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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark one)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission file number: 001-38589
COASTAL FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Washington56-2392007
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
5415 Evergreen Way, Everett, Washington
98203
(Address of principal executive offices)(Zip Code)
(425) 257-9000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
_________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, no par value per shareCCB
NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and emerging growth company in Rule 12b-2 of the Exchange Act.
Large Accelerated FileroAccelerated Filerx
Non-Accelerated FileroSmaller Reporting Companyo
Emerging Growth Companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of May 3, 2024, there were 13,419,491 shares of the issuer’s common stock outstanding.


COASTAL FINANCIAL CORPORATION
Table of Contents
Page No.
2

Forward-Looking Statements
This report may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. All forward-looking statements, expressed or implied, included herewith are expressly qualified in their entirety by the cautionary statements contained or referred to herein. The inclusion of forward-looking information in this report should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs.
Factors that may affect our results are disclosed in “Item 1A. Risk Factors” in Part II of this report and in the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 (“Form 10-K”). Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed include, but are not limited to, the following: the difficult market conditions and unfavorable economic conditions and uncertainties in the markets in which we operate and in which our loans are concentrated, including declines in housing markets as a result of global macroeconomic and geopolitical events, an increase in unemployment levels and slowdowns in economic growth; our expected future financial results; our ability to successfully execute on our strategy for our CCBX segment, CCBX partnerships and our efforts to optimize and strengthen our CCBX balance sheet; the overall health of the local and national real estate market; the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions; the credit risk associated with our loan portfolio, our level of nonperforming assets and the costs associated with resolving problem loans; business and economic conditions generally and in the financial services industry, nationally and within our market area, particularly in the markets in which we operate and in which our loans are concentrated; the impact on the Company’s operations due to epidemic illnesses, natural or man-made disasters, such as earthquakes, tsunamis, wildfires and flooding, the effects of regional or national civil unrest, wars and acts of terrorism, and political developments that may disrupt or increase volatility in securities or otherwise affect economic conditions; our ability to maintain an adequate level of allowance for credit losses; our ability to successfully manage liquidity risk; our ability to implement our growth strategy and manage costs effectively; the composition of our senior leadership team and our ability to attract and retain key personnel; our ability to raise additional capital to implement our business plan; changes in market interest rates and impacts of such changes on our profits and business; the occurrence of fraudulent activity, breaches or failures of our information security controls or cybersecurity-related incidents; interruptions involving our information technology and telecommunications systems or third-party servicers; our ability to maintain our reputation; increased competition in the financial services industry; regulatory guidance on commercial lending concentrations; our relationship with broker-dealers and digital financial service providers; the effectiveness of our risk management framework; the costs and obligations associated with being a publicly traded company and other unanticipated costs that we may experience; the commencement and outcome of litigation and other legal proceedings and regulatory actions against us or to which we may become subject; the extensive regulatory framework that applies to us; the impact of recent and future legislative and regulatory changes and economic stimulus programs; and other changes in banking, securities and tax laws and regulations, and their application by our regulators; the impact on our operations due to epidemic illnesses, natural or man-made disasters, such as wildfires, the effects of regional or national civil unrest, and political developments that may disrupt or increase volatility in securities or otherwise affect economic conditions; fluctuations in the value of the securities held in our securities portfolio; governmental monetary and fiscal policies; material weaknesses in our internal control over financial reporting; and our success at managing the risks involved in the foregoing items.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.
3

