Coastal Financial Corporation reported a strong third quarter with significant growth in total assets and deposits. Total assets increased by $444.4 million to $2.45 billion, and total deposits increased by $421.9 million to $2.22 billion. Net income for the quarter was $6.7 million, or $0.54 per diluted common share.
Total assets increased by $444.4 million, reaching $2.45 billion.
Total deposits grew by $421.9 million, totaling $2.22 billion.
Loan growth reached $47.5 million, despite $130.8 million in PPP loan forgiveness.
Net income amounted to $6.7 million, or $0.54 per diluted common share.
Management expects net interest margin to fluctuate as PPP loans are forgiven and paid off. They also anticipate an increase in software license, maintenance, and subscription expenses due to investments in automated processing and product line growth for CCBX and CCDB.
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