Coastal Financial Corp revises Q4 earnings; net income $13.4M, $0.94 EPS; $98M capital raise

COASTAL FINANCIAL CORP

Net income Q4 2024 $13.4M ($0.94 diluted EPS) vs $13.5M ($0.97) in Q3; full-year net income $45.2M vs $44.6M in 2023.
Completed $98.0M common equity raise at $71.00/share; CET1 ratio increased to 12.04% from 9.24% in Q3.
Sold $845.5M in loans (credit card) in Q4; CCBX program fee income up 51.6% YoY to $20.1M.
Noninterest expense rose to $67.4M from $64.4M in Q3 due to higher salaries and legal costs.
Three signed letters of intent for CCBX partnerships as of Dec 31, 2024; management expects front-loaded expenses in 2025.

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