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 (Nasdaq: CCB) is an Everett, Washington-based bank holding company for Coastal Community Bank, with operations that span a community-focused bank segment and a Banking-as-a-Service (BaaS) segment known as CCBX. The CCB news page on Stock Titan aggregates company announcements, earnings releases, executive changes, capital markets activity, and updates on its digital banking partnerships.
Investors and analysts following CCB can use this page to review quarterly and annual financial results, as reported in Coastal’s earnings press releases and related Form 8-K filings. These updates include information on net income, loan and deposit trends, noninterest income, off-balance sheet activity, and regulatory capital ratios for both the holding company and Coastal Community Bank.
Because Coastal operates CCBX as a BaaS platform, news coverage also features developments in its relationships with broker-dealers, digital financial service providers, and other embedded finance partners. Examples from recent releases include updates on CCBX partner pipelines, new program launches, loan sales and fee income dynamics, and risk management practices such as indemnification arrangements with partners.
In addition, the CCB news feed highlights corporate actions and strategic moves, such as public offerings of common stock under an effective shelf registration statement, and brand-related transactions like Coastal’s acquisition of the GreenFi climate-focused consumer financial services brand from Mission Financial Partners. Executive leadership changes, including appointments to roles such as Chief Financial Officer, Chief Product Officer, Chief Commercial Officer, Chief Credit Officer, and Chief Information Security Officer, are also documented in news releases and corresponding 8-K filings.
By reviewing these items in one place, readers can track how Coastal’s community bank and CCBX segments evolve over time, how management describes its growth and risk management priorities, and how capital and partnership decisions affect the company’s overall banking platform.
Coastal Financial (Nasdaq: CCB) announced a reorganization of its leadership structure. Brian Hamilton, a current board member, has been appointed as President of CCBX, the FinTech and banking-as-a-service division of Coastal Community Bank. Concurrently, Curt Queyrouze, the current President of the Company and Bank, will now serve as President of the community bank division, overseeing community banking and corporate credit.
CEO Eric Sprink emphasized that this bifurcation of the President role is designed to accommodate the Bank's growth and future plans. Hamilton brings over 25 years of experience in banking, lending, payments, and digital product development, having held senior roles at Capital One, Wells Fargo, and Verifone. The reorganization aims to leverage Hamilton's expertise to bolster the banking-as-a-service division while maintaining Coastal's strong community banking presence in the Puget Sound region.
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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