Loading...
•
Jun 30, 2024
Coastal Financial Q2 2024 Earnings Report
Coastal Financial's performance improved with increased net income and strategic balance sheet management.
Key Takeaways
Coastal Financial Corporation reported a strong second quarter of 2024, with net income increasing to $11.6 million, or $0.84 per diluted share. The company experienced robust loan growth, increased deposits, and improved net interest margin. They also sold $155.2 million in CCBX loans during the quarter.
Net income reached $11.6 million, or $0.84 per diluted share.
Total assets increased to $3.96 billion.
Total loans increased to $3.33 billion.
Deposits increased to $3.54 billion.
Revenue by Segment
Forward Guidance
The company is well positioned to handle upcoming expected interest rate changes and improve its position in a declining interest rate environment.
Positive Outlook
- Strong relationships with existing CCBX partners.
- Successful efforts to attract new community bank borrowers.
- Maintaining strong credit quality.
- Portfolio is performing as expected.
- Diligent risk management practices.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...