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
COASTAL FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
ASSETS
March 31,
2024
December 31,
2023
Cash and due from banks$32,790 $31,345 
Interest earning deposits with other banks (restricted cash of $0 at March 31, 2024 and December 31, 2023)
482,338 451,783 
Investment securities, available for sale, at fair value41 99,504 
Investment securities, held to maturity, at amortized cost50,049 50,860 
Other investments10,583 10,227 
Loans held for sale797  
Loans receivable3,199,554 3,026,092 
Allowance for credit losses(139,258)(116,958)
Total loans receivable, net3,060,296 2,909,134 
CCBX credit enhancement asset137,276 107,921 
CCBX receivable10,369 9,088 
Premises and equipment, net22,995 22,090 
Operating lease right-of-use assets5,756 5,932 
Accrued interest receivable24,681 26,819 
Bank-owned life insurance, net12,991 12,870 
Deferred tax asset, net2,221 3,806 
Other assets12,075 11,987 
Total assets$3,865,258 $3,753,366 
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Deposits$3,462,979 $3,360,363 
Subordinated debt, net
Principal amount $45,000 (less unamortized debt issuance costs of $819 and $856) at March 31, 2024 and December 31, 2023, respectively
44,181 44,144 
Junior subordinated debentures, net
Principal amount $3,609 (less unamortized debt issuance costs of $19 at March 31, 2024 and December 31, 2023)
3,590 3,590 
Deferred compensation442 479 
Accrued interest payable1,061 892 
Operating lease liabilities5,946 6,124 
CCBX payable33,095 33,651 
Other liabilities10,255 9,145 
Total liabilities3,561,549 3,458,388 
SHAREHOLDERS’ EQUITY
Preferred stock, no par value:
Authorized: 25,000,000 shares at March 31, 2024 and December 31, 2023; issued and outstanding: zero shares at March 31, 2024 and December 31, 2023
  
Common stock, no par value:
Authorized: 300,000,000 shares at March 31, 2024 and December 31, 2023; 13,407,320 shares at March 31, 2024 issued and outstanding and 13,304,339 shares at December 31, 2023 issued and outstanding
131,601 130,136 
Retained earnings172,110 165,311 
Accumulated other comprehensive loss, net of tax(2)(469)
Total shareholders’ equity303,709 294,978 
Total liabilities and shareholders’ equity$3,865,258 $3,753,366 
See accompanying Notes to Condensed Consolidated Financial Statements.
4

COASTAL FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except for per share data)
Three Months Ended
March 31,
20242023
INTEREST AND DIVIDEND INCOME
Interest and fees on loans$84,621 $66,431 
Interest on interest earning deposits with other banks4,780 3,097 
Interest on investment securities1,034 553 
Dividends on other investments37 30 
Total interest income90,472 70,111 
INTEREST EXPENSE
Interest on deposits28,867 14,958 
Interest on borrowed funds669 662 
Total interest expense29,536 15,620 
Net interest income60,936 54,491 
PROVISION FOR CREDIT LOSSES83,158 43,697 
Net interest income/(expense) after provision for credit losses(22,222)10,794 
NONINTEREST INCOME
Deposit service charges and fees908 910 
Loan referral fees168  
Gain on sales of loans, net 123 
Unrealized gain (loss) on equity securities, net15 39 
Other income308 299 
Noninterest income, excluding BaaS program income and BaaS indemnification income
1,399 1,371 
Servicing and other BaaS fees1,131 948 
Transaction fees1,122 917 
Interchange fees1,539 789 
Reimbursement of expenses1,033 921 
BaaS program income4,825 3,575 
BaaS credit enhancements79,808 42,362 
BaaS fraud enhancements923 1,999 
BaaS indemnification income80,731 44,361 
Total noninterest income86,955 49,307 
NONINTEREST EXPENSE  
Salaries and employee benefits17,984 15,575 
Occupancy1,518 1,219 
Data processing and software licenses2,892 1,840 
Legal and professional expenses3,672 3,062 
Point of sale expense869 753 
Excise taxes320 455 
Federal Deposit Insurance Corporation ("FDIC") assessments683 595 
Director and staff expenses400 626 
Marketing53 95 
Other expense1,867 890 
Noninterest expense, excluding BaaS loan and BaaS fraud expense30,258 25,110 
BaaS loan expense24,837 17,554 
BaaS fraud expense923 1,999 
BaaS loan and fraud expense25,760 19,553 
Total noninterest expense56,018 44,663 
Income before provision for income taxes8,715 15,438 
PROVISION FOR INCOME TAXES1,915 3,047 
NET INCOME$6,800 $12,391 
5

