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Jun 30, 2023
Coastal Financial Q2 2023 Earnings Report
Achieved strong financial results driven by growth in loans and deposits.
Key Takeaways
Coastal Financial Corporation reported a net income of $12.9 million for the quarter ended June 30, 2023. The company's Return on Average Assets was 1.52% and Return on Average Equity was 19.53%. Total assets reached $3,535.3 million, with loans receivable at $3,007.6 million and deposits at $3,162.6 million.
Net income was $12.9 million.
Deposits increased by $67.3 million during the quarter.
Loans receivable reached $3,007.6 million.
CCBX deposit growth was $89.3 million.
Revenue by Segment
Forward Guidance
Noninterest expense includes elevated levels of legal and professional fees due to increased fees related to data and risk management, building out our infrastructure and increased consulting expenses for projects and enhanced monitoring. These expenses are expected to level off for 3Q23 and decline to approximate 1Q23 levels by 1Q24.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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