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 Community Bank plans to sell its Freeland branch to SaviBank, with the deal expected to close in early Q2 2021. The transaction involves Coastal’s 2900-square-foot office and approximately $24 million in deposits. SaviBank will relocate its existing Freeland branch to the Main Street site, enhancing customer access with nine branches in nearby counties. CEO Eric Sprink emphasized the seller's obligation to evaluate the long-term impacts for shareholders and customers while ensuring continuity of service through SaviBank's commitment to uphold Coastal's customer service standards.
Coastal Financial Corporation (Nasdaq: CCB) reported a net income of $15.1 million for 2020, equating to $1.24 per diluted share, a 14% increase from the previous year. Total assets rose 56.5% to $1.77 billion, while deposits grew 46.8% to $1.42 billion. Loan receivables, boosted by $365.8 million in PPP loans, increased 64.7% to $1.55 billion. The company's strategy focuses on expanding core banking, CCBX, and digital services. The fourth quarter net income was $4.7 million with a 12.2% rise in net interest income, indicating resilience amid economic uncertainties.
Coastal Financial Corporation (Nasdaq: CCB) announced Rilla Delorier's appointment to its Board of Directors. Delorier brings over 30 years of executive experience, having previously managed a $2.7 billion retail banking business and held key roles at Umpqua Bank and SunTrust Bank. Her expertise in product development, operational automation, cybersecurity, and analytics is expected to guide Coastal as it adapts to a complex banking environment. Coastal Financial operates a $1.7 billion community bank through 15 branches and plans to launch a digital bank offering in collaboration with Google in 2021.
Coastal Financial Corporation (Nasdaq: CCB) reported Q3 2020 net income of $4.1 million ($0.34 per diluted share), a 16.5% increase from Q3 2019. Total assets rose 4.2% to $1.75 billion, with loans receivable growing 4.3% to $1.51 billion. A $2.2 million provision for loan losses was made due to COVID-19 uncertainties. Total deposits increased by 4.1% to $1.36 billion. The company’s involvement in the PPP resulted in $452.8 million in loans. Additionally, noninterest income rose, driven by increased deposit service charges and BaaS fees.
Coastal Community Bank has announced a partnership with Google to launch digital bank accounts through Google Pay in 2021. This initiative aims to enhance customer experience by utilizing Coastal Community Bank's banking infrastructure and regulatory expertise alongside Google's advanced user experience and financial insights. The collaboration is designed to provide customers with powerful financial tools, making it easier for them to manage their finances efficiently. Google emphasized its commitment to creating a digital banking experience that meets the needs of a new generation of customers.
Coastal Financial Corporation (Nasdaq: CCB) reported a net income of $3.7 million, or $0.30 per diluted share, for Q2 2020, marking a 12.2% increase from the previous year. The company experienced significant asset growth of 41.8%, reaching $1.68 billion. Total loans receivable grew by 44.0% to $1.45 billion, driven by $427.4 million in Paycheck Protection Program (PPP) loans. However, a provision for loan losses increased to $1.9 million due to COVID-19 uncertainties. Total deposits rose by 30.0% to $1.31 billion, reflecting strong customer support amid the pandemic.
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.
Coastal Financial Corporation (Nasdaq: CCB) has shifted its 2020 Annual Meeting of Shareholders to a call-in format, due to the COVID-19 pandemic and the Washington State stay-at-home order extension. The meeting will occur on May 18, 2020, at 6:00 p.m. Pacific Time, unchanged from the originally scheduled date. Shareholders must register in advance to participate. Voting instructions for shareholders of record will be provided, and questions related to the meeting's agenda can be submitted in advance. The bank operates 14 branches and plans to open a 15th in Arlington, WA.
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