EVERETT — Coastal Community Bank highlighted growth throughout the first quarter of the year in a recent earnings release.
Coastal Financial Corp., the holding company for Coastal Community Bank, reported net income of $441,000 for the first three months of the year, representing a 293 percent increase over the same period a year ago. It is generated by year-over-year growth of $63.3 million in loans and $67.2 million in deposits, according to the release. Two new branch openings also contributed to recent growth.
“We’re very pleased with where we’re standing at this point,” said Eric Sprink, president and CEO of Coastal Community Bank. “We’ve grown significantly and a lot of customers have chosen us and we’re really excited about that.”
Nearly 6,000 customers have chosen Coastal Community Bank in the last three years, Sprink added. At $338.2 million, the bank’s total deposits from March 31 were a nearly 25 percent increase when compared to the same time one year ago. Core deposits also grew $12.5 million in the first quarter while non-interest bearing deposits increased to $86.8 million or 25.7 percent of total deposits.
The bank also experienced low levels of past-due loans during the first quarter, Sprink said. By the end of March, past due loans were at 0.43 percent compared to just over 1 percent on Dec. 31. Other real-estate-owned and non-accrual loans also decreased from the same period.
“It’s even continuing to improve,” Sprink said. “As the economy rebounds and people get on their feet, the cycle tends to improve itself but we’re at better than normal historical amounts of delinquencies.”
Coastal Community Bank was founded in Everett in 1997 and now consists of 10 branches in Snohomish and Island counties. The Snohomish branch at 928 Ave. D opened in February and a branch at 16419 Smokey Point Blvd. in Arlington opened in April.
With a total risk-based capital ratio of 13.6 percent, Coastal Community Bank exceeds regulatory requirements for a well-capitalized financial institution and is planning on future growth.
“The board has set a strategic directive to continue our growth pattern,” Sprink said. “We’re currently evaluating new branch locations. We don’t have anything picked out right now but in the next six to nine months we think something will pop up that will continue to help Coastal grow.”
Sprink also credits the bank’s 104 employees.
“Banking is a people business,” he said. “The big banks may not think so but we believe it is. We’ve hired the right people that have brought the right customers to Coastal and they’re performing very well.”
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