earnings - adoption of ASU 2016-13, net of deferred tax | $(734) | $— | $— |
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