Coastal Financial Q2 net income $11.6M, EPS $0.84; BaaS fee income up 54% YoY

COASTAL FINANCIAL CORP

2024-Q2 EPS reported $1.34

Q2 net income $11.6M ($0.84 diluted EPS) vs Q1 $6.8M ($0.50).
Total assets $3.96B, loans $3.33B, deposits $3.54B; growth of 2.5%, 4.0%, 2.3% QoQ.
BaaS program fee income $6.1M in Q2, up 54.4% YoY; CCBX has 19 active partners with 2 more in pipeline.
Efficiency ratio 43.19%; ROAA 1.21%; nonaccrual loans 0.24% of total loans; capital ratios solid.
Uninsured deposits $532.9M fully covered by $1.19B cash & borrowing capacity (32.1% of deposits).

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