Coastal Financial Stock Price, News & Analysis

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.

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.