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Jim Davis, Editor
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Published: Monday, January 30, 2012

Coastal Community Bank reports profit, increased lending

EVERETT -- Coastal Community Bank increased the amount it lent to residents and businesses in the region by more than 25 percent in 2011, the bank said Monday.

The community bank lent $219.5 million last year, up $44.5 million from 2010. About 90 percent of the new loans went to businesses and residents of Snohomish and Island counties.

"While many banks have been curtailing loan growth, Coastal was able to grow this record amount with the capital we raised in early 2011 and without any programs funded by the government or taxpayers," Tom Lane, chairman of the board, said in statement.

Last April, Coastal Community said it had raised $6.2 million for local lending.

The bank finished 2011 with a net profit of $50,200. Its holding company, Coastal Financial Corp., recorded a net loss of $140,000 for 2011, down from a net loss of $3.5 million in 2010.

"Our accelerating growth demonstrates that Coastal is delivering on our promise to support local business owners in building our region together," said Eric Sprink, president of Coastal Community Bank.

December marked the bank's sixth consecutive month of posting a net profit.

The bank saw a 62.3 percent increase in new deposit accounts last year, compared to 2010. The bank said total deposits grew $53.5 million to $263.9 million. It said the vast majority of deposit growth came from small business customers.

The Everett-based bank was founded in 1997 and has eight offices in Snohomish and Island counties. The bank is planning to add new branch locations in Snohomish County this year.

"Customers want personalized, local banking services where they can trust that the people they work with are actually decision makers," Sprink said.

Michelle Dunlop: 425-339-3454 or mdunlop@heraldnet.com.