Basic earnings per common share$0.51 $0.94 
Diluted earnings per common share$0.50 $0.91 
Weighted average number of common shares outstanding:
Basic13,340,99713,196,960
Diluted13,676,91713,609,491
See accompanying Notes to Condensed Consolidated Financial Statements.
6

COASTAL FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(dollars in thousands)
Three Months Ended March 31,
20242023
NET INCOME$6,800 $12,391 
OTHER COMPREHENSIVE INCOME (LOSS), before tax
Securities available-for-sale
Unrealized holding income (loss) during the period534 678 
Income tax (expense) benefit related to unrealized holding gain/loss(68)(151)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax466 527 
COMPREHENSIVE INCOME$7,266 $12,918 
See accompanying Notes to Condensed Consolidated Financial Statements.
7

COASTAL FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(dollars in thousands)
Shares of
Common
Stock
Amount of Common
Stock
Retained
Earnings
Accumulated Other
Comprehensive
Income (Loss)
Total
BALANCE, December 31, 2022
13,161,147$125,830 $119,998 $(2,334)$243,494 
Net income— 12,391 — 12,391 
Adjustment to retained earnings;
   adoption of ASU 2016- 13
0— 734 — 734 
Vesting of restricted stock units42,402— — — — 
Exercise of stock options77,984567 — — 567 
Stock-based compensation1,050 — — 1,050 
Other comprehensive loss, net of tax— — 527 527 
BALANCE, March 31, 2023
13,281,533$127,447 $133,123 $(1,807)$258,763 
BALANCE, December 31, 2023
13,304,339$130,136 $165,310 $(468)$294,978 
Net income— 6,800 — 6,800 
Vesting of restricted stock units57,841— — — — 
Exercise of stock options45,140285 — — 285 
Stock-based compensation1,180 — — 1,180 
Other comprehensive income,
   net of tax
— — 466 466 
BALANCE, March 31, 2024
13,407,320$131,601 $172,110 $(2)$303,709 
See accompanying Notes to Condensed Consolidated Financial Statements.
8

COASTAL FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
Three Months Ended March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$6,800 $12,391 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses83,158 43,697 
Depreciation and amortization882 466 
Increase in operating lease right-of-use assets196 206 
Increase in operating lease liabilities(198)(212)
Gain on sales of loans (123)
Net amortization (accretion) on investment securities5 (6)
Unrealized holding (gain) loss on equity investment(15)(39)
Stock-based compensation1,180 1,050 
Increase in bank-owned life insurance value(121)(94)
Deferred tax benefit (expense)1,517 (2,439)
Net change in CCBX receivable(1,281)(3,265)
Net change in CCBX credit enhancement asset(29,355)(18,553)
Net change in CCBX payable(556)10,375 
Net change in other assets and liabilities(312)3,177 
Total adjustments55,100 34,240 
Net cash provided by operating activities61,900 46,631 
CASH FLOWS FROM INVESTING ACTIVITIES
Change in other investments, net(341)(2,679)
Principal paydowns of investment securities available-for-sale1 (752)
Principal paydowns of investment securities held-to-maturity802 2 
Maturities and calls of investment securities available-for-sale100,000 9 
Proceeds from sales of loans held for sale100,492 74,050 
Purchase of loans(20,705)(47,886)
Increase in loans receivable, net(311,264)(295,583)
Purchases of premises and equipment, net(1,786)(284)
Net cash used by investing activities(132,801)(273,123)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in demand deposits, money market, and savings105,860 280,089 
Net decrease in time deposits(3,244)(2,387)
Proceeds from exercise of stock options285 567 
Net cash provided by financing activities102,901 278,269 
NET CHANGE IN CASH, DUE FROM BANKS AND RESTRICTED CASH32,000 51,777 
CASH, DUE FROM BANKS AND RESTRICTED CASH, beginning of year483,128 342,139 
CASH, DUE FROM BANKS AND RESTRICTED CASH, end of quarter$515,128 $393,916 
SUPPLEMENTAL SCHEDULE OF OPERATING AND INVESTING ACTIVITIES
Interest paid$29,367 $15,430 
Income taxes paid98 165 
SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS
Fair value adjustment of securities available-for-sale, gross$534 $678 
Operating lease right-of-use assets$20 $69 
Operating lease liabilities$(20)$(69)
Non-cash investing and financing activities:
Transfer from loans to loans held for sale$101,289 $101,219 
Adjustment to retained earnings - adoption of ASU 2016-13,
   net of deferred tax
$— $(734)
See accompanying Notes to Condensed Consolidated Financial Statements.
9

