COASTAL FINANCIAL Business Summary

Coastal Financial Corporation (CCB) operates a high-growth hybrid banking model that bifurcates its operations into a traditional Community Bank serving the Puget Sound region and its innovative CCBX division, which provides Banking-as-a-Service (BaaS) to national fintech partners. The company generates revenue primarily through net interest income from its diversified loan portfolio—including commercial, industrial, and consumer credit—and non-interest income derived from BaaS program fees, interchange fees, and service charges. As of early 2026, CCBX remains the primary growth engine, leveraging its regulated charter to provide infrastructure for over 500,000 credit card accounts and numerous digital financial service providers. In the competitive landscape, Coastal Financial distinguishes itself from traditional regional peers like Columbia Banking System and Heritage Financial by competing directly with specialized BaaS leaders such as The Bancorp (TBBK) and Live Oak Bancshares (LOB), positioning itself as a tech-forward intermediary between legacy banking regulations and the digital finance ecosystem. The leadership team is anchored by CEO Eric M. Sprink, who has led the company since 2010 and brings extensive experience from Security Pacific and Bank of America. In late 2025, the executive suite was significantly bolstered by the appointment of Brandon Soto as CFO, who previously served as the CFO of Square Financial Services (Block, Inc.), and Brian Hamilton as President of CCBX, a fintech veteran and former President of Capital One’s Merchant Services division. Further strengthening its digital expertise, the company recently added Ryan Hall (ex-SoFi) as Chief Product Officer and Michael Costigan (ex-Walmart/OnePay) as Chief Commercial Officer. The Board of Directors features industry specialists like Steven Hovde of the Hovde Group and Sadhana Akella-Mishra of Finxact, while the company maintains a strong institutional investor base including The Vanguard Group, T. Rowe Price, and State Street Global Advisors.