Earnings ·
Coastal Financial reports $13.8M net income for Q3 2026
CCBCoastal Financial Corp
Coastal Financial Corporation reported net income of $13.8 million, or $0.89 per diluted share, for the quarter ended September 30, 2026, a significant recovery from a $42.1 million loss in the prior quarter. The turnaround was driven by stabilized credit performance and lower noninterest expenses, which fell to $84.8 million as the company avoided previous valuation adjustments. BaaS program fee income grew 17.6% to $14.1 million, while off-balance sheet credit card accounts increased 51.4% to 1.3 million. The company also announced that CEO Eric Sprink voluntarily reduced his base salary by nearly 43% and identified up to $20 million in potential annualized savings. Coastal Financial Corporation operates a community bank and a banking-as-a-service platform.