Coastal Financial Corporation reported a net income of $13.4 million for Q4 2024. The company completed a $98.0 million capital raise and saw high-quality net loan growth of $67.7 million. CCBX program fee income continued to increase, up 56.9% for the full year.
Completed a $98.0 million capital raise to support growth, particularly in the CCBX segment.
CCBX program fee income increased by 27.6% compared to the previous quarter.
Investments in CCBX continue, with expenses expected to be front-loaded in 2025 for compliance and operational risk.
Sold $845.5 million of loans and swept $273.2 million of deposits off balance sheet during the quarter.
Coastal Financial's strategy for 2025 involves selectively expanding its CCBX partner base while investing in technology and risk management. The company aims to grow noninterest income through increased transaction activity and new product offerings, mitigating interest rate uncertainties.
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