Quarterly ResultMay 8, 2026, 09:31 AM
Coastal Financial Q1 Net Income $12.0M, EPS $0.78
AI Summary
Coastal Financial Corp reported a significant increase in net income and diluted EPS for Q1 2026 compared to Q1 2025, driven by higher net interest income and noninterest income, particularly from its Banking-as-a-Service (BaaS) program. The company also saw substantial growth in total assets and deposits. Additionally, the Bank entered a non-binding term sheet with Evolve Bank & Trust to explore acquiring certain BaaS programs.
Key Highlights
- Bank exploring potential acquisition of BaaS programs from Evolve Bank & Trust.
- Net income rose to $12.0 million in Q1 2026 from $9.7 million in Q1 2025.
- Diluted EPS increased to $0.78 in Q1 2026 from $0.63 in Q1 2025.
- Total assets grew to $5.66 billion as of March 31, 2026, from $4.74 billion.
- Total deposits increased to $5.04 billion as of March 31, 2026, from $4.14 billion.
- Net interest income increased to $83.4 million in Q1 2026 from $76.1 million.
- BaaS program income surged to $10.9 million in Q1 2026 from $6.3 million.
- Provision for credit losses decreased to $51.4 million from $55.8 million.
Price Impact
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