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 successful completion of a $20 million private placement of fixed-to-floating rate subordinated notes, due November 1, 2032. The notes will initially bear a fixed interest rate of 7.00% for five years, with a subsequent adjustment based on the three-month Secured Overnight Financing Rate (SOFR) plus 290 basis points. Proceeds will be used for general corporate purposes. The notes can be redeemed starting November 1, 2027. The offering was facilitated by Keefe, Bruyette & Woods, with legal advice from Covington & Burling LLP.
Coastal Financial Corporation (Nasdaq: CCB) reported record quarterly net income of $11.1 million, or $0.82 per diluted common share, for Q3 2022, reflecting a 9.1% increase from Q2 2022. Total assets grew by $164 million, reaching $3.13 billion, driven by $173.5 million in loan growth. Notably, CCBX loans surged by 13.9% to $915.6 million. Deposits rose by $139.8 million, totaling $2.84 billion. The net interest margin increased to 6.58%, supported by a higher yield on loans of 8.46%. These results indicate strong financial performance amidst rising interest rates.
Coastal Financial Corporation (Nasdaq: CCB) reported a record net income of $10.2 million ($0.76 per diluted share) for Q2 2022, up from $6.2 million ($0.46 per share) in Q1 2022. Total assets rose 4.8% to $2.97 billion, and loans increased by $461.2 million (24.0%) excluding PPP impacts. CCBX deposits surged 18.5% to $1.07 billion, contributing to total deposits of $2.70 billion (up 4.7%). Net interest income climbed 36.3% to $39.9 million, reflecting a net interest margin of 5.66%.
Coastal Community Bank has joined the Bankers Helping Bankers (BHB) Association as a founding member, aiming to address the unique needs of BaaS Sponsor banks. The BHB Association coordinates advocacy efforts for responsible BaaS delivery and promotes best practices. With a notable rise in BaaS participation driven by fintech growth, Coastal Community Bank focuses on diverse partners and innovative service delivery. As of March 31, 2022, the bank reported total assets of $2.83 billion and total deposits of $2.58 billion.
Coastal Financial Corporation (Nasdaq: CCB) has appointed Jeff Ketelhut as Executive Vice President and BSA Officer. He will enhance the bank's compliance program and work with regulators. Ketelhut brings extensive experience from MetaBank and as a National Bank Examiner. Coastal’s total assets are $2.83 billion, with gross loans at $1.96 billion and deposits of $2.58 billion as of March 31, 2022. The company aims to strengthen its compliance efforts and operational oversight.
Coastal Financial Corporation (Nasdaq: CCB) has appointed Curt Queyrouze as President while Eric Sprink remains CEO. This expansion in leadership aims to support the bank's growth in community banking and its Banking as a Service (BaaS) division, CCBX. Queyrouze brings expertise in credit, risk management, and fintech, previously serving as President and CEO of TAB Bank. Coastal Financial demonstrates a commitment to innovative banking solutions and aims to enhance services for diverse clients, including the under-served. As of March 31, 2022, the company reported total assets of $2.83 billion.
Coastal Financial Corporation (CCB) reported strong first-quarter results for 2022, with total assets rising by $198.2 million, or 7.5%, to $2.83 billion. Non-PPP loan growth surged by $283.8 million, or 17.3%. CCBX loans increased by 48.7%, while deposits grew by $212.7 million, or 9.0%. Total revenue rose by 31.7%, but net income fell to $6.2 million, or $0.46 per diluted share, compared to $7.3 million in the previous quarter. Despite the decrease in PPP loans, the overall performance reflects solid growth in core banking activities and increased net interest income.
Coastal Financial Corporation (NASDAQ: CCB) has been awarded the Raymond James Community Bankers Cup for 2021, marking its third consecutive win. This award honors the top 10% of community banks based on profitability, operational efficiency, and balance sheet metrics among 229 contenders. Essential performance indicators include nonperforming assets, core deposit percentage, net interest margin, efficiency ratio, and return on average assets. As of December 31, 2021, Coastal reported total assets of $2.64 billion, gross loans of $1.74 billion, and deposits of $2.36 billion.
Coastal Financial Corporation (Nasdaq: CCB) reported significant growth in Q4 2021, with non-PPP loans rising by $186.8 million (12.9%) and CCBX loans soaring by 82.3% to $346.6 million. Total assets increased by 7.5% to $2.64 billion and net income improved by 9.1% to $7.3 million or $0.57 per diluted share. Annual results showed a 66.3% increase in total deposits and a 49.2% rise in total assets compared to 2020. A successful public offering generated $34.5 million to support growth.
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