Coastal Community Bank
(Everett, WA) February 5, 2013. Coastal Financial Corporation, the holding company for Coastal Community Bank (“Bank”), today announced net income of $425,000 for the quarter ended December 31, 2012 compared to $362,000 for the quarter ended December 31, 2011.
"We are very pleased to report another consecutive quarter of improved profitability,” said Chairman Tom Lane. “Coastal also received written approval from the Federal Reserve Bank of San Francisco and the Washington Department of Financial Institutions for the opening of our Snohomish Branch. This further illustrates progress toward our goal of improving the financial performance and growing the Bank into the leading community bank in our region", continued Mr. Lane.
Highlights for 2012 and the year ended December 31, 2012 include:
- Net income grew by $1,433,000 for the year to a positive $1,293,000 for 2012.
- Net interest margin reached 4.51% in 2012, up from 4.39% in the same period of 2011, due largely to the impact of steady loan yields, decreased troubled loans, and better funding sources for loans.
- Total assets at December 31, 2012 were $370.9 million, an increase of $73.7 million, or 25%, compared to the same period in 2011.
- Total loans increased $75.4 million or 34% to $294.9 million during 2012.
- Continued loan quality improvement with the Nonperforming Asset Ratio is now below 1% (0.89%). Additionally, Other Real Estate Owned totaled $1.8 million at December 31, 2012, down from $6.1 million at December 31, 2011.
- Total deposits increased $64.4 million or 24% to $328.3 million compared to $263.9 million at December 31, 2011.
- Non-interest bearing deposits grew $29.9 million or 54% to $85.5 million and represented 26% of total deposits at December 31, 2012.
- Capital ratios substantially exceed regulatory requirements for a well capitalized financial institution with Total Risk Based Capital at 12.38% at December 31, 2012.
The financial results demonstrated solid progress for Coastal across all business lines, resulting in strong growth and improved net income. “We are particularly pleased with our year over year improvement in our asset quality, problem assets, non-performing loans and past due loans which all have seen marked improvement and returned to pre-financial crisis levels. While the region’s loan demand remained constrained, the Company’s expanded lending team worked diligently to bring new business relationships to Coastal. Our reputation for developing long term partnerships with our clients and employing knowledgeable, friendly bankers continues to be a differentiator for our Company,” said Eric Sprink, President and CEO.
Sprink continued, “As we have done for the past 16 years, we will work hard to deepen existing client relationships and attract quality new customers. In an increasingly competitive industry, small and medium-sized businesses are looking for dedicated and experienced service professionals to partner with as their trusted financial advisor over the long term and we want to be their choice for a community bank.”