Coastal Financial Corporation (CCB) Financial Statements (2024 and earlier)

Company Profile

Business Address 5415 EVERGREEN WAY
EVERETT, WA 98203
State of Incorp. WA
Fiscal Year End December 31
Industry (SIC) 6022 - State Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments483,128474,946275,060393,916342,139410,728
Cash and cash equivalents483,128474,946275,060393,916342,139410,728
Financing receivable, accrued interest, after allowance for credit loss25,600     
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss 1935014  
Total current assets:508,728475,139275,110393,930342,139410,728
Noncurrent Assets
Operating lease, right-of-use asset5,9326,1266,2164,8125,0185,293
Property, plant and equipment22,09020,54318,90318,03018,21318,467
Long-term investments and receivables 809     
Long-term investments 809     
Deferred income tax assets3,8064,40425,76420,52718,45813,997
Total noncurrent assets:32,63731,07350,88343,36941,68937,757
Other undisclosed assets3,212,0013,172,0533,209,2903,013,7342,760,6392,685,256
TOTAL ASSETS:3,753,3663,678,2653,535,2833,451,0333,144,4673,133,741
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt 2,800   2,7003,800
Total current liabilities: 2,800   2,7003,800
Noncurrent Liabilities
Other undisclosed liabilities3,455,5883,393,8153,262,6213,192,2702,898,2732,901,208
Total liabilities:3,458,3883,393,8153,262,6213,192,2702,900,9732,905,008
Equity
Equity, attributable to parent294,978284,450272,662258,763243,494228,733
Common stock130,136129,244128,315127,447125,830123,944
Accumulated other comprehensive loss(469)(1,093)(1,682)(1,807)(2,334)(2,091)
Retained earnings165,311156,299146,029133,123119,998106,880
Total equity:294,978284,450272,662258,763243,494228,733
TOTAL LIABILITIES AND EQUITY:3,753,3663,678,2653,535,2833,451,0333,144,4673,133,741

Income Statement (P&L) ($ in thousands)

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
Revenues89,42887,64382,90069,65164,32354,601
Net investment income 87,53682,87769,52864,32354,601
Cost of revenue(61,142)(27,698)(53,129)(43,999)  
Provision for loan, lease, and other losses(60,693)(27,157)(52,598)(43,544)  
Gross profit:28,28659,94529,77125,65264,32354,601
Operating expenses(5,826)(7,200)(7,001)(5,487)(5,551)(4,560)
Other operating expense, net
(Other Expenses)
      
Other undisclosed operating loss (15,927)     
Operating income (loss):6,53352,74522,77020,16558,77250,041
Nonoperating income
(Investment Income, Nonoperating)
1,225766653553557554
Interest and debt expense(28,586)(26,102)(21,336)(15,620)(11,598)(5,990)
Income (loss) from continuing operations before equity method investments, income taxes:(20,828)27,4092,0875,09847,73144,605
Other undisclosed income (loss) from continuing operations before income taxes32,687(14,355)14,69510,340(32,187)(30,540)
Income from continuing operations before income taxes:11,85913,05416,78215,43815,54414,065
Income tax expense(2,847)(2,784)(3,876)(3,047)(2,426)(2,964)
Income from continuing operations:9,01210,27012,90612,39113,11811,101
Income before gain (loss) on sale of properties:11,101
Net income available to common stockholders, diluted:9,01210,27012,90612,39113,11811,101

Comprehensive Income ($ in thousands)

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
Net income:9,01210,27012,90612,39113,11811,101
Comprehensive income:9,01210,27012,90612,39113,11811,101
Other undisclosed comprehensive income (loss), net of tax, attributable to parent624589125527(243)(747)
Comprehensive income, net of tax, attributable to parent:9,63610,85913,03112,91812,87510,354

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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