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Dec 31, 2024
Coastal Financial Q4 2024 Earnings Report
Reported net income of $13.4 million and strong annual growth in CCBX program fees.
Key Takeaways
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.
Revenue by Segment
Forward Guidance
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.
Positive Outlook
- Selectively expanding the current base of CCBX partners
- Continuing to invest in and enhance our technology and risk management infrastructure
- Growing noninterest income through increased transaction activity
- Introducing new product offerings with established partners
- Continuing to sell credit card loans while retaining a portion of the fee income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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