Welcome to our dedicated page for Coastal Financial news (Ticker: CCB), a resource for investors and traders seeking the latest updates and insights on Coastal Financial stock.
Coastal Financial Corporation (CCB) delivers community-focused banking services and innovative Banking-as-a-Service (BaaS) solutions across Washington's Puget Sound region. This news hub provides investors and stakeholders with timely updates on the company's financial developments and strategic initiatives.
Access official press releases covering quarterly earnings, regulatory filings, leadership updates, and partnership announcements. Our curated collection simplifies tracking CCB's progress in traditional banking and fintech-enabled services through its Community Bank and CCBX divisions.
Discover updates on consumer lending programs, small business financing solutions, and BaaS collaborations with digital financial platforms. All content is sourced from verified corporate communications to ensure reliability for investment research and market analysis.
Bookmark this page for streamlined access to Coastal Financial's latest milestones, including product launches, regulatory compliance achievements, and community impact initiatives. Check back regularly for comprehensive coverage of CCB's role in reshaping regional banking through technology and local expertise.
Coastal Financial announced its second-quarter 2024 results, highlighting substantial growth. Net income rose to $11.6 million ($0.84 per diluted share) from $6.8 million ($0.50 per share) in Q1 2024. Total assets increased by $96.3 million to $3.96 billion, while total loans rose by $126.9 million to $3.33 billion, mainly driven by a $98.1 million increase in CCBX loans. Deposits grew by $80.5 million to $3.54 billion, with community bank deposits increasing by $52.9 million. Net interest margin improved to 7.13%, up from 6.78% in the previous quarter. ROA and ROE increased to 1.21% and 15.22%, respectively. The yield on loans climbed to 11.23%, and the cost of deposits rose to 3.58%. The report also emphasized the sale of $155.2 million in CCBX loans and a focus on maintaining strong credit quality.
Coastal Financial reported net income of $6.8 million for Q1 2024, a decrease from the previous quarter, with ROA at 0.73% and ROE at 9.21%. The company increased assets to $3.87 billion, loans by $173.5 million, and deposits by $102.6 million. Despite higher expenses and lower net income due to unanticipated costs, Coastal remains focused on technology investments and credit standards.
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