COASTAL FINANCIAL CORP

Listed Company

CCBCIK 0001437958NasdaqLarge AcceleratedState Commercial BanksWashingtonFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$46.99M

Total Assets

$4.74B

Equity

$490.96M

Shares Out

15.21M

Op. Cash Flow

$254.58M

Business

COASTAL FINANCIAL CORP is a registered bank holding company that provides banking services through its wholly owned bank and a branch-owning LLC. It offers deposit products, commercial, commercial real estate, residential and consumer lending, mortgage origination and banking-as-a-service (BaaS) capabilities, plus treasury and investment activities. The company operates three reportable segments: the community bank, CCBX (BaaS) and treasury & administration. Its community banking footprint serves the Puget Sound region via branch, internet and mobile channels, while CCBX extends services nationally through broker‑dealer and digital partners.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	398	372	304	183	82
Interest on interest earning deposits with other banks	29	21	15	7	608,000
Interest on investment securities	3	3	3	2	79,000
Dividends on other investments	531,000	435,000	387,000	345,000	284,000
Total interest income	430	397	323	192	83
Interest on deposits	117	121	89	19	2
Interest on borrowed funds	3	3	3	1	1
Total interest expense	120	124	92	20	—
Net interest income	310	273	232	172	79
PROVISION FOR CREDIT LOSSES	193	278	184	79	—
Net interest income/(expense) after provision for credit losses	117	−5	48	93	70
Service charges and fees	4	4	4	4	4
Loan referral fees	0	168,000	683,000	810,000	2
Gain on sales of loans, net	0	0	253,000	0	396,000
Unrealized gain (loss) on equity securities, net	−414,000	27,000	279,000	−153,000	1
Other income	3	2	884,000	1	2
Noninterest income, excluding BaaS program income and BaaS indemnification income	6	5	6	6	11
Total noninterest income	232	308	204	123	28
Salaries and employee benefits	86	70	66	52	37
Occupancy	4	4	4	4	4
Data processing and software licenses	24	15	9	7	5
Legal and professional expenses	20	16	15	7	3
Point of sale expense	350,000	325,000	481,000	368,000	671,000
Excise taxes	3	1	2	2	2
"Federal Deposit Insurance Corporation (""FDIC"") assessments"	3	3	3	3	2
Director and staff expenses	3	2	2	2	1
Marketing	631,000	162,000	517,000	351,000	451,000
Other expense	7	6	5	5	4
Noninterest expense, excluding BaaS loan and BaaS fraud expense	151	118	108	82	59
BaaS loan and fraud expense	137	128	87	83	4
Total noninterest expense	288	246	195	165	63
Income before provision for income taxes	61	57	57	51	34
PROVISION FOR INCOME TAXES	14	12	13	10	7
NET INCOME	47	45	45	41	27
Basic earnings per common share (in usd per share)	3.12	3.35	3.36	3.14	2.25
Diluted earnings per common share (in usd per share)	3.06	3.26	3.27	3.01	2.16
Basic (in shares)	15	14	13	13	12
Diluted (in shares)	15	14	14	14	13

