Coastal Financial Q2 net income $11.6M ($0.84 EPS), loans up 4% QoQ, NIM expands to 7.13%

COASTAL FINANCIAL CORP

2024-Q2 EPS reported $1.34

Net income $11.6M ($0.84 diluted EPS) vs $6.8M ($0.50) in Q1; down from $12.9M ($0.95) YoY.
Total loans, net of deferred fees, increased $126.9M (4.0%) to $3.33B; CCBX loans up $98.1M (7.4%).
Net interest margin expanded to 7.13% from 6.78% in Q1; yield on loans 11.23% vs 10.85%.
Deposits grew $80.5M (2.3%) to $3.54B; community bank deposits up 3.7% after two quarters of decline.
Sold $155.2M in CCBX loans; reduced credit exposure from 10% to 5% effective April 1.

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