Coastal Financial Q3 net income $10.3M ($0.75 EPS), down 20% QoQ

COASTAL FINANCIAL CORP

2023-Q3 EPS reported $2.61

Net income $10.3M ($0.75 diluted EPS) vs $12.9M ($0.95) in Q2 2023 and $11.1M ($0.82) a year ago.
Deposits up $127.1M (+4%) to $3.29B; uninsured deposits down to 18.2% from 20%. Liquidity $1.05B covers uninsured deposits.
Sells $320.9M in CCBX loans during Q3; CCBX loans decrease $112.1M vs community bank loans increase $71.6M.
Net interest margin falls to 7.10% from 7.58% QoQ; cost of deposits rises to 3.14% from 2.72%.
Management expects lower earnings short term as it optimizes CCBX loan portfolio with enhanced credit standards.

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 1.0

COASTAL FINANCIAL CORP reported the quarter ended September 30, 2023 results: net income $10.3 million, EPS $0.75 per diluted common share.

Period: the quarter ended September 30, 2023
Net income: $10.3 million
EPS: $0.75 per diluted common share
Result: reported results

Exact text from the filing

Quarterly net income for the third quarter of 2023 was $10.3 million, or $0.75 per diluted common share

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Source: SEC EDGAR

accession 0001437958-23-000109

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