COASTAL FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 17, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (as restated -see Note 23) | |||
| INTEREST AND DIVIDEND INCOME | |||
| Interest and fees on loans | $372,021 | $304,289 | $183,352 |
| Interest on interest earning deposits with other banks | 21,265 | 15,346 | 6,728 |
| Interest on investment securities | 3,056 | 3,197 | 1,745 |
| Dividends on other investments | 435 | 387 | 345 |
| Total interest income | 396,777 | 323,219 | 192,170 |
| INTEREST EXPENSE | |||
| Interest on deposits | 120,932 | 89,000 | 19,004 |
| Interest on borrowed funds | 2,817 | 2,644 | 1,391 |
| Total interest expense | 123,749 | 91,644 | 20,395 |
| Net interest income | 273,028 | 231,575 | 171,775 |
| PROVISION FOR CREDIT LOSSES | 277,607 | 183,992 | 79,064 |
| Net interest income/(expense) after provision for credit losses | (4,579) | 47,583 | 92,711 |
| NONINTEREST INCOME | |||
| Service charges and fees | 3,738 | 3,854 | 3,804 |
| Loan referral fees | 168 | 683 | 810 |
| Gain on sales of loans, net | — | 253 | — |
| Unrealized gain (loss) on equity securities, net | 27 | 279 | (153) |
| Other income | 1,524 | 884 | 1,344 |
| Noninterest income, excluding BaaS program income and BaaS indemnification income | 5,457 | 5,953 | 5,805 |
| Servicing and other BaaS fees | 4,743 | 3,855 | 4,408 |
| Transaction fees | 5,910 | 4,011 | 3,211 |
| Interchange fees | 6,933 | 4,252 | 2,583 |
| Reimbursement of expenses | 2,489 | 1,122 | 991 |
| BaaS program income | 20,075 | 13,240 | 11,193 |
| BaaS credit enhancements | 272,839 | 177,764 | 76,374 |
| BaaS fraud enhancements | 9,834 | 7,165 | 29,571 |
| BaaS indemnification income | 282,673 | 184,929 | 105,945 |
| Total noninterest income | 308,205 | 204,122 | 122,943 |
| NONINTEREST EXPENSE | |||
| Salaries and employee benefits | 70,084 | 66,461 | 52,228 |
| Occupancy | 3,936 | 4,172 | 4,219 |
| Data processing and software licenses | 15,313 | 9,349 | 6,816 |
| Legal and professional expenses | 15,506 | 14,803 | 6,760 |
| Point of sale expense | 325 | 481 | 368 |
| Excise taxes | 1,154 | 1,976 | 2,204 |
| Federal Deposit Insurance Corporation ("FDIC") assessments | 2,863 | 2,524 | 2,859 |
| Director and staff expenses | 2,112 | 2,152 | 1,711 |
| Marketing | 162 | 517 | 351 |
| Other expense | 6,484 | 5,224 | 4,652 |
| Noninterest expense, excluding BaaS loan and BaaS fraud expense | 117,939 | 107,659 | 82,168 | ||
|---|---|---|---|---|---|
| BaaS loan expense | 118,536 | 79,748 | 53,294 | ||
| BaaS fraud expense | 9,834 | 7,165 | 29,571 | ||
| BaaS loan and fraud expense | 128,370 | 86,913 | 82,865 | ||
| Total noninterest expense | 246,309 | 194,572 | 165,033 | ||
| Income before provision for income taxes | 57,317 | 57,133 | 50,621 | ||
| PROVISION FOR INCOME TAXES | 12,098 | 12,554 | 9,996 | ||
| NET INCOME | $45,219 | $44,579 | $40,625 | ||
| Basic earnings per common share | $3.35 | $3.36 | $3.14 | ||
| Diluted earnings per common share | $3.26 | $3.27 | $3.01 | ||
| Weighted average number of common shares outstanding: | |||||
| Basic | 13,508,047 | 13,261,664 | 12,949,266 | ||
| Diluted | 13,876,906 | 13,640,182 | 13,514,952 | ||
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