Welcome to our dedicated page for Coastal Financial Corporation news (Ticker: CCB), a resource for investors and traders seeking the latest updates and insights on Coastal Financial Corporation stock.
Coastal Financial Corporation (Nasdaq: CCB) is a thriving financial service provider headquartered in Everett, Washington. The company operates through its primary subsidiary, Coastal Community Bank, and provides a variety of banking products and services designed for both consumers and small to medium-sized businesses. Coastal Financial Corporation primarily operates through three key segments: the community bank, CCBX, and treasury & administration.
The Community Bank segment focuses on delivering comprehensive banking services to the broader Puget Sound region in Washington State, utilizing a network of 14 branches, online services, and a mobile banking application. Their commitment to building lasting relationships with their customers is demonstrated by the high level of personalized services offered by bankers who are deeply integrated into the local communities.
CCBX, the company's Banking-as-a-Service (BaaS) division, partners with fintech companies, brands, and digital financial service providers to offer financial solutions to their customers. CCBX enables these partners to provide their own banking services through Coastal's infrastructure, facilitating innovative financial products such as consumer loans, point-of-sale installment loans, and credit cards. Recent partnerships include leading firms like Robinhood and One, which utilize CCBX to launch new financial instruments.
Treasury & Administration oversees the company's treasury management functions, overall administration, and other corporate services, ensuring efficient management of resources and strategic growth.
Coastal Financial is committed to maintaining strong financial health, as evidenced by its recent financial performance. As of the third quarter of 2023, the company's total assets increased to $3.68 billion, reflecting a strategic approach to asset growth and risk management. The net interest margin stood at 7.10%, and the company reported a net income of $10.3 million for this period. The company's loan portfolio saw a notable increase, with total loans receivable reaching $2.97 billion.
In terms of liquidity, Coastal Financial continues to demonstrate robust management. The company maintains a significant cash position and has substantial borrowing capacity available, ensuring it can meet customer needs and withstand economic fluctuations. Their deposit base is also growing steadily, with CCBX deposits showing significant gains.
Coastal Financial Corporation remains focused on strategic growth, community banking, and leveraging technology to enhance operational efficiency. They are committed to navigating the dynamic banking environment by optimizing their loan portfolios, enhancing credit standards, and investing in technology for future scalability and efficiency. This proactive approach ensures they continue to provide exceptional service to their customers while securing long-term profitability and stability for their shareholders.
Coastal Financial Corporation (Nasdaq: CCB) announced the retirement of Chief Operating Officer John Dickson, effective April 3, 2023, with plans for a part-time advisory role to ensure a smooth transition. Dickson has been instrumental in developing the Bank's Banking as a Service (BaaS) unit, CCBX, since its inception. The company had previously appointed President Curt Queyrouze in 2022 as part of succession planning. As of December 31, 2022, Coastal Financial reported total assets of $3.14 billion, gross loans of $2.63 billion, and total deposits of $2.82 billion.
Coastal Financial Corporation (Nasdaq: CCB) reported a robust fourth quarter for 2022, achieving a net income of $13.1 million or $0.96 per diluted common share, compared to $11.1 million in Q3 2022. Total assets rose by 0.3% to $3.14 billion. Loan growth was significant with an increase of $119.4 million (4.8%) for total loans at $2.63 billion, reflecting strong performance in the CCBX segment. Deposits saw a slight decline, down 0.7% to $2.82 billion, influenced by competitive deposit rates. Overall, 2022 saw total revenue surge 147.3% year-over-year, demonstrating the company's strong operational growth.
Coastal Financial Corporation (Nasdaq: CCB) announced the appointment of Barb MacLean as Senior Vice President and Head of Technology Operations and Implementation. With over 21 years of experience in fintech, MacLean brings expertise in building banking platforms, data integration, and maximizing efficiencies. CEO Eric Sprink emphasized her capability to navigate the evolving fintech landscape, while President Curt Queyrouze highlighted her skills in executing innovative ideas. Coastal Financial, based in Everett, WA, operates a full-service commercial bank and offers Banking as a Service (BaaS) through its CCBX division, boasting total assets of $3.13 billion as of September 30, 2022.
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