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Earnings
Coastal Financial reports Q1 EPS 22c, two est. 24c » 09:28
04/27/20
04/27
09:28
04/27/20
09:28
CCB

Coastal Financial

$12.79 /

-0.5 (-3.76%)

Reports common equity…

Reports common equity tier 1 risk-based capital 12.10%. Reports Book value per share $10.66. "As we close the first quarter of 2020, we are in the midst of an unprecedented global COVID-19 pandemic that is impacting the physical and economic health of our community and nation. We started the year off strong and despite the pandemic related disruptions that occurred late in the period, we finished the first quarter of 2020 with net income of $2.7 million, which includes $1.6 million in loan loss provision expense due to loan growth and in response to the economic uncertainties of the pandemic, annualized loan growth of 28.3% and annualized deposit growth of 15.4%. We also continue to build out and expand on our CCBX division, which provides Banking as a Service enabling broker dealers and digital financial service providers to offer their clients banking services, while providing additional sources of fee income for the Bank," stated Eric Sprink, the President and CEO of the Company and the Bank. "As a preferred Small Business Administration lender, we are working diligently with the SBA to offer assistance to small businesses as provided in the recently passed Coronavirus Aid, Relief and Economic Security Act. We have accepted in excess of 1,135 Paycheck Protection Program applications expected to provide approximately $280.7 million in resources to businesses, impacting over 25,175 employees in our communities as of April 24, 2020. We are taking a proactive approach on restructuring payments for our loan customers during this uncertain time to help alleviate financial hardships by deferring or modifying payments on $159.3 million, that represents 180 loans to provide community financial relief, pursuant to federal guidance, since the end of March 2020. We are committed to following the guidelines set forth by our federal, state and local government and public health officials to keep us all healthy and safe while remaining open and serving our communities through our drive throughs, call center, mobile banking, online banking and ATMs. The Company has taken measures to protect the health and safety of its employees by implementing remote work arrangements to the fullest extent possible. The Company's credit administration is closely analyzing the Company's higher risk segments within the loan portfolio, monitoring and tracking loan payment deferrals, customer liquidity, and providing timely reporting. The management team continues to analyze economic conditions in our geographic markets. Based on the Company's current capital levels, conservative underwriting policies, and industry diversification within our concentrations, management expects to be able to manage the economic risks and uncertainties associated with the COVID-19 pandemic. As we navigate through this historic time, we remain focused on managing and innovating our way to an enhanced future for the Company, our customers and our communities, combining the stability of our Bank and the additional sources of income from our CCBX division to emerge from this trying time united and stronger than ever."

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Over a quarter ago
Earnings
Coastal Financial reports Q4 EPS 30c, two est. 28c » 09:29
01/27/20
01/27
09:29
01/27/20
09:29
CCB

Coastal Financial

$17.55 /

+0.4 (+2.33%)

"We are pleased to…

"We are pleased to announce that we finished 2019 strong with a 36.1% increase in net income, a 22.3% increase in total loans receivable and a 20.5% increase in deposits, as compared to the year ended December 31, 2018. The Company's return on average equity was 11.66% for the fourth quarter of 2019," stated Eric Sprink, the President and CEO of the Bank and the Company. "We remain focused on growing and managing the Bank, while investing, growing, and innovating our way to an enhanced future that combines our strong Bank with additional sources of fee income and a path to stronger and more viable digital Bank in the future. Today, we are formally introducing our CCBX Division which provides Banking as a Service enabling broker dealers and digital financial service providers to offer their clients banking services. The "X" is indicative of the technology services that our partners provide. As we build out CCBX, we will do our best to cover related costs with new revenues from CCBX customers. Currently, we are in the process of working with five fintech partners, and maintaining a robust pipeline as we look forward. CCBX will be supported by staff we hired late in 2019 to build the infrastructure, and additional hires in 2020 as we expect to add new partners and execute new contracts. Just like any complex banking product, BaaS does not come without risks. We recently announced the hiring of a dedicated Chief Risk Officer and a Data Scientist Architect with a PhD in Artificial Intelligence to further enhance the program. These hires are investments in our future and necessary to perform the services safely and soundly and to manage the risks associated with this line of business. We also recently announced that we are building an integrated compliance and reporting system to monitor and address these risks in partnership with Neocova. Although we carefully underwrite and complete extensive due diligence of each partner, we know that all of partners may not be successful, and like any new business some might fail. Through ongoing monitoring of each relationship, we believe that we will be able to minimize any impact, but recognize that income streams may diminish should a partner fail. In addition, we are very cognizant of both our compliance responsibility and the True Lender Doctrine, and should any of our partners offer lending products, the Bank will be the True Lender and engage with the relationships accordingly.The investments we are making today are not for immediate returns but for longer-term returns that we believe will build value for shareholders while benefiting our customers, employees, and communities we serve. We are pleased to provide this update and look forward to sharing more news about our CCBX division as it grows." Reports CET1 ratio 12.44% as of Dec.31. Reports tangible book value per share $10.42.

