secwatch.observer — SEC 8-K summary
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Issuer:     COASTAL FINANCIAL CORP (CCB)
CIK:        0001437958
Form:       8-K
Filed at:   2025-03-17T23:59:59+00:00
Accession:  0001437958-25-000056
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Coastal Financial restates 2023-2024 financials; fintech loan errors, no NI impact
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437958/000143795825000056/0001437958-25-000056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437958/000143795825000056/ck1437958-20250314.htm
  HTML page:      https://secwatch.observer/filing/0001437958-25-000056

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