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Mar 31, 2021
Coastal Financial Q1 2021 Earnings Report
Coastal Financial's Q1 2021 financial results were presented.
Key Takeaways
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.
Forward Guidance
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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