---
schema_version: "secwatch.filing_event.v1"
accession: "0001437958-24-000069"
form_type: "8-K"
ticker: "CCB"
cik: "0001437958"
company_name: "COASTAL FINANCIAL CORP"
filed_at: "2024-04-29T23:59:59+00:00"
generated_at: "2026-06-03T05:29:03.129191+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0001437958-24-000069
- form_type: 8-K
- ticker: CCB
- cik: 0001437958
- company_name: COASTAL FINANCIAL CORP
- filed_at: 2024-04-29T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1437958/000143795824000069/0001437958-24-000069-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437958/000143795824000069/ck1437958-20240429.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437958-24-000069
- JSON: https://secwatch.observer/filing/0001437958-24-000069.json
- Plain text: https://secwatch.observer/filing/0001437958-24-000069.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1437958/000143795824000069/0001437958-24-000069-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.