COASTAL FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1 - Description of Business and Summary of Significant Accounting Policies
Nature of operations - Coastal Financial Corporation (“Corporation” or “Company”) is a registered bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC (“LLC”). The Company is a Washington state corporation that was organized in 2003. The Bank was incorporated and commenced operations in 1997 and is a Washington state-chartered commercial bank that is a member bank of the Federal Reserve system. Arlington Olympic LLC was formed in 2019 and owns the Company’s Arlington branch site, which the Bank leases from the LLC.
The Company operates through the Bank and is headquartered in Everett, Washington, which by population is the largest city in, and the county seat of, Snohomish County. The Company’s business is conducted through three reportable segments: The community bank, CCBX and treasury & administration. The community bank offers a full range of banking services to small and medium-sized businesses, professionals, and individuals throughout the greater Puget Sound region through its 14 branches in Snohomish, Island and King Counties, the Internet, and its mobile banking application. The CCBX segment provides Banking as a Service (“BaaS”) that allows our broker dealers and digital financial service partners to offer their customers banking services. Through CCBX’s partners the Company is able to offer banking services and products across the nation. The treasury & administration segment includes treasury management, overall administration and all other aspects of the Company.
The Bank’s deposits are insured in whole or in part by the Federal Deposit Insurance Corporation (“FDIC”). The community bank’s loans and deposits are primarily within the greater Puget Sound region, while CCBX loans and deposits are dependent upon the partner’s market. The Bank’s primary funding source is deposits from customers. The Bank is subject to regulation and supervision by the Board of Governors of the Federal Reserve System and the Washington State Department of Financial Institutions Division of Banks. The Federal Reserve also has regulatory and supervisory authority over the Company.
Financial statement presentation - The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim reporting requirements and with instructions to Form 10-Q and Article 10 of Regulation S-X, and therefore do not include all the information and notes included in the annual consolidated financial statements in conformity with GAAP. These interim condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual report on Form 10-K as filed with the U.S. Securities and Exchange Commission (“SEC”) on March 15, 2024. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the entire year.
Amounts presented in the consolidated financial statements and footnote tables are rounded and presented in thousands of dollars except per-share amounts, which are presented in dollars. In the narrative footnote discussion, amounts are rounded to thousands and presented in dollars.
In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying consolidated financial statements have been made. These adjustments include normal and recurring accruals considered necessary for a fair and accurate presentation.
Principles of consolidation - The consolidated financial statements include the accounts of the Company, the Bank and the LLC. All significant intercompany accounts have been eliminated in consolidation.
Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that its critical accounting policies include determining the allowance for credit losses, the valuation of the Company’s deferred tax assets, and fair value of financial instruments. Actual results could differ significantly from those estimates.
10

Subsequent Events - The Company has evaluated events and transactions subsequent to March 31, 2024 for potential recognition or disclosure.
Reclassifications - Certain amounts reported in prior quarters' consolidated financial statements may have been reclassified to conform to the current presentation with no effect on stockholders’ equity or net income.
Note 2 - Recent accounting standards
Recent Accounting Guidance
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to provide financial statement users with more disaggregated expense information about a public entity’s reportable segments. The ASU addresses the concern that more segment information is needed, including allowing the disclosure of multiple measures of segment profit or loss, requiring the disclosure of significant segment expenses, and requiring the qualitative disclosure of other segment items.This ASU is effective for all entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.We are currently evaluating the impact of this ASU on our reporting.

