secwatch.observer — SEC 8-K summary
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Issuer:     COASTAL FINANCIAL CORP (CCB)
CIK:        0001437958
Form:       8-K
Filed at:   2023-07-28T23:59:59+00:00
Accession:  0001437958-23-000098
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437958/000143795823000098/0001437958-23-000098-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437958/000143795823000098/ck1437958-20230727.htm
  HTML page:      https://secwatch.observer/filing/0001437958-23-000098

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