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2024 2024-06-30	FY 2024 2024-03-31
Cash and due from banks	34	37	—	—	—
Interest earning deposits with other banks	703	416	—	—	—
Investment securities, available-for-sale, at fair value	29,000	35,000	—	—	—
Investment securities, held-to-maturity, at amortized cost	48	47	—	—	—
Other investments	13	11	—	—	—
Loans held for sale	71	21	—	—	—
Loans receivable	3,750	3,487	3,414	3,322	3,195
Allowance for credit losses	−170	−177	−172	−149	−140
Total loans receivable, net	3,580	3,310	3,242	3,173	3,055
CCBX credit enhancement asset	178	182	174	149	142
CCBX receivable	23	14	—	—	—
Premises and equipment, net	29	27	—	—	—
Lease right-of-use assets	5	5	—	—	—
Accrued interest receivable	19	21	22	22	22
Bank-owned life insurance, net	14	13	—	—	—
Deferred tax asset, net	0	4	—	—	—
Intangible assets, net	5	0	—	—	—
Other assets	20	14	—	—	—
Total assets	4,741	4,121	4,064	3,960	3,863
Deposits	4,144	3,585	—	—	—
Principal amount $45,000 (less unamortized debt issuance costs of $557 and $707) at December 31, 2025 and December 31, 2024, respectively	44	44	—	—	—
Principal amount $3,609 (less unamortized debt issuance costs of $16 and $18 at December 31, 2025 and December 31, 2024, respectively)	4	4	—	—	—
Deferred compensation	267,000	332,000	—	—	—
Accrued interest payable	1	962,000	—	—	—
Lease liabilities	5	5	—	—	—
CCBX payable	27	29	38	33	31
Deferred tax liability, net	853,000	0	—	—	—
Other liabilities	23	13	—	—	—
Total liabilities	4,250	3,683	3,733	3,643	3,559
Authorized: 25,000,000 shares at December 31, 2025 and December 31, 2024; issued and outstanding: zero shares at December 31, 2025 and December 31, 2024	0	0	—	—	—
Authorized: 300,000,000 shares at December 31, 2025 and December 31, 2024; 15,140,192 shares at December 31, 2025 issued and outstanding and 14,935,298 shares at December 31, 2024 issued and outstanding	233	228	—	—	—
Retained earnings	258	211	—	—	—
Accumulated other comprehensive loss, net of tax	−1,000	−2,000	—	—	—
Total shareholders equity	491	439	—	—	—
Total liabilities and shareholders equity	4,741	4,121	4,064	3,960	3,863

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	47	45	45	41	27
Depreciation and amortization	7	5	2	2	2
Loss on disposition of fixed assets	26,000	0	39,000	35,000	0
Decrease in operating lease right-of-use assets	899,000	835,000	833,000	1	1
Decrease in operating lease liabilities	−915,000	−848,000	−857,000	−1	−1
Net amortization on investment securities	13,000	5,000	−25,000	−50,000	32,000
Stock-based compensation	9	5	4	3	1
Increase in bank-owned life insurance value	−516,000	−485,000	27,000	−360,000	−172,000
Deferred tax expense	4	138,000	14	−11	−3
Net change in CCBX receivable	−10	−5	1	−9	−1
Net change in CCBX credit enhancement asset	4	−69	−55	−45	−9
Net change in CCBX payable	−2	−1	10	19	2
Net change in other assets and liabilities	3	3	−13	−10	4
Total adjustments	208	215	147	26	3
Net cash provided by operating activities	255	260	192	67	30
Purchase of investment securities held-to-maturity	−5	0	−50	0	0
Net (increase) decrease in FRB and FHLB securities	−2	−475,000	730,000	−2	−950,000
Change in equity investments, net	−556,000	−71,000	−123,000	—	—
Principal paydowns of investment securities available-for-sale	7,000	8,000	9,000	17,000	33,000
Principal paydowns of investment securities held-to-maturity	4	4	417,000	256,000	2
Maturities and calls of investment securities available-for-sale	0	100	250,000	70	103
Purchase of bank owned life insurance	−19,000	−20,000	−230,000	−53,000	−5
Payments To Acquire Assets, Net Of Cash Acquired	−2	0	0	—	—
Proceeds from sales of loans held for sale	6,638	1,525	600	—	—
Investments in loans receivable	26	−202	−91	−913	−142
Increase in loans receivable, net	−7,176	−2,025	−1,047	−913	−142
Purchases of premises and equipment, net	−8	−10	−6	−3	−3
Net cash used by investing activities	−526	−609	−594	−988	−240
Net increase in demand deposits, money market, and savings	564	226	554	468	981
Net decrease in time deposits	−5	−811,000	−11	−14	−14
Proceeds from exercise of stock options, net of shares withheld to cover	104,000	1	618,000	1	359,000
Net cash for shares held to cover on restricted stock vesting	−4	0	0	—	—
Proceeds from public offering, expense true-up	82,000	92	0	0	32
Net cash provided by financing activities	556	318	543	450	860
NET CHANGE IN CASH, DUE FROM BANKS AND RESTRICTED CASH	284	−31	141	−471	650
Interest paid	119	124	91	20	4
Income taxes paid	9	11	7	—	—
Fair value adjustment of securities available-for-sale, gross	0	535,000	2	−3	−37,000
Lease liabilities arising from obtaining right-of-use assets	501,000	122,000	2	0	−41,000
Transfer from loans to loans held for sale	6,689	1,545	600	153	0
Settlement of receivables as consideration in asset acquisition	2	0	0	—	—

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