Coastal Financial Corporation awarded Raymond James Community Bankers Cup for 2019

Rhea-AI Summary

Coastal Financial Corporation (NASDAQ: CCB) has been awarded the Raymond James Community Bankers Cup for 2019, recognizing it among the top 10% of community banks in the U.S. This accolade reflects exceptional performance in various financial metrics, including nonperforming assets, core deposit percentage, net interest margin, efficiency ratio, return on average assets, and return on average tangible common equity. President & CEO Eric Sprink emphasized the honor as a testament to the dedication of the company's board and staff since going public in 2017.

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• Awarded the Raymond James Community Bankers Cup for 2019, placing in the top 10% among 255 community banks.
• Recognition highlights superior performance in key financial metrics.

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EVERETT, Wash., May 14, 2020 (GLOBE NEWSWIRE) -- Coastal Financial Corporation (NASDAQ: CCB), the parent company of Coastal Community Bank, has been awarded the Raymond James Community Bankers Cup for 2019.

The eighth annual Raymond James Community Bankers Cup recognizes the top 10% of community banks in the nation. Of the 255 community banks considered for the award, the top 10% demonstrated superior performance on a relative basis in one or more of the following measurements of financial performance and stability:

• Nonperforming assets to loans and real estate owned
• Five-year average core deposit percentage
• Net interest margin
• Efficiency ratio
• Return on average assets
• Return on average tangible common equity

“This is the first year Coastal Financial Corporation has received this award and it’s a huge honor,” said Eric Sprink, President & CEO, Coastal Financial Corporation. “Coastal Financial Corporation went public in 2017 and receiving the Raymond James Community Bankers Cup recognizes the hard work and dedication of our board and staff at all levels.”

About Raymond James
Raymond James was established in 1962 on the principle of always putting the needs of clients first, a standard we see reflected in the way you operate your business. This principle remains the foundation on which we continue to build our company – one of North America’s leading full-service investment banks, with a broad presence across the United States, Western Europe and Canada.

About Coastal Financial Corporation
Coastal Financial Corporation (NASDAQ: CCB) (the “Company”), is an Everett, Washington based bank holding company with Coastal Community Bank (the “Bank”), a full-service commercial bank, as its sole wholly-owned banking subsidiary. The Bank operates through its 14 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application. To learn more about Coastal Community Bank visit www.coastalbank.com.

Contact: 
Joel Edwards
EVP, Chief Financial Officer
425.357.3687
jedwards@coastalbank.com

FAQ

What is the Raymond James Community Bankers Cup awarded to Coastal Financial Corporation?

The Raymond James Community Bankers Cup awarded to Coastal Financial Corporation recognizes its status among the top 10% of community banks based on financial performance.

How many community banks were considered for the Raymond James Community Bankers Cup?

A total of 255 community banks were considered for the 2019 Raymond James Community Bankers Cup.

What does the Raymond James Community Bankers Cup measure?

The award measures financial performance through metrics such as nonperforming assets, core deposit percentage, net interest margin, efficiency ratio, and return on average assets.

When did Coastal Financial Corporation go public?

Coastal Financial Corporation went public in 2017.

Who is the CEO of Coastal Financial Corporation?

Eric Sprink is the President & CEO of Coastal Financial Corporation.