COASTAL FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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FY2024 · Filed Mar 17, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (as restated -see Note 23) | |||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $45,219 | $44,579 | $40,625 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 277,607 | 183,992 | 79,064 |
| Depreciation and amortization | 4,552 | 2,328 | 1,809 |
| Loss on disposition of fixed assets | — | 39 | 35 |
| Increase in operating lease right-of-use assets | 835 | 833 | 1,087 |
| Increase in operating lease liabilities | (848) | (857) | (1,086) |
| Gain on sales of loans | — | (253) | — |
| Net amortization (accretion) on investment securities | 5 | (25) | (50) |
| Unrealized holding (gain) loss on equity investment | (27) | (279) | 153 |
| Stock-based compensation | 4,844 | 3,688 | 2,517 |
| Increase in bank-owned life insurance value | (485) | 27 | (360) |
| Deferred tax benefit (expense) | 138 | 13,879 | (11,018) |
| Net change in CCBX receivable | (5,050) | 1,328 | (9,150) |
| Net change in CCBX credit enhancement asset | (68,995) | (55,052) | (44,665) |
| Net change in CCBX payable | (1,119) | 9,871 | 18,578 |
| Net change in other assets and liabilities | 3,110 | (12,558) | (10,441) |
| Total adjustments | 214,567 | 146,961 | 26,473 |
| Net cash provided by operating activities | 259,786 | 191,540 | 67,098 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Purchase of investment securities available for sale | — | — | (134,912) |
| Purchase of investment securities held for investment | — | (50,244) | — |
| Change in other investments, net | (546) | 607 | (2,230) |
| Principal paydowns of investment securities available-for-sale | 8 | 9 | 17 |
| Principal paydowns of investment securities held-to-maturity | 3,565 | 417 | 256 |
| Maturities and calls of investment securities available-for-sale | 100,000 | 250 | 70,000 |
| Purchase of bank owned life insurance | (20) | (230) | (53) |
| Proceeds from sales of loans held for sale | 1,524,870 | 600,199 | 152,546 |
| Proceeds from sales of loan participations | — | — | 10,300 |
| Purchase of loans | (201,995) | (91,465) | (168,464) |
| Purchase of loan participations | — | — | (52) |
| Increase in loans receivable, net | (2,024,548) | (1,047,310) | (912,518) |
| Purchases of premises and equipment, net | (9,900) | (6,245) | (2,838) |
| Net cash used by investing activities | (608,566) | (594,012) | (987,948) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
|---|---|---|---|
| Net increase in demand deposits, money market, and savings | 225,779 | 553,932 | 467,744 |
| Net decrease in time deposits | (811) | (11,089) | (14,010) |
| Net repayment from long term FHLB borrowing | — | — | (24,999) |
| Increase from subordinated debt proceeds | — | — | 19,625 |
| Proceeds from exercise of stock options | 1,396 | 618 | 1,468 |
| Proceeds from public offering | 91,801 | — | — |
| Net cash provided by financing activities | 318,165 | 543,461 | 449,828 |
| NET CHANGE IN CASH, DUE FROM BANKS AND RESTRICTED CASH | (30,615) | 140,989 | (471,022) |
| CASH, DUE FROM BANKS AND RESTRICTED CASH, beginning of year | 483,128 | 342,139 | 813,161 |
| CASH, DUE FROM BANKS AND RESTRICTED CASH, end of year | $452,513 | $483,128 | $342,139 |
| SUPPLEMENTAL SCHEDULE OF OPERATING AND INVESTING ACTIVITIES | |||
| Interest paid | $123,679 | $91,436 | $20,068 |
| Income taxes paid | $10,540 | $6,843 | $23,498 |
| SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS | |||
| Fair value adjustment of securities available-for-sale, gross | $535 | $2,418 | $(2,959) |
| Lease liabilities arising from obtaining right-of-use assets | $122 | $1,747 | $— |
| Transfer from loans to loans held for sale | $1,545,470 | $599,946 | $152,546 |
| Adjustment to retained earnings - adoption of ASU 2016-13, net of deferred tax | $— | $(734) | $— |
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