Coastal Financial - CCB STOCK NEWS

Coastal Financial (NASDAQ: CCB) has announced the pricing of its public offering of 1,200,000 common stock shares at $71.00 per share. The company expects to raise approximately $85.2 million in gross proceeds before deducting expenses. The underwriters have a 30-day option to purchase an additional 180,000 shares, which could increase total gross proceeds to $98.0 million.

The offering is expected to close around December 12, 2024. The company plans to use the net proceeds for general corporate purposes, including supporting investment opportunities and bank growth. Keefe, Bruyette & Woods is serving as the lead bookrunning manager, with Hovde Group as joint bookrunning manager.

Coastal Financial (NASDAQ: CCB) has announced a proposed underwritten public offering of common stock shares. The company plans to grant underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price, less underwriting discounts and commissions.

The net proceeds will be used for general corporate purposes, including supporting investment opportunities and bank growth. Keefe, Bruyette & Woods is serving as lead bookrunning manager, with Hovde Group as joint bookrunning manager, and Raymond James & Associates and Stephens Inc. as co-managers.

The shares will be issued under an effective shelf registration statement on Form S-3, with a preliminary prospectus supplement already filed with the SEC.

Coastal Financial (CCB) reported strong Q3 2024 results with net income of $13.5 million, or $0.97 per diluted share, up from $11.6 million in Q2 2024. The company saw net loan growth of $92.4 million despite selling $423.7 million in loans. Key highlights include a balance sheet positioned for lower rates with $1.95 billion of CCBX deposits that reprice immediately upon Federal Funds Rate reduction, and $1.09 billion of CCBX loans repricing in 90 days or less. ROA improved to 1.34%, while total assets reached $4.07 billion. The company maintains 22 CCBX relationships and continues to expand product offerings with existing partners.

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.

Coastal Financial Corporation (Nasdaq: CCB) has announced the appointment of Jason Wingo as Senior Vice President, Head of Bank Security Act (BSA) and Anti-Money Laundering (AML) Strategy and Solution Management. Wingo brings over 20 years of experience in IT leadership and expertise in AML, trading compliance, and project management. His appointment is expected to strengthen the company's commitment to compliance and ensure continued success and growth.

Coastal Financial Corporation (Nasdaq: CCB) reported unaudited financial results for Q4 2023, with net income of $9.0 million, or $0.66 per diluted common share, compared to $10.3 million, or $0.75 per diluted common share for Q3 2023. Total assets increased to $3.75 billion, while total loans, net of deferred fees, increased to $3.03 billion for Q4 2023. Deposits increased to $3.36 billion, with CCBX deposit growth of $110.5 million. The company focused on reducing risk, optimizing the CCBX loan portfolio, and strengthening the balance sheet through enhanced credit standards.

Coastal Financial Corporation (Nasdaq: CCB) welcomes Brian Hamilton, a seasoned financial technology executive, and business leader, to its Board of Directors. With over 25 years of experience in banking, lending, payments, and digital product development, Mr. Hamilton's expertise will be invaluable in guiding Coastal through the evolving landscape of rapid technological advancements in the financial services industry.