COASTAL FINANCIAL CORP (CCB): auditor change — Coastal Financial restates 2023-2024 financials; fintech loan errors, no NI impact

COASTAL FINANCIAL CORP

Restatement covers FY2023 and Q1-Q3 2024; adjustments to interest income, BaaS loan expense, and balance sheet items.
Balance sheet adjustments: assets overstated by $3.4M (Dec 2023), $2.2M (Mar 2024), $2.0M (Jun 2024), $1.3M (Sep 2024).
No impact on net income or EPS for any affected period.
Material weaknesses in internal control over financial reporting identified as of Dec 31, 2023 and Dec 31, 2024.
Company plans to file restated financials in 2024 Form 10-K as soon as practicable.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

COASTAL FINANCIAL CORP reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Moss Adams LLP

Exact text from the filing

the Audit Committee concluded that the Affected Financials should no longer be relied upon

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Source: SEC EDGAR

accession 0001437958-25-000056

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