Coastal Financial Q2 net income $12.9M; loan growth 6%, NIM expands to 7.58%

COASTAL FINANCIAL CORP

2023-Q2 EPS reported $1.86

Net income of $12.9M, EPS $0.95, compared to $12.4M and $0.91 in Q1 2023.
Total assets $3.54B, up 2.4% QoQ; loans $3.01B, up 6.0%; deposits $3.16B, up 2.2%.
Net interest margin 7.58% vs 7.15% prior quarter; cost of deposits rose to 2.72%.
BaaS income increased to $56.5M from $47.9M in Q1; 22 active relationships.
Legal & professional fees elevated due to CCBX expansion; expected to decline by Q1 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

COASTAL FINANCIAL CORP reported the quarter ended June 30, 2023 results: net income $12.9 million, EPS $0.95 per diluted common share.

Period: the quarter ended June 30, 2023
Net income: $12.9 million
EPS: $0.95 per diluted common share
Result: reported results

Exact text from the filing

On July 27, 2023 Coastal Financial Corporation (the “Company”) issued a press release announcing its results of operations and financial condition for the fiscal quarter ended June 30, 2023

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Source: SEC EDGAR

accession 0001437958-23-000098

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