Coastal Financial Corp 2025年度报告

(Mark One) xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the fiscal year ended December 31, 2025OR oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38589________________________________ COASTAL FINANCIAL CORPORATION (Exact name of Registrant as specified in its Charter)________________________________ Washington Registrant’s telephone number, including area code: (425) 257-9000________________________________ Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesoNox Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. YesxNoo Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit suchfiles). YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Table of Contents Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.xIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation receivedby any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).xIndicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesoNoxThe aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of the sharesof common stock on The NASDAQ Stock Market on June 30, 2025, was $1,255,281,080.The number of shares of Registrant’s Common Stock outstanding as of February 20, 2026 was 15,208,963.DOCUMENTS INCORPORATED BY REFERENCEPortions of the Registrant’s Definitive Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A for its 2026Annual Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K. INDEX Part I Item 1BusinessItem 1ARisk FactorsItem 1BUnresolved Staff CommentsItem 1CCybersecurityItem 2PropertiesItem 3Legal ProceedingsItem 4Mine Safety Disclosures Part II Item 5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases53Item 6[Reserved]55Item 7Management’s Discussion and Analysis of Financial Condition and Operations55Item 7AQuantitative and Qualitative Disclosures About Market Risk113Item 8Financial Statements and Supplementary Data (Baker Tilly LLP, Everett, WA, PCAOB ID: 23)113Consolidated Balance Sheets117Consolidated Statements of Income119Consolidated Statements of Comprehensive Income121Consolidated Statements of Changes in Shareholders' Equity122Consolidated Statements of Cash Flows123Notes to Consolidated Financial Statements125Item 9Changes in and Disagreements with Accountants on Accounting and Financial Disclosure187Item 9AControls and Procedures187Item 9BOther Information189Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections189 Part III Item 10Directors, Executive Officers and Corporate Governance190Item 11Executive Compensation190Item 12Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Ma