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)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments342,139813,161163,117127,814125,782
Cash and cash equivalents342,139813,161163,117127,814125,782
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss   
Total current assets:342,139813,161163,117127,814125,782
Noncurrent Assets
Operating lease, right-of-use asset5,0186,1057,1208,493
Property, plant and equipment18,21317,21917,10813,10813,167
Deferred income tax assets18,4586,8183,7992,743
Total noncurrent assets:41,68930,14228,02724,34413,167
Other undisclosed assets2,760,6391,792,2141,574,978976,368813,161
TOTAL ASSETS:3,144,4672,635,5171,766,1221,128,526952,110
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities  1,200  216
Taxes payable1,200  216
Debt 2,7001,300312636
Total current liabilities: 2,7002,5003126252
Noncurrent Liabilities
Other undisclosed liabilities2,898,2732,431,7951,625,8741,004,327842,702
Total liabilities:2,900,9732,434,2951,625,9051,004,353842,954
Equity
Equity, attributable to parent243,494201,222140,217124,173109,156
Common stock125,830121,84587,81586,98386,431
Accumulated other comprehensive income (loss)(2,334)434(32)(1,296)
Retained earnings119,99879,37352,36837,22224,021
Total equity:243,494201,222140,217124,173109,156
TOTAL LIABILITIES AND EQUITY:3,144,4672,635,5171,766,1221,128,526952,110

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

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues190,08083,11662,65548,26338,314
Net investment income190,08082,72062,57347,77337,969
Cost of revenue (11,504)(9,365)(3,263)(2,385)
Cost of goods and services sold (1,589)(1,057)(719)(559)
Provision for loan, lease, and other losses (9,915)(8,308)(2,544)(1,826)
Gross profit:190,08071,61253,29045,00035,929
Operating expenses(15,554)(9,408)(8,748)(7,783)(6,679)
Operating income:174,52662,20444,54237,21729,250
Nonoperating income
(Investment Income, Nonoperating)
1,74579230635618
Interest and debt expense(20,395)(3,646)(5,652)(6,576)(3,926)
Income from continuing operations before equity method investments, income taxes:155,87658,63739,12031,27625,942
Other undisclosed loss from continuing operations before income taxes(105,255)(24,260)(19,979)(14,614)(13,700)
Income from continuing operations before income taxes:50,62134,37719,14116,66212,242
Income tax expense(9,996)(7,372)(3,995)(3,461)(2,541)
Income from continuing operations:40,62527,00515,14613,2019,701
Income before gain (loss) on sale of properties:27,00515,14613,2019,701
Net income available to common stockholders, diluted:40,62527,00515,14613,2019,701

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:40,62527,00515,14613,2019,701
Comprehensive income:40,62527,00515,14613,2019,701
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(2,338)(30)661,264(166)
Comprehensive income, net of tax, attributable to parent:38,28726,97515,21214,4659,535

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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