Coastal Financial Corp (EVERETT) (OQ:CCB)
Business Focus: Banks
| Sector: Financials | Industry: Banks |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 5415 Evergreen Way EVERETT WA 98203 |
| Tel: | 1-425-3573687 |
| Website: | https://ir.coastalbank.com/overview/default.aspx |
| IR: | See website |
| Key People | ||
| Curt T. Queyrouze President | Eric M. Sprink Chief Executive Officer, Director | Joel G. Edwards Chief Financial Officer, Executive Vice President, Corporate Secretary | Russ A. Keithley Executive Vice President, Chief Banking Officer of the Bank |
| Business Overview |
| Coastal Financial Corporation is the bank holding company that operates through its subsidiaries, including Coastal Community Bank (Bank) and Arlington Olympic LLC. The Company operates through three segments: CCBX, the Community Bank and treasury & administration. The CCBX segment provides banking as a service (BaaS) activities that allows its broker-dealer and digital financial service partners to offer their customers banking services. It offers a variety of loans to business owners, including commercial and industrial loans and commercial real estate loans secured by owner-occupied commercial properties. The Community Bank segment provides a range of banking products and services to consumers and small to medium sized businesses in the broader Puget Sound region in the state of Washington and through the Internet and its mobile banking application. The treasury and administration segment includes treasury management, overall administration and all other aspects of the Company. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Coastal Financial Corp (EVERETT) interest income increased 72% to $330.4M. Net interest income after loan loss provision decreased 41% to $54.7M. Net income increased 10% to $44.6M. Net interest income after loan loss provision reflects decrease in interest earning assets and increase in interest bearing liabilities. Net Income benefited from CCBX segment income increase of 38% to $25.3M. |
| Employees: | 507 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $522.85M as of Dec 31, 2023 |
| Annual revenue (TTM): | $330.37M as of Dec 31, 2023 |
| EBITDA (TTM): | $62.11M as of Dec 31, 2023 |
| Net annual income (TTM): | $44.58M as of Dec 31, 2023 |
| Free cash flow (TTM): | $190.27M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $16.39M as of Dec 31, 2023 |
| Shares outstanding: | 13,387,725 as of Mar 20, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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