COASTAL FINANCIAL CORP SEC Filings

Coastal Financial Corp CEO Eric M. Sprink purchased 10,000 shares of common stock on August 6, 2026 at $44.45 per share. After this trade, his direct holdings total 173,238 shares, including 26,351 time-based restricted stock units and 100,000 performance-based restricted stock units that vest on October 4, 2027 subject to performance goals. Indirect holdings reported include 885 shares held by his spouse and 400 shares in each of three custodial accounts for his children.

Coastal Financial Corp Executive Chair and director Christopher D. Adams purchased 290 shares of common stock on August 7, 2026 at $45.15 per share, increasing his direct holdings to 30,407 shares, including 1,754 restricted shares that vest one day before the 2027 Annual Shareholder Meeting. This purchase was not made under a Rule 10b5-1 trading plan.

Coastal Financial Corporation, parent of Coastal Community Bank and CCBX, reported a sharp swing to loss for the quarter and first half of 2026. For Q2 2026 it recorded a net loss of $42.1 million, or $2.76 per share, versus $11.0 million of profit a year earlier. Net interest income rose to $89.4 million, but was more than offset by a $92.2 million provision for credit losses tied largely to CCBX consumer and credit card portfolios. Noninterest income nearly doubled to $88.7 million on higher banking‑as‑a‑service fees and indemnification income, yet expenses surged to $141.1 million, including a $46.0 million valuation adjustment to a CCBX credit enhancement asset and higher BaaS loan and fraud costs.

Total assets grew to $5.46 billion and deposits to $4.86 billion as loans expanded to $4.22 billion, driven by CCBX growth in credit cards, consumer loans and residential real estate. Credit quality metrics weakened: nonaccrual loans increased to $36.7 million and 90‑day‑plus past‑due loans that still accrue interest rose to $38.5 million, mainly in CCBX. The allowance for credit losses increased to $213.7 million, reflecting elevated charge‑offs and higher expected losses on the rapidly scaled BaaS portfolios.

Coastal Financial Corp Chief Credit Officer Freddy I. Rivas had 166 shares of common stock withheld on August 3, 2026 at $41.80 per share to pay withholding taxes upon partial vesting of RSUs. After this tax-withholding disposition, he holds 11,884 shares directly, including 3,002 time-based RSUs that vest in remaining installments and 8,250 performance-based RSUs that may vest between July 31, 2026 and July 31, 2029, each convertible into one share upon vesting.

Coastal Financial Corp director and President of CCBX Brian T. Hamilton reported a Code F disposition of 226 shares of common stock on August 3, 2026 at $41.80 per share to satisfy withholding taxes upon partial RSU vesting, effected under a Rule 10b5-1 trading plan. Following this transaction he holds 66,886 shares, including 11,629 RSUs vesting monthly through April 30, 2028, 2,714 RSUs vesting over four years, 502 RSUs vesting over three years, and 15,000 performance-based RSUs eligible to vest on April 30, 2028.

Brian Hamilton filed to sell common stock of CCB under a Form 144. The filing lists 226 shares of common stock with an aggregate market value of $9,447.00, to be sold through Stifel Nicolaus & Company Inc. on or after August 3, 2026 on Nasdaq.

Separately, the filing notes common stock originally acquired as restricted stock on September 30, 2024 as part of equity compensation, with 581 shares referenced in that context and a planned sale date of July 31, 2026. Over the prior three months, Hamilton reported sales of 230 shares for $17,374.00 on May 1, 2026, 7,230 shares for $516,388.00 on June 2, 2026, and 229 shares for $17,798.00 on July 1, 2026.

Coastal Financial Corporation appointed Christopher D. Adams, 46, as Executive Chair of its Board of Directors, effective July 29, 2026. Adams has served as a non-employee director since 2016 and is a partner at the Everett, Washington law firm Adams & Duncan, Inc., P.S.

The company entered into an employment agreement with Adams with an initial five-year term and an annual base salary of $750,000, subject to review by the Board’s Compensation Committee, and including standard non-solicitation, confidentiality and non-disparagement provisions. Following his appointment, the Board named Thomas Lane as Lead Independent Director and approved amendments to the Fourth Amended and Restated Bylaws to define the authority and duties of the Executive Chairperson and Lead Independent Director.

Coastal Financial Corporation presented second quarter 2026 results showing a net loss of $42.1 million, or EPS of $(2.76), versus profit in the prior quarter. The loss was driven largely by a $22.8 million partner-specific credit loss provision and a $46.0 million valuation adjustment to a credit enhancement asset, plus $4.4 million of amortization on capitalized software tied to technology modernization. Despite this, total revenue rose to $178.1 million, up 19.2% sequentially and 49.1% year over year, with net interest income of $89.4 million and a net interest margin of 7.27% (3.98% net of BaaS loan expense).

Loans receivable increased 9.0% from March 31 to $4.21 billion, while deposits declined 3.6% to $4.86 billion as the company swept $4.26 billion of CCBX deposits off balance sheet, generating $1.2 million of sweep fee income. The CCBX Banking as a Service segment reported gross loans of $2.23 billion, 32.5% higher than a year earlier, and BaaS program fee income of $12.0 million, 57.0% above the prior-year quarter. Capital and liquidity remained strong, with Bank Common Equity Tier 1 capital of 11.0%, total shareholders’ equity of about $463.4 million, tangible book value per share of $30.05, and cash plus immediate borrowing capacity of $1.924 billion, equal to 43.7% of total deposits.

Coastal Financial Corporation reported a second-quarter 2026 net loss of $42.1 million, or $(2.76) per diluted share, versus net income of $12.0 million, or $0.78 per share, in the prior quarter. The loss was primarily driven by a $68.8 million credit expense tied to a single CCBX banking-as-a-service partner, including a $22.8 million specific provision for credit losses and a $46.0 million valuation adjustment to the related credit enhancement asset.

Underlying operations showed growth: net interest income rose to $89.4 million with a net interest margin of 7.27%, loans receivable increased to $4.21 billion, and total BaaS program fee income reached $12.0 million, up 10.3% from the prior quarter. CCBX loans grew 18.1% to $2.23 billion despite selling $4.56 billion of loans, and off-balance sheet credit cards with fee potential climbed to 881,659.

Credit costs and technology investments were elevated: the provision for credit losses totaled $92.2 million, noninterest expense increased to $141.1 million, and the allowance for credit losses rose to 5.08% of loans. Even after these charges, the company and bank remained well capitalized, with a common equity Tier 1 ratio of 10.86% and total risk-based capital of 13.30%, supported by $1.01 billion in cash and $1.12 billion of additional borrowing capacity.