COASTAL FINANCIAL CORP
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
CCB$42.91-1.6%Stored close · as of Nov 10, 2026
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Condensed Consolidated Balance Sheets as of and (unaudited)
COASTAL FINANCIAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
| ASSETS | ||
|---|---|---|
| March 31,2024 | December 31,2023 | |
| Cash and due from banks | $32,790 | $31,345 |
| Interest earning deposits with other banks (restricted cash of $0 at March 31, 2024 and December 31, 2023) | 482,338 | 451,783 |
| Investment securities, available for sale, at fair value | 41 | 99,504 |
| Investment securities, held to maturity, at amortized cost | 50,049 | 50,860 |
| Other investments | 10,583 | 10,227 |
| Loans held for sale | 797 | — |
| Loans receivable | 3,199,554 | 3,026,092 |
| Allowance for credit losses | (139,258) | (116,958) |
| Total loans receivable, net | 3,060,296 | 2,909,134 |
| CCBX credit enhancement asset | 137,276 | 107,921 |
| CCBX receivable | 10,369 | 9,088 |
| Premises and equipment, net | 22,995 | 22,090 |
| Operating lease right-of-use assets | 5,756 | 5,932 |
| Accrued interest receivable | 24,681 | 26,819 |
| Bank-owned life insurance, net | 12,991 | 12,870 |
| Deferred tax asset, net | 2,221 | 3,806 |
| Other assets | 12,075 | 11,987 |
| Total assets | $3,865,258 | $3,753,366 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| LIABILITIES | ||
| Deposits | $3,462,979 | $3,360,363 |
| Subordinated debt, net | ||
| Principal amount $45,000 (less unamortized debt issuance costs of $819 and $856) at March 31, 2024 and December 31, 2023, respectively | 44,181 | 44,144 |
| Junior subordinated debentures, net | ||
| Principal amount $3,609 (less unamortized debt issuance costs of $19 at March 31, 2024 and December 31, 2023) | 3,590 | 3,590 |
| Deferred compensation | 442 | 479 |
| Accrued interest payable | 1,061 | 892 |
| Operating lease liabilities | 5,946 | 6,124 |
| CCBX payable | 33,095 | 33,651 |
| Other liabilities | 10,255 | 9,145 |
| Total liabilities | 3,561,549 | 3,458,388 |
| SHAREHOLDERS’ EQUITY | ||
| Preferred stock, no par value: | ||
| Authorized: 25,000,000 shares at March 31, 2024 and December 31, 2023; issued and outstanding: zero shares at March 31, 2024 and December 31, 2023 | — | — |
| Common stock, no par value: | ||
| Authorized: 300,000,000 shares at March 31, 2024 and December 31, 2023; 13,407,320 shares at March 31, 2024 issued and outstanding and 13,304,339 shares at December 31, 2023 issued and outstanding | 131,601 | 130,136 |
| Retained earnings | 172,110 | 165,311 |
| Accumulated other comprehensive loss, net of tax | (2) | (469) |
| Total shareholders’ equity | 303,709 | 294,978 |
| Total liabilities and shareholders’ equity | $3,865,258 | $3,753,366 |
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