Business Context and Reporting Period
Company: Coastal Financial Corporation (CCB)
Filing Type: Form 8-K (Current Report)
Event Date: May 28, 2025 (2025 Annual Meeting of Shareholders)
Reporting Period: The filing reports on the results of the annual meeting held on May 28, 2025. The record date for the meeting was March 19, 2025.
Key Financial Metrics
This filing is a corporate governance report regarding shareholder voting results. It does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics.
Material Changes
No material financial changes are reported in this document. The filing details the outcomes of five specific shareholder proposals:
- Director Elections: Christopher D. Adams, Stephan Klee, and Thomas D. Lane were elected for three-year terms (until 2028). Steven D. Hovde was elected for a one-year term (until 2026).
- Executive Compensation: The advisory vote on executive compensation was approved.
- Incentive Plan: The Second Amendment to the 2018 Omnibus Incentive Plan, including an increase in authorized shares, was approved.
- Bylaws: The Amended and Restated Bylaws were approved.
- Auditor Ratification: Moss Adams LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2025.
Guidance, Outlook, and Risks
The filing does not provide management guidance, future outlook, risk factors, or contingencies. It strictly reports the voting tallies for the matters submitted at the Annual Meeting.
Important Facts for Investors to Verify
- Voting Participation: Approximately 83% of the voting power was represented at the meeting (12,458,152 shares).
- Director Support Levels: While all nominees were elected, Thomas D. Lane received a significantly higher number of "Withheld" votes (4,375,017) compared to other nominees (ranging from 572,145 to 1,558,528).
- Incentive Plan Approval: The amendment to increase authorized shares under the 2018 Plan passed, but received a notable number of "Against" votes (2,640,361) compared to other proposals.
- Auditor Selection: Moss Adams LLP is confirmed as the auditor for the 2025 fiscal year.