Coastal Financial corrects fintech partner accounting errors; no impact on net income/EPS; Q4 EPS $0.94

COASTAL FINANCIAL CORP

Corrected balance sheet, income statement, and cash flow items due to fintech partner accounting errors; net income and EPS unchanged for Q4 and FY2024.
Diluted EPS of $0.94 for Q4 2024, up 42.2% YoY; net income $13.4 million, up 48.3% YoY.
Revenue $146.5 million, down 3.0% QoQ but up 21.7% YoY; core net revenue $47.8 million, up 4.8% QoQ.
Completed $98 million equity capital raise at $71.00 per share; tangible book value $29.37, up 19.8% QoQ.
Sold $845.5 million in loans (primarily credit cards); BaaS program fee income grew 56.1% YoY to $5.6 million.

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