Earnings ·
Coastal Financial Corporation reported a net loss of $42.1 million, or $(2.76) per diluted share, for the quarter…
CCBCoastal Financial Corp
Coastal Financial Corporation reported a net loss of $42.1 million, or $(2.76) per diluted share, for the quarter ended June 30, 2026, compared to net income of $12.0 million in the prior quarter. The loss was primarily driven by a $68.8 million credit expense related to a single Banking-as-a-Service (BaaS) partner relationship, comprising a $22.8 million provision for credit losses and a $46.0 million valuation adjustment to a credit enhancement asset. Despite this charge, the company achieved record net interest income of $89.4 million and reported loan growth of 9.0%. The company also announced that Christopher D. Adams has been appointed Executive Chairman. Coastal Financial Corporation operates as a financial holding company with community banking and Banking-as-a-Service segments.