EVERETT — Coastal Financial Corp., the holding company for Everett-based Coastal Community Bank, announced a second-quarter profit of $330,553, compared to a net loss of $509,857 it posted in the same period a year ago.
Year to date, Coastal Financial Corp. has recognized earnings of $442,888 compared to a net loss for the first six months of 2011 of $765,027.
“Our business momentum continues to build nicely, and operating fundamentals are as strong as ever,” Eric Sprink, president and CEO, said in a news release. “Businesses and consumers are looking more closely at their finances and are willing to switch banks for the right reasons. Coastal’s combination of convenience, breadth of products and knowledgeable, committed local bankers sets us apart from our competitors. As a result, we’ve continued to grow both deposits and loans.”
Among Coastal’s financial highlights so far this year:
•Net income grew $1,207,915 in the first half of 2012 from a loss last year to $442,888.
Net interest margin improved to 4.73 percent in the first half 2012, up from 4.1 percent in the first half of 2011, largely because of steady loan yields, decreased deposit costs and fewer troubled assets.
Total assets grew by $86.9 million (up 34.4 percent) year over year, reaching $339 million as of June 30.
Total loans grew to a record $274.4 million, a 47 percent increase from June 30, 2011.
Loan quality continued to improve, with only 0.82 percent of total loans past due. Additionally, other real estate owned dropped from $6.1 million on Dec. 31 to $2.6 million on June 30.
Total deposits grew to $291 million, a $76 million increase year over year.
Capital ratios continue to substantially exceed regulatory requirements for a well-capitalized financial institution, with total risk-based capital at 13.07 percent.
Coastal Community bank was the largest Small Business Administration lender in Snohomish County for the first three quarters of SBA’s fiscal calendar year in both dollars and numbers of loans.
Net numbers of new accounts continues to break records as customers choose to bank locally.
“The growth in core deposits was critical to our ability to fund our loan growth of 47 percent,” Sprink said.
“Our bigger bank competitors are closing branches, eliminating drive-through lanes and laying off employees,” he said. “In contrast, we’re expanding and growing. Over the past year, in order to meet growing demands, the bank has added over 25 jobs in Snohomish County, with experienced trusted bankers choosing to join our team.”
“Sultan, Darrington and greater Snohomish County might not be key markets for larger banks, but to us they matter,” Coastal Financial Corp. Chairman Tom Lane said in the news release. “We’re proud to be the choice of more and more customers as they decide to bank locally.”
Kurt Batdorf: 425-339-3102; kbatdorf@heraldnet.com.
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