Coastal Financial Q1 net income $12.4M ($0.91 EPS); assets up 9.7% to $3.45B

COASTAL FINANCIAL CORP

2023-Q1 EPS reported $0.91

Net income $12.4M vs $13.1M in Q4 2022; diluted EPS $0.91 vs $0.96.
Loans grew $209.9M (8.0%) to $2.84B; CCBX loans up $153.7M (15.2%).
Deposits up $277.7M (9.9%) to $3.10B; uninsured deposits fell to 24.8% from 29.7%.
Net interest margin 7.15% vs 6.96% prior Q; cost of deposits 2.13%.
Noninterest income $49.3M (+$6.5M QoQ) driven by BaaS credit enhancements.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

COASTAL FINANCIAL CORP reported three months ended March 31, 2023 results: net income 12.4 million, EPS 0.91.

Period: three months ended March 31, 2023
Net income: 12.4 million
EPS: 0.91
Result: reported results

Exact text from the filing

Quarterly net income for the first quarter of 2023 was $12.4 million, or $0.91 per diluted common share, compared with net income of $13.1 million, or $0.96 per diluted common share, for the fourth quarter of 2022, and $6.2 million, or $0.46 per diluted common share, for the quarter ended March 31, 2022.

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COASTAL FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001437958-23-000066

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