Note 3 - Investment Securities
The following table summarizes the amortized cost, fair value, and allowance for credit losses and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held-to-maturity securities:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Allowance for Credit Losses
(dollars in thousands; unaudited)
March 31, 2024
Available-for-sale
U.S. Treasury securities$ $ $ $ $ 
U.S. Agency collateralized
   mortgage obligations
44  (3)41  
Municipal bonds     
Total available-for-sale
   securities
44  (3)41  
Held-to-maturity   
U.S. Agency residential
   mortgage-backed securities
50,049 223 (522)49,750  
Total investment securities$50,093 $223 $(525)$49,791 $ 
11

Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Allowance for Credit Losses
(dollars in thousands; unaudited)
December 31, 2023
Available-for-sale
U.S. Treasury securities$99,996 $ $(535)$99,461 $ 
U.S. Agency collateralized
   mortgage obligations
45  (2)43  
Total available-for-sale
   securities
100,041  (537)99,504  
Held-to-maturity
U.S. Agency residential
   mortgage-backed securities
50,860 467 (286)51,041  
Total investment securities$150,901 $467 $(823)$150,545 $ 
Accrued interest on available-for-sale securities was less than $1,000 and $187,000 at March 31, 2024 and December 31, 2023, respectively, accrued interest on held-to-maturity securities was $230,000 and $14,000 at March 31, 2024 and December 31, 2023, respectively. Accrued interest on securities is excluded from the balances in the preceding table of securities receivable, and is included in accrued interest receivable on the Company's consolidated balance sheets.
The amortized cost and fair value of debt securities at March 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers or the underlying borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are shown separately, since they are not due at a single maturity date.
Available-for-SaleHeld-to-Maturity
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
(dollars in thousands; unaudited)
March 31, 2024
Amounts maturing in
One year or less$ $ $ $ 
    
U.S. Agency residential mortgage-backed securities and collateralized mortgage obligations44 41 50,049 49,750 
$44 $41 $50,049 $49,750 
Investments in debt securities with an amortized cost of $21.5 million at March 31, 2024 and $21.8 million as of December 31, 2023, were pledged to secure public deposits and for other purposes as required or permitted by law and an additional $24.5 million and $25.0 million in securities were pledged for borrowing lines at March 31, 2024 and December 31, 2023, respectively.
During the three months ended March 31, 2024, two securities matured. During the three months ended March 31, 2024, no securities were purchased.
There were no sales of securities during the three months ended March 31, 2024 or 2023.
12

