Company: Coastal Financial Corporation
Symbol: CCB
Description: They are a bank holding company that operates through our wholly owned subsidiary, Coastal Community Bank.
Trade Date: Week of 7/16
Shares: 2.72 million
Price Range: $13.00-$15.00
Underwriter(s): Keefe Bruyette & Woods, Hovde Group
Terms Added: 7-10-18
Business: They are a bank holding company that operates through their wholly owned subsidiary, Coastal Community Bank. They are headquartered in Everett, Washington, which by population is the largest city in, and the county seat of, Snohomish County. They focus on providing a wide 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. They believe that the size, growth and economic strength of the Puget Sound region provide them with significant opportunities for long-term growth and profitability. They currently operate 13 full-service banking locations, 10 of which are located in Snohomish County, where they are the largest community bank by deposit market share, and three of which are located in neighboring counties (one in King County and two in Island County). As of March 31, 2018, they had total assets of $831.0 million, total loans of $678.5 million, total deposits of $727.3 million and total shareholders’ equity of $66.9 million.
Financials: Their net income was $2.04 million, $2.35 million, $3.00 million, $5.00 million, and $5.44 million in 2013, 2014, 2015, 2016, and 2017, respectively. In the first quarter their net income increased 40.4% to $1.84 million, compared to the same period in the previous year.
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