secwatch.observer — SEC 8-K summary
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Issuer:     COASTAL FINANCIAL CORP (CCB)
CIK:        0001437958
Form:       8-K
Filed at:   2024-04-29T23:59:59+00:00
Accession:  0001437958-24-000069
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Coastal Financial Q1 net income $6.8M ($0.50 EPS), down from $0.66 in Q4; $2.3M unanticipated expenses
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- Net income fell to $6.8M vs $9.0M in Q4 2023 and $12.4M in Q1 2023; ROA 0.73% vs 0.97% QoQ.
- Unanticipated expenses of $2.3M net of tax included audit/accounting $849k, contract termination $600k, realignment $343k.
- Total loans grew 5.7% to $3.20B; CCBX loans sold $100.5M during quarter to reduce credit risk.
- CCBX portfolio loss exposure reduced from 10% to 5% effective April 1, 2024.
- Net interest margin improved to 6.78% from 6.61% QoQ; cost of deposits rose to 3.49% from 3.36%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437958/000143795824000069/0001437958-24-000069-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437958/000143795824000069/ck1437958-20240429.htm
  HTML page:      https://secwatch.observer/filing/0001437958-24-000069

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