secwatch.observer — SEC 8-K summary
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Issuer:     COASTAL FINANCIAL CORP (CCB)
CIK:        0001437958
Form:       8-K
Filed at:   2024-10-28T23:59:59+00:00
Accession:  0001437958-24-000150
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437958/000143795824000150/0001437958-24-000150-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437958/000143795824000150/ck1437958-20241028.htm
  HTML page:      https://secwatch.observer/filing/0001437958-24-000150

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