Coastal Financial Q1 net income $6.8M ($0.50 EPS), down from $0.66 in Q4; $2.3M unanticipated expenses

COASTAL FINANCIAL CORP

2024-Q1 EPS reported $0.50

Net income fell to $6.8M vs $9.0M in Q4 2023 and $12.4M in Q1 2023; ROA 0.73% vs 0.97% QoQ.
Unanticipated expenses of $2.3M net of tax included audit/accounting $849k, contract termination $600k, realignment $343k.
Total loans grew 5.7% to $3.20B; CCBX loans sold $100.5M during quarter to reduce credit risk.
CCBX portfolio loss exposure reduced from 10% to 5% effective April 1, 2024.
Net interest margin improved to 6.78% from 6.61% QoQ; cost of deposits rose to 3.49% from 3.36%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

COASTAL FINANCIAL CORP reported the quarter ended March 31, 2024 results: revenue $60,936, net income $6.8 million, EPS $0.50 per diluted common share.

Period: the quarter ended March 31, 2024
Revenue: $60,936
Net income: $6.8 million
EPS: $0.50 per diluted common share
Result: reported results

Exact text from the filing

Three Months Ended Non-GAAP Reconciliation of Unanticipated Expenses March 31, 2024 (dollars in thousands; unaudited) Actual Unanticipated Expenses Adjusted Net interest income $ 60,936 $ — $ 60,936 Provision for credit losses (83,158) (1,096) (82,062) Noninterest income 86,955 — 86,955 Noninterest expense (1) (56,018) (1,915) (54,103) Income before provision for

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Source: SEC EDGAR

accession 0001437958-24-000069

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