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Mar 31, 2020
Coastal Financial Q1 2020 Earnings Report
Announced first quarter 2020 results.
Key Takeaways
Coastal Financial Corporation reported a net income of $2.7 million for Q1 2020, a slight decrease from $2.8 million in Q1 2019. The results were impacted by a $1.6 million loan loss provision due to loan growth and economic uncertainties related to the COVID-19 pandemic, but benefited from annualized loan growth of 28.3% and deposit growth of 15.4%.
Net income totaled $2.7 million, or $0.22 per diluted common share, a decrease of 3.0% from $2.8 million, or $0.23 per diluted common share, for the quarter ended March 31, 2019.
Total assets were $1.18 billion and grew at an annualized rate of 19.8% during the quarter ended March 31, 2020, compared to total assets of $1.13 billion at December 31, 2019.
Total loans receivable grew at an annualized rate of 28.3% during the quarter ended March 31, 2020 to $1.01 billion compared to $939.1 million at December 31, 2019.
Total deposits increased at an annualized rate of 15.4% during the quarter ended March 31, 2019 to $1.01 billion, compared to $968.0 million at December 31, 2019.
Forward Guidance
The company is focused on managing and innovating towards an enhanced future, combining the stability of the bank and the additional sources of income from the CCBX division to emerge stronger.
Positive Outlook
- Working diligently with the SBA to offer assistance to small businesses.
- Taking a proactive approach on restructuring payments for loan customers.
- Committed to following the guidelines set forth by government and public health officials.
- Taken measures to protect the health and safety of employees.
- Management expects to be able to manage the economic risks and uncertainties.
Challenges Ahead
- Global COVID-19 pandemic impacting the physical and economic health.
- Pandemic related disruptions occurred late in the period.
- Increased loan loss provision expense due to loan growth and economic uncertainties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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