Quarterly ResultJul 30, 2026, 06:33 AM
Coastal Financial Q2 Net Loss $(42.1)M due to BaaS Partner Credit Expense
AI Summary
Coastal Financial Corporation reported a net loss of $42.1 million, or $(2.76) per diluted common share, for Q2 2026, primarily due to a $68.8 million credit expense related to a single BaaS partner. Despite this, the company achieved solid loan growth of 9.0% and increased BaaS program income. The company also announced the appointment of Christopher D. Adams as Executive Chairman, effective immediately.
Key Highlights
- Reported Q2 2026 net loss of $42.1 million, or $(2.76) per diluted common share.
- Net loss primarily due to $68.8 million credit expense for a single CCBX partner relationship.
- Q2 2026 net income was $12.0 million ($0.78 EPS) in Q1 2026 and $11.0 million ($0.71 EPS) in Q2 2025.
- Delivered solid loan growth of 9.0% and increased BaaS program income.
- BaaS program fee income was $12.0 million for Q2 2026, up 10.3% from Q1 2026.
- Company and Bank remained well capitalized with Company Common Equity Tier 1 ratio of 10.86%.
- Christopher D. Adams appointed Executive Chairman, effective immediately.
Price Impact
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