secwatch.observer — SEC 8-K summary
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Issuer:     COASTAL FINANCIAL CORP (CCB)
CIK:        0001437958
Form:       8-K
Filed at:   2023-10-27T23:59:59+00:00
Accession:  0001437958-23-000109
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Coastal Financial Q3 net income $10.3M ($0.75 EPS), down 20% QoQ
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- Net income $10.3M ($0.75 diluted EPS) vs $12.9M ($0.95) in Q2 2023 and $11.1M ($0.82) a year ago.
- Deposits up $127.1M (+4%) to $3.29B; uninsured deposits down to 18.2% from 20%. Liquidity $1.05B covers uninsured deposits.
- Sells $320.9M in CCBX loans during Q3; CCBX loans decrease $112.1M vs community bank loans increase $71.6M.
- Net interest margin falls to 7.10% from 7.58% QoQ; cost of deposits rises to 3.14% from 2.72%.
- Management expects lower earnings short term as it optimizes CCBX loan portfolio with enhanced credit standards.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437958/000143795823000109/0001437958-23-000109-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437958/000143795823000109/ck1437958-20231027.htm
  HTML page:      https://secwatch.observer/filing/0001437958-23-000109

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