Welcome to our dedicated page for Coastal Financial news (Ticker: CCB), a resource for investors and traders seeking the latest updates and insights on Coastal Financial stock.
Coastal Financial Corporation (Nasdaq: CCB) is an Everett, Washington-based bank holding company for Coastal Community Bank, with operations that span a community-focused bank segment and a Banking-as-a-Service (BaaS) segment known as CCBX. The CCB news page on Stock Titan aggregates company announcements, earnings releases, executive changes, capital markets activity, and updates on its digital banking partnerships.
Investors and analysts following CCB can use this page to review quarterly and annual financial results, as reported in Coastal’s earnings press releases and related Form 8-K filings. These updates include information on net income, loan and deposit trends, noninterest income, off-balance sheet activity, and regulatory capital ratios for both the holding company and Coastal Community Bank.
Because Coastal operates CCBX as a BaaS platform, news coverage also features developments in its relationships with broker-dealers, digital financial service providers, and other embedded finance partners. Examples from recent releases include updates on CCBX partner pipelines, new program launches, loan sales and fee income dynamics, and risk management practices such as indemnification arrangements with partners.
In addition, the CCB news feed highlights corporate actions and strategic moves, such as public offerings of common stock under an effective shelf registration statement, and brand-related transactions like Coastal’s acquisition of the GreenFi climate-focused consumer financial services brand from Mission Financial Partners. Executive leadership changes, including appointments to roles such as Chief Financial Officer, Chief Product Officer, Chief Commercial Officer, Chief Credit Officer, and Chief Information Security Officer, are also documented in news releases and corresponding 8-K filings.
By reviewing these items in one place, readers can track how Coastal’s community bank and CCBX segments evolve over time, how management describes its growth and risk management priorities, and how capital and partnership decisions affect the company’s overall banking platform.
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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.
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.
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