There were thirteen securities with a $525,000 unrealized loss as of March 31, 2024. There were nine securities in an unrealized loss position as of December 31, 2023. The following table shows the investments’ gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for which an allowance for credit losses has not been recorded:
Less Than 12 Months12 Months or GreaterTotal
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
(dollars in thousands; unaudited)
March 31, 2024
Available-for-sale
U.S. Treasury securities$ $ $ $ $ $ 
U.S. Agency collateralized mortgage obligations  41 3 41 3 
Total available-for-sale securities  41 3 41 3 
Held-to-maturity    
U.S. Agency residential mortgage-backed securities19,713 70 11,718 452 31,431 522 
Total investment securities$19,713 $70 $11,759 $455 $31,472 $525 
Management has evaluated the above securities and does not believe that any individual unrealized loss as of March 31, 2024, will be recognized into income. Unrealized losses have not been recognized into income because management does not intend to sell and does not expect it will be required to sell the investments. The decline is largely due to changes in market conditions and interest rates, rather than credit quality. The fair value is expected to recover as the underlying securities in the portfolio approach maturity date and market conditions improve. Management believes there is a high probability of collecting all contractual amounts due, because the majority of the securities in the portfolio are backed by government agencies or government sponsored enterprises. However, a recovery in value may not occur for some time, if at all, and may be delayed for greater than the one year time horizon or perhaps even until maturity. Based on management's analysis no allowance for credit losses was required on these securities.
Note 4 - Loans and Allowance for Credit Losses
During the quarter ended March 31, 2024, $101.3 million in CCBX loans were transferred to loans held for sale, with $100.5 million in loans sold. The Company sells CCBX loans to manage loan portfolio size by partner and by loan category, with such limits established and documented in the relevant partner agreement. As of March 31, 2024 there were $797,000 loans held for sale and no loans were held for sale as of December 31, 2023.
13

The composition of the loan portfolio is as follows as of the periods indicated:
March 31,December 31,
20242023
(dollars in thousands; unaudited)
Community Bank
Commercial and industrial loans$154,395 $149,502 
Real estate loans:
Construction, land and land development loans160,862 157,100 
Residential real estate loans231,157 225,391 
Commercial real estate loans1,342,489 1,303,533 
Consumer and other loans:
Other consumer and other loans1,447 1,628 
Gross Community Bank loans receivable1,890,350 1,837,154 
CCBX
Commercial and industrial loans:
Capital call lines$135,671 $87,494 
All other commercial & industrial loans
47,160 54,298 
Real estate loans:
Residential real estate loans265,148 238,035 
Consumer and other loans:
Credit cards505,706 505,837 
Other consumer and other loans362,981 310,574 
Gross CCBX loans receivable1,316,666 1,196,238 
Total gross loans receivable3,207,016 3,033,392 
Net deferred origination fees and premiums(7,462)(7,300)
Loans receivable$3,199,554 $3,026,092 
Accrued interest on loans, which is excluded from the balances in the preceding table of loans receivable, was $23.7 million and $25.6 million at March 31, 2024 and December 31, 2023, respectively, and was included in accrued interest receivable on the Company's consolidated balance sheets.
Included in commercial and industrial loans as of March 31, 2024 and December 31, 2023, is $135.7 million and $87.5 million, respectively in capital call lines, provided to venture capital firms through one of our BaaS clients. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards by our BaaS client and the underwriting is reviewed by the Bank on every line/loan. Also included in commercial and industrial loans are Paycheck Protection Program (“PPP”) loans of $2.9 million at March 31, 2024 and $3.0 million at December 31, 2023. PPP loans are 100% guaranteed by the Small Business Administration (“SBA”).
Consumer and other loans includes overdrafts of $1.3 million and $2.8 million at March 31, 2024 and December 31, 2023, respectively. Community bank overdrafts were $17,000 and $255,000 at March 31, 2024 and December 31, 2023, respectively and CCBX overdrafts were $1.3 million and $2.5 million at March 31, 2024 and December 31, 2023.
The Company has pledged loans totaling $985.6 million at March 31, 2024 and $1.01 billion at December 31, 2023, for borrowing lines at the FHLB and FRB. Additional loans were pledged during the first six months of 2023 and continues to be pledged to increase and maintain the borrowing capacity of the Bank in the event of a liquidity crisis.
The balance of SBA and United States Department of Agriculture ("USDA") loans and participations sold and serviced for others totaled $7.4 million and $8.7 million at March 31, 2024 and December 31, 2023, respectively.
The gross balance of Main Street Lending Program (“MSLP”) loans participated and serviced for others, totaled $53.4 million at March 31, 2024 and December 31, 2023, with $2.8 million in MSLP loans on the balance sheet and included in commercial and industrial loans at March 31, 2024 and December 31, 2023. Servicing is retained on the gross balance.
14

