Coastal Financial announces annual meeting results

Coastal Financial Corp (NASDAQ:CCB), a $1.31 billion market cap financial institution, reported the outcomes of its annual shareholder meeting held on May 28, 2025. The meeting saw a strong turnout with approximately 83% of the voting power represented, demonstrating a quorum for business transactions. According to InvestingPro analysis, the company is currently trading near its Fair Value, with strong financial health metrics earning a "GREAT" rating.

During the meeting, four directors were elected to the company’s board. Christopher D. Adams, Stephan Klee, and Thomas D. Lane were elected to serve three-year terms until the 2028 annual meeting. Steven D. Hovde was elected for a one-year term until the 2026 annual meeting. The election results showed substantial support for the nominees, with the majority of votes cast in favor and a number of withheld votes and broker non-votes. This leadership team has overseen impressive performance, with revenue growth of 25.44% in the last twelve months.

Additionally, shareholders approved an advisory non-binding vote on executive compensation for named executive officers. The approval indicated shareholder satisfaction with the company’s executive pay structure.

A significant proposal approved was the Second Amendment to the Coastal Financial Corporation 2018 Omnibus Incentive Plan, which included an increase in the number of authorized shares. The plan received a majority of votes in favor, with some against and a small number abstaining.

The Amended and Restated Bylaws of Coastal Financial Corporation were also approved by shareholders with an overwhelming majority. This indicates strong shareholder support for the company’s governance structure.

Lastly, the selection of Moss Adams LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with an overwhelming majority of votes in favor.

The results from the annual meeting reflect shareholder confidence in Coastal Financial’s leadership and strategic direction, supported by the company’s remarkable 100% total return over the past year. The information provided in this article is based on a press release statement and financial data from InvestingPro, which offers additional insights including 8 more key tips about CCB’s performance and outlook.

In other recent news, Coastal Financial Corp has been the focus of several analyst reports from Keefe, Bruyette & Woods, who maintained an Outperform rating with a price target of $114. This comes amid Coastal Financial’s announcement of a financial restatement due to a material weakness, which, according to the analysts, does not affect the bank’s earnings per share (EPS) or core key performance indicators (KPIs). Despite the restatement, the analysts expressed confidence in the company’s financial stability and projected more than 155% EPS growth from 2024 to 2026. Coastal Financial’s strategic initiatives, including its recent capital raise, are seen as positioning the bank to capitalize on opportunities in the Banking as a Service (BaaS) sector. The bank has secured partnerships with companies like Robinhood (NASDAQ:HOOD), Dave, and T-Mobile, which are expected to drive future growth. Analysts noted that Coastal Financial’s role in sponsoring Robinhood’s Gold Card is a key growth driver, with potential expansion in depository products. The company’s enhanced regulatory compliance and digital banking innovation contribute to its favorable outlook. Coastal Financial’s valuation and recent performance have reinforced Keefe’s positive assessment of the bank’s prospects.

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