Coastal Financial Q3 net income $13.5M ($0.97 EPS); loan sales $423.7M

COASTAL FINANCIAL CORP

2024-Q3 EPS reported $2.32

Net income $13.5M up from $11.6M in Q2 2024 and $10.3M in Q3 2023; diluted EPS $0.97.
Net interest income $72.2M (+9% QoQ, +16% YoY); net interest margin expanded to 7.41%.
Noninterest income $80.1M, driven by $9.9M increase in BaaS credit enhancements.
Sold $423.7M in CCBX loans as part of credit risk management; retained fee income on sold balances.
Provision for credit losses $70.3M; net charge-offs 5.65% annualized; management highlighted low partner fraud.

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