Coastal Financial Q4 net income $13.4M ($0.94 EPS); completes $98M capital raise

COASTAL FINANCIAL CORP

2024-FY EPS reported $3.26

Net income $13.4M ($0.94 diluted EPS) vs $13.5M ($0.97) in Q3 2024; full year $45.2M vs $44.6M in 2023.
Completed $98M common equity raise at $71/share in Q4; CET1 risk-based capital ratio improved to 12.04% from 9.24%.
Sold $845.5M in CCBX loans in Q4 while net loans grew $67.7M; BaaS program fee income rose 56.9% YoY to $25.6M.
Noninterest expense decreased 2.1% QoQ to $64.2M; provision for credit losses was $61.9M, with net charge-offs annualized at 6.51%.
Credit card accounts with fee earning potential reached 182,449, up 101,023 from Q3 2024; three signed LOIs for new CCBX partners.

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