Coastal Financial Corporation reported its Q1 2021 financial results, which included the impact of Paycheck Protection Program (PPP) loans. As of March 31, 2021, the company funded $736.5 million in PPP loans and earned $3.2 million in net deferred fees on PPP loans during the quarter.
Funded a total of $736.5 million in PPP loans to existing and new small business customers in 2020 and 2021.
Earned $3.2 million in net deferred fees on PPP loans in the quarter ended March 31, 2021.
Core deposits were 95.2% of total deposits as of March 31, 2021.
Cost of total deposits was 0.17% for the quarter ended March 31, 2021.
Coastal Financial Corporation is investing in infrastructure and making additional hires to support new partners and build a standardized platform for BaaS. They are also building an integrated compliance and reporting system.
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