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 reports developments for Coastal Community Bank, including community banking activity, deposit and loan trends, and the CCBX banking-as-a-service segment. Recurring updates cover quarterly operating results, program fee income, partner onboarding, product expansion with broker-dealers and digital financial service partners, and technology investments supporting embedded finance offerings.
Company news also includes completed brand and corporate actions, such as Coastal's acquisition of the GreenFi brand of climate-friendly consumer financial services products. Leadership appointments and risk-management, credit, product, commercial, and information-security roles are recurring governance and operating themes tied to the bank holding company's community banking and digital banking strategy.
Coastal Financial Corporation (NASDAQ: CCB) announced a public offering of 740,742 shares at $40.50 each, aiming for gross proceeds of approximately $30 million. The underwriters have a 30-day option for an additional 111,111 shares, potentially raising total proceeds to $34.5 million. The funds will support general corporate purposes, including growth opportunities. The offering is set to close around December 17, 2021, subject to customary conditions. Keefe, Bruyette & Woods is the bookrunning manager, with several co-managers involved.
Coastal Financial Corporation (NASDAQ: CCB) has launched an underwritten public offering of $30 million of its common stock, with an option for underwriters to purchase an additional $4.5 million. The proceeds will be used for general corporate purposes, primarily to support investment opportunities and growth at Coastal Community Bank.
Keefe, Bruyette & Woods, Inc. is the sole bookrunning manager, with Raymond James & Associates, Stephens Inc., and Hovde Group as co-managers. The offering is made under an effective shelf registration statement.
Coastal Community Bank, a division of Coastal Financial Corporation (Nasdaq: CCB), has partnered with LendingPoint, a leader in AI CreditTech, to enhance credit access for consumers and small businesses. This collaboration aims to expand Coastal's geographic footprint and provide a seamless digital experience for borrowers. LendingPoint's platform has originated over $4.5 billion since 2015, leveraging predictive underwriting models to reduce risk and costs. As of September 30, 2021, Coastal reported $2.45 billion in total assets and $1.72 billion in loans.
Coastal Financial Corporation (Nasdaq: CCB) reported strong growth in Q3 2021, with total assets rising by $444.4 million (22.1%) to $2.45 billion. Deposits increased by $421.9 million (23.4%) to $2.22 billion, driven by a $339.8 million growth in CCBX deposits. Loan growth reached $47.5 million, despite $130.8 million in PPP loan repayments. Net income for the quarter was $6.7 million ($0.54 per diluted share), slightly down from $7.0 million in Q2 2021. CCBX continues to grow with 26 active relationships, enhancing fee and interest income.
Coastal Financial Corporation (Nasdaq: CCB) has appointed Michael Patterson, CPA, to its Board of Directors, bringing over 38 years of global business experience. His background in strategy, risk management, and compliance is expected to support Coastal's growth and navigation through regulatory complexities. Patterson previously led EY LLP’s Compliance Risk Management during the 2008 financial crisis and held significant roles at Merrill Lynch and other consulting firms. As of June 30, 2021, Coastal had total assets of $2.0 billion, with total gross loans at $1.66 billion and total deposits of $1.8 billion.
Coastal Financial Corporation (NASDAQ: CCB) announced the completion of a $25 million private placement of fixed-to-floating rate subordinated notes maturing on September 1, 2031. The notes will have an initial fixed annual interest rate of 3.375% for the first five years, transitioning to a quarterly reset based on the three-month SOFR plus 276 basis points. Proceeds will be used for general corporate purposes, including debt repayment and loan growth. The notes can be redeemed starting September 1, 2026.
Coastal Financial Corporation (Nasdaq: CCB) reported a net income of $7.0 million for Q2 2021, marking a 16.5% increase from Q1 2021. Diluted earnings per share rose to $0.56, up 15.9%. Total deposits increased by $130.0 million, reaching $1.80 billion, with core deposits comprising 95.7%. While total loans decreased by $108.6 million to $1.66 billion, non-PPP loans grew by 2.9%. The company continues to expand its CCBX division and plans to launch digital bank accounts in collaboration with Google.
Coastal Financial Corporation (Nasdaq: CCB) reported a strong first quarter of 2021, with net income rising 29.1% to $6.0 million ($0.49 per diluted share) compared to Q4 2020. Total assets grew by 14.9% to $2.03 billion, and total loans receivable increased by 14.2% to $1.77 billion, bolstered by $543.8 million in PPP loans. Total deposits grew 17.6% to $1.67 billion. The company also received the Raymond James Community Bankers Cup for the second consecutive year. Return on assets rose to 1.28%, reflecting effective management amidst pandemic challenges.
Coastal Financial Corporation (NASDAQ: CCB) has been awarded the Raymond James Community Bankers Cup for 2020, recognizing its performance among community banks. This prestigious award is given to the top 10% of community banks based on metrics like profitability, operational efficiency, and balance sheet stability.
In 2020, Coastal supported small business customers with PPP loans and expanded its CCBX division by providing Banking as a Service (BaaS) solutions. The award reflects its resilience and effective management during challenging times.
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.