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Jun 30, 2021
Coastal Financial Q2 2021 Earnings Report
Coastal Financial's performance was highlighted by strategic growth initiatives and strong financial results.
Key Takeaways
Coastal Financial Corporation reported a solid financial performance, demonstrating growth in key areas such as BaaS revenue, capital call line commitments, and deposit growth. The company also successfully managed its PPP loan portfolio and maintained a strong asset quality.
BaaS revenue increased significantly, driven by growth in partner relationships and interchange income.
Capital call line commitments saw substantial growth, reflecting the expansion of CCBX's partner base.
Deposit growth was strong, supported by the company's core deposit-driven funding strategy.
The company effectively managed its PPP loan portfolio, earning net deferred fees and fully repaying the Paycheck Protection Program Liquidity Facility.
Forward Guidance
Coastal Financial's collaboration with Google is expected to enhance customer experience and expand their customer base. The company anticipates that the new platform will provide customers with an enhanced customer experience and provide them with new avenues to interact with us.
Positive Outlook
- Reach existing customers
- Reach new communities
- Enhanced customer experience
- New avenues to interact
- Opportunity to tap into a younger demographic
Challenges Ahead
- New platform not yet launched
- Sustained success is not guaranteed
- Banks must continue to evolve
- Banks must build new expertise
- Banks must establish new ways of doing business
Historical Earnings Impact
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Avg. Return Before/After Earnings
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