Hot Stocks
Coastal Community Bank names Andrew Stines chief risk officer » 19:11
01/22/20
01/22
19:11
01/22/20
19:11
CCB

Coastal Financial

$17.29 /

-0.18 (-1.03%)

Coastal Community Bank…

Coastal Community Bank announced the addition of Andrew Stines as Chief Risk Officer. Stines has a degree in Business Management from the University of Colorado, a Masters in Finance from Seattle University School of Business, and a Juris Doctor from Seattle University School of Law. Prior to joining Coastal he was a Managing Director in the Financial Services Risk Management group at Ernst & Young, LLP, Chief Risk Officer at Sunwest Bank, and an attorney in Seattle with Dorsey & Whitney, LLP. Stines will lead the risk enterprise that is currently led by Dan Lee who has been both Chief Risk and Credit Officer. Lee will continue as Chief Credit Officer.

Hot Stocks
Coastal Community Bank, Neocova announce partnership » 17:35
01/06/20
01/06
17:35
01/06/20
17:35
CCB

Coastal Financial

$16.18 /

-0.055 (-0.34%)

Coastal Community Bank…

Coastal Community Bank announced it has entered into an agreement with Neocova Corporation to develop and implement a unified data warehouse solution with an integrated dashboard and reporting engine as well as a Bank Secrecy Act and Anti-Money Laundering monitoring tool. Neocova is a cloud-native banking technology platform built specifically for community financial institutions, designed to address widespread industry frustration with legacy core solutions. The primary purpose of Neocova's engagement with Coastal is to develop an integrated compliance and reporting system for Coastal's Banking as a Service partners, giving Coastal enhanced oversight through a transparent view of all partner data in a unified reporting platform, as well as a structured platform to hold required partner data securely.

Earnings
Coastal Financial reports Q3 EPS 29c, two est. 26c » 09:32
10/28/19
10/28
09:32
10/28/19
09:32
CCB

Coastal Financial

$14.92 /

-0.66 (-4.24%)

Eric Sprink, President…

Eric Sprink, President and CEO, commented, "We had a strong quarter with earnings of $3.5 million, and loan growth of $28.9 million funded by $62.8 million in core deposit growth. We were extremely pleased to find that we moved into 4th place in deposit market share in Snohomish County at June 30, 2019, up from 5th place as compared to one year ago. Additionally, Sandler O'Neill + Partners recognized the Company as a Sm-All Star Class of 2019. Those that make the list have superior performance metrics in growth, profitability, credit quality, and capital strength. After going public last year, this recognizes the hard work and dedication of our board and staff at all levels."

Earnings
Coastal Financial reports Q2 EPS 27c vs. 24c last year » 09:09
07/26/19
07/26
09:09
07/26/19
09:09
CCB

Coastal Financial

$15.20 /

+ (+0.00%)

Reports Q2 book value per…

Reports Q2 book value per share $9.79. Q2 CET1 risk-based capital ratio 13.37%. Eric Sprink, President and CEO, commented, "We got off to a solid start in first quarter and in the second quarter we backed that up with earnings of $3.3M, loan growth of $54.4 million, and core deposit growth of $38.1M. Overall, I am pleased with the strong organic loan and core deposit growth plus the solid earnings from our community bank."

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CCB Coastal Financial
$15.20 /

+ (+0.00%)

08/12/18 Keefe Bruyette
Coastal Financial initiated with a Market Perform at Keefe Bruyette

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