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Coastal Financial Corporation - CCB STOCK NEWS

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.

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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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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.
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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.
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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.
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Coastal Financial Corporation reports unaudited financial results for the third quarter of 2023. Net income of $10.3 million, or $0.75 per diluted common share. Total assets increased by $145.0 million, or 4.1%. Total loans decreased by $40.5 million, or 1.3%. Deposits increased by $127.1 million, or 4.0%.
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True Digital Group strengthens its influence in the banking industry by adding Rilla Delorier as a Strategic Advisor and forming a Banker Advisory Board with key executives from top financial institutions.
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Rilla Delorier, a leader in digital transformation in the banking sector, has been appointed to WisdomTree's Board of Directors.
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Coastal Financial Corporation has announced the addition of Brian Ferrell as Executive Vice President, Head of Financial Crimes Compliance, and Bill Rhodes as Executive Vice President, Chief Audit Executive. Brian brings over 30 years of expertise in the financial services sector and has deep knowledge of Anti-Money Laundering (AML) rules and regulations. Bill has more than 20 years of experience in internal and external audit across the Financial Services sector. Their skills and expertise are expected to enhance Coastal's transition to a larger and more complex entity.
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Coastal Financial Corporation reports unaudited financial results for Q2 2023, with net income of $12.9 million and total assets increasing to $3.54 billion. Loan growth of $170.3 million and deposit growth of $67.3 million. Legal and professional fees impacting net income. Increased net interest income and yield on loans.
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FAQ

What services does Coastal Financial Corporation provide?

Coastal Financial Corporation offers a wide range of banking products and services to consumers and small to medium-sized businesses, including personal and business banking, loans, and digital banking solutions through its community bank and CCBX segments.

What is CCBX?

CCBX is the Banking-as-a-Service (BaaS) segment of Coastal Financial Corporation. It partners with fintech companies and brands to provide financial services to their customers through Coastal's infrastructure, enabling innovative products like consumer loans and credit cards.

How does Coastal Financial support community banking?

Coastal Financial supports community banking through its network of 14 branches in the Puget Sound region, employing local professionals who offer personalized service and build long-term relationships with customers.

What are Coastal Financial's recent financial highlights?

As of Q3 2023, Coastal Financial's total assets increased to $3.68 billion, with a net income of $10.3 million. The company's net interest margin was 7.10%, and total loans receivable reached $2.97 billion.

How is Coastal Financial ensuring liquidity?

Coastal Financial maintains a substantial cash position and significant borrowing capacity from the Federal Home Loan Bank and other institutions, ensuring it can meet customer needs and withstand economic changes.

What strategic initiatives is Coastal Financial focusing on?

Coastal Financial is focusing on optimizing its loan portfolio, enhancing credit standards, growing through CCBX partnerships, and investing in technology for operational efficiency and future scalability.

How does Coastal Financial manage risk?

The company employs robust risk management practices, closely monitors loan portfolios, and continuously enhances its credit standards and internal controls to safeguard asset quality.

What is Coastal Financial's approach to technology?

Coastal Financial invests in advanced technologies to increase automation and operational efficiency, which helps streamline processes, reduce costs, and improve scalability.

Who are some of Coastal Financial's key partners?

Key partners include fintech firms like Robinhood and One, which use Coastal's CCBX platform to offer financial products such as credit cards and point-of-sale installment loans.

What regions does Coastal Financial serve?

Coastal Financial primarily serves the Puget Sound region in Washington State through its community bank branches, online services, and mobile banking application.

Coastal Financial Corporation

Nasdaq:CCB

CCB Rankings

CCB Stock Data

681.04M
13.42M
18.57%
60.93%
3.75%
Commercial Banking
Finance and Insurance
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United States of America
EVERETT