Coastal Financial Insider Transaction: CFO Boosts Stake by 1,800 Shares

Rhea-AI Filing Summary

Coastal Financial Corp. (CCB) – Form 4 insider transaction

Chief Financial Officer Joel G. Edwards exercised 1,800 employee stock options at an exercise price of $7.20 on 18 Jun 2025, acquiring an equal number of common shares. After the transaction, his direct ownership stands at 43,187 shares.

The filing also discloses 10,962 time-based restricted stock units that vest over four tranches: 2,241 on 30 Jun 2025; 3,065 on 25 Jan 2026; 1,424 on 5 Feb 2026; and 4,232 on 1 Apr 2026. Each RSU converts into one share of common stock upon vesting.

The transaction was reported with code "M", indicating a non-open-market option exercise. Following the exercise, no derivative options remain outstanding for Mr. Edwards. No shares were sold, and there is no indication of a Rule 10b5-1 trading plan.

Insights

Securities Analyst

TL;DR: Routine CFO option exercise; ownership up 1,800 shares, no shares sold—neutral impact.

The filing shows the CFO moving options that were set to expire in July 2025 into common stock. The $7.20 strike is well below CCB’s prevailing market price (not disclosed in the filing), suggesting in-the-money conversion rather than market sentiment signaling. Holding the shares instead of selling implies confidence, but given the modest size (≈4% of his total holdings) this is immaterial to valuation or float. Vesting details on 10,962 RSUs provide visibility into future dilution; however, the amounts are small relative to CCB’s share count. Overall, the disclosure is standard and does not meaningfully alter the investment thesis.

Corporate Governance Expert

TL;DR: Filing reflects standard incentive plan mechanics; no governance red flags detected.

The option exercise follows the 2006 Stock Option Plan’s schedule and precedes the July 2025 expiration, indicating timely compliance. The RSU vesting cadence aligns with Mr. Edwards’ retirement and retention agreement, suggesting structured succession planning. No accelerated vesting or unusual amendments are present. Signature and dates meet Section 16 requirements. The transaction’s small scale and absence of sales reduce concerns about insider profit-taking. Governance implication: neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

EDWARDS JOEL G

(Last) (First) (Middle)

C/O 5415 EVERGREEN WAY

(Street)

EVERETT WA 98203

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COASTAL FINANCIAL CORP [ CCB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/18/2025		M		1,800	A	$7.2	43,187(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$7.2	06/18/2025		M			1,800	07/01/2016(2)	07/01/2025	Common Stock	1,800	$0	0	D

Explanation of Responses:

1. Includes 10,962 time-based restricted stock units (RSUs) pursuant to the Coastal Financial Corporation 2018 Omnibus Incentive Plan. In accordance with Mr. Edward's retirement and retention agreement the RSUs vest as follows: 2,241 RSUs vest on June 30, 2025; 3,065 RSUs vest on January 25, 2026; 1,424 RSUs vest on February 5, 2026; and 4,232 RSUs vest on April 1, 2026. Each restricted stock unit represents the right to receive one share of common stock upon vesting.

2. Stock options granted pursuant to the Coastal Financial Corp. 2006 Stock Option and Equity Compensation Plan vest in ten approximately equal installments commencing on July 1, 2016.

Remarks:

	/s/ Joel Edwards	06/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Coastal Financial (CCB) shares did CFO Joel Edwards acquire in the Form 4 filing?

1,800 common shares were acquired through option exercise.

What was the exercise price for the stock options converted by the CCB CFO?

The options were exercised at an exercise price of $7.20 per share.

How many CCB shares does the CFO own after the reported transaction?

Post-transaction, 43,187 shares are held directly by Mr. Edwards.

When will the restricted stock units disclosed in the filing vest?

RSUs vest on 30 Jun 2025, 25 Jan 2026, 5 Feb 2026, and 1 Apr 2026.

Did the Form 4 indicate any share sales by the insider?

No. The filing shows an option exercise (code “M”) with no shares sold.