Coastal Financial Corporation reported a net income of $6.8 million, or $0.50 per diluted common share, for Q1 2024. The results were influenced by $2.3 million in unanticipated expenses and continued investments in technology to enhance BaaS infrastructure. Despite these factors, the company saw growth in total assets, loans, and deposits.
Net income reached $6.8 million, with earnings per diluted share at $0.50.
Total assets grew to $3.87 billion, marking a 3.0% increase.
Total loans increased to $3.20 billion, reflecting a 5.7% growth.
Deposits rose to $3.46 billion, showing a 3.1% increase.
Coastal Financial anticipates that investments in technology and the challenges from the economic environment will continue to impact earnings in the short term. However, they believe they are positioning themselves for long term success.
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