Coastal Financial Reports $13.5M Net Income

By Bobby Samwell • Monday, October 28 10:16 • Permanent Link

Coastal Financial Corporation (NASDAQ: CCB) has reported its unaudited financial results for the third quarter of 2024, revealing a net income of $13.5 million, or $0.97 per diluted common share. This marks an increase from the previous quarter, where the company reported a net income of $11.6 million, or $0.84 per diluted common share.

The company's balance sheet as of September 30, 2024, shows a total asset value of $4.065 billion, reflecting an increase from the previous quarter's $3.961 billion and the same period last year, which stood at $3.678 billion.

The net interest income for the quarter ending September 30, 2024, was reported at $72.187 million, compared to $66.237 million and $62.229 million for the quarters ended June 30, 2024, and September 30, 2023, respectively.

Additionally, the company's noninterest income for the third quarter of 2024 was $80.068 million, a significant increase from the previous quarter's $69.918 million and the same period last year, which stood at $34.579 million.

Furthermore, Coastal Financial Corporation reported a return on average assets (ROA) of 1.34% for the quarter ended September 30, 2024, showing an improvement from the ROA of 1.21% and 1.13% for the quarters ended June 30, 2024, and September 30, 2023, respectively.

The company's loan portfolio also exhibited growth, with loans receivable totaling $3.418 billion as of September 30, 2024, compared to $3.326 billion and $2.967 billion for the quarters ended June 30, 2024, and September 30, 2023, respectively.

Coastal Financial Corporation's CEO, Eric Sprink, expressed optimism for the future, highlighting the company's focus on building out technology and risk management infrastructure to support its next phase of growth within the banking as a service (BaaS) segment.

The press release also emphasized the company's efforts to expand relationships with existing BaaS partners and its active pipeline for new partnerships. The company has 22 active BaaS relationships as of September 30, 2024, and is strategically focusing on larger, established partners with strong financial positions.

Following these announcements, the company's shares moved 1.8%, and are now trading at a price of $59.48. For more information, read the company's full 8-K submission here.

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