Quarterly ResultJul 30, 2026, 06:52 AM
Coastal Financial Reports Q2 Net Loss of $42.1M; EPS $(2.76)
AI Summary
COASTAL FINANCIAL CORP reported a net loss of $42.1 million, or $2.76 per diluted share, for Q2 2026, significantly impacted by a $22.8 million provision for credit losses and a $46.0 million valuation adjustment related to a single partner. Despite the loss, total revenue increased 19.2% to $178.1 million, driven by higher credit enhancement revenue and growth in BaaS program fee income. The company also saw a 9.0% increase in total loans receivable to $4.21 billion, reflecting continued growth across core lending categories and partner expansion.
Key Highlights
- Reported a net loss of $42.1 million, down 450.3% from prior quarter.
- Diluted loss per share of $2.76, compared to $0.78 earnings per share in prior quarter.
- Total revenue increased 19.2% to $178.1 million from prior quarter.
- Recorded a $22.8 million provision for credit losses and $46.0 million valuation adjustment.
- Total loans receivable increased $348.9 million, or 9.0%, to $4.21 billion.
- BaaS program income increased $1.1 million, or 10.3%, over prior quarter.
- Total deposits decreased $179.3 million, or 3.6%, to $4.86 billion.
- Tangible book value declined 8.3% to $30.05 per share from prior quarter.
Price Impact
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