The Company, through the community bank, at times purchases individual loans at fair value as of the acquisition date. The Company held purchased loans with remaining balances that totaled $8.1 million as of March 31, 2024 and December 31, 2023. Unamortized premiums on these loans totaled $152,000 and $154,000 as of March 31, 2024 and December 31, 2023, respectively, and are amortized into interest income over the life of the loans.
The Company, through the community bank, has purchased participation loans with remaining balances totaling $51.3 million and $53.5 million as of March 31, 2024 and December 31, 2023, respectively. These loans are included in the applicable loan category depending upon the collateral and purpose of the individual loan and underwritten to the Bank's credit standards.
The Company, through the community bank, purchased loans from CCBX partners, at par, through agreements with those CCBX partners, and those loans had a remaining balance of $56.0 million as of March 31, 2024 and $46.5 million as of December 31, 2023. As of March 31, 2024, $50.7 million is included in consumer and other loans and $5.3 million is included in commercial and industrial loans, compared to $40.2 million in consumer and other loans and $6.3 million in commercial and industrial loans as of December 31, 2023.
The following is a summary of the Company’s loan portfolio segments:
Commercial and industrial loans – Commercial and industrial loans are secured by business assets including inventory, receivables and machinery and equipment of businesses located generally in the Company’s primary market area and capital calls on venture and investment funds. Also included in commercial and industrial loans are $47.2 million in unsecured CCBX partner loans. Loan types include revolving lines of credit, term loans, PPP loans, and loans secured by liquid collateral such as cash deposits or marketable securities. Also included in commercial and industrial loans are loans to other financial institutions. Additionally, the Company issues letters of credit on behalf of its customers. Risk arises primarily due to the difference between expected and actual cash flows of the borrowers. In addition, the recoverability of the Company’s investment in these loans is also dependent on other factors primarily dictated by the type of collateral securing these loans. The fair value of the collateral securing these loans may fluctuate as market conditions change. In the case of loans secured by accounts receivable, the recovery of the Company’s investment is dependent upon the borrower’s ability to collect amounts due from its customers.
As of March 31, 2024, $135.7 million in outstanding CCBX capital call lines are included in commercial and industrial loans compared to $87.5 million at December 31, 2023. Capital call lines are provided to venture capital firms. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards by our CCBX partner and the underwriting is reviewed by the Bank on every line/loan.
Construction, land and land development loans – The Company originates loans for the construction of 1-4 family, multifamily, and Commercial Real Estate (“CRE”) properties in the Company’s market area. Construction loans are considered to have higher risks due to construction completion and timing risk, the ultimate repayment being sensitive to interest rate changes, government regulation of real property and the availability of long-term financing. Additionally, economic conditions may impact the Company’s ability to recover its investment in construction loans, as adverse economic conditions may negatively impact the real estate market, which could affect the borrower’s ability to complete and sell the project. Additionally, the fair value of the underlying collateral may fluctuate as market conditions change. The Company occasionally originates land loans for the purpose of facilitating the ultimate construction of a home or commercial building. The primary risks include the borrower’s ability to pay and the inability of the Company to recover its investment due to a material decline in the fair value of the underlying collateral.
Residential real estate loans – Residential real estate includes various types of loans for which the Company holds real property as collateral. Included in this segment are first and second lien single family loans, occasionally purchased by the Company to diversify its loan portfolio, and rental portfolios secured by one-to-four family homes. The primary risks of residential real estate loans include the borrower’s inability to pay, material decreases in the value of the collateral, and significant increases in interest rates which may make the loan unprofitable.
