Earnings ·
Coastal Financial posts Q3 EPS of $0.89 as net income rebounds to $13.8M following prior quarter charges
CCBCoastal Financial Corp
Coastal Financial Corporation reported third-quarter 2026 net income of $13.8 million, or $0.89 per diluted share, a significant recovery from the $42.1 million loss in the second quarter driven by a $46.0 million credit enhancement receivable valuation adjustment related to one partner. Total revenue decreased 16.1% to $149.3 million, primarily due to lower BaaS credit enhancement income, while core net revenue rose 7.9% to $65.1 million. Noninterest expense fell sharply by $56.3 million to $84.8 million as the prior quarter's valuation adjustment was absent and data processing costs declined. The company also announced that President Brian Hamilton has stepped down to assume a strategic advisory role, while CEO Eric Sprink voluntarily reduced his base salary by nearly 43% to $500,000. Coastal Financial operates a community bank and provides Banking as a Service (BaaS) through its CCBX platform.