As of March 31, 2024, $265.1 million in loans originated through CCBX partners are included in residential real estate loans, compared to $238.0 million at December 31, 2023. These home equity lines of credit are secured by residential real estate and are accessed by using a credit card. Home equity lines of credit are classified as residential real estate per regulatory guidelines.
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Commercial real estate (includes owner occupied and nonowner occupied) loans – Commercial real estate loans include various types of loans for which the Company holds real property as collateral. We have commercial mortgage loans totaling $386.7 million that are collateralized by owner-occupied real-estate and $575.6 million that are collateralized by non-owner-occupied real estate, as well as $369.4 million of multi-family residential loans and $10.9 million of farmland loans, as of March 31, 2024. The primary risks of commercial real estate loans include the borrower’s inability to pay, material decreases in the value of the collateralized real estate and significant increases in interest rates, which may make the real estate loan unprofitable. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy.
Consumer and other loans – The community bank originates a limited number of consumer loans, generally for banking customers only, which consist primarily of lines of credit, saving account secured loans, and auto loans. CCBX originates consumer loans including credit cards, consumer term loans and secured and unsecured lines of credit. This loan category includes overdrafts. Repayment of these loans is dependent on the borrower’s ability to pay and the fair value of the underlying collateral, if any.
As of March 31, 2024, $868.7 million in CCBX loans are included in consumer and other loans compared to $816.4 million at December 31, 2023. Not included in this category is $265.1 million and $238.0 million as of March 31, 2024 and December 31, 2023, respectively, in home equity lines of credit that are secured by residential real estate and are accessed by using a credit card. These credit card accessed home equity lines of credit are classified as residential real estate per regulatory guidelines.
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Past Due and Nonaccrual Loans
The following table illustrates an age analysis of past due loans as of the dates indicated:
30-89
Days Past
Due
90 Days
or More
Past Due
Total
Past Due
CurrentTotal
Loans
90 Days or
More Past
Due and
Still
Accruing
(dollars in thousands; unaudited)
March 31, 2024
Community Bank
Commercial and industrial
   loans
$ $1,445 $1,445 $152,950 $154,395 $1,445 
Real estate loans:
Construction, land and
   land development
   160,862 160,862  
Residential real estate1,086 44 1,130 230,027 231,157  
Commercial real estate 7,731 7,731 1,334,758 1,342,489  
Consumer and other loans3  3 1,444 1,447  
Total community bank$1,089 $9,220 $10,309 $1,880,041 $1,890,350 $1,445 
CCBX
Commercial and industrial loans:
Capital call lines$ $ $ $135,671 $135,671 $ 
All other commercial &
   industrial loans
3,069 1,793 4,862 42,298 47,160 1,793 
Real estate loans:
Residential real
   estate loans
3,079 1,796 4,875 $260,273 $265,148 1,796 
Consumer and other loans:
Credit cards27,983 37,603 65,586 $440,120 $505,706 37,603 
Other consumer and
   other loans
23,400 5,731 29,131 333,850 362,981 5,731 
Total CCBX $57,531 $46,923 $104,454 $1,212,212 $1,316,666 $46,923 
Total Consolidated$58,620 $56,143 $114,763 $3,092,253 3,207,016 $48,368 
Less net deferred
   origination fees and
   premiums
(7,462)
Loans receivable$3,199,554 
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30-89
Days Past
Due
90 Days
or More
Past Due
Total
Past Due
CurrentTotal
Loans
90 Days or
More Past
Due and
Still
Accruing
(dollars in thousands; unaudited)
December 31, 2023
Community Bank
Commercial and industrial
   loans
$ $ $ $149,502 $149,502 $ 
Real estate loans:
Construction, land and
   land development
   157,100 157,100  
Residential real estate44  44 225,347 225,391  
Commercial real estate 7,145 7,145 1,296,388 1,303,533  
Consumer and other loans2  2 1,626 1,628  
Total community bank$46 $7,145 $7,191 $1,829,963 $1,837,154 $ 
CCBX
Commercial and industrial loans:
Capital call lines$ $