Coastal Financial Q2 net loss $42.1M on $68.8M credit charge from single BaaS partner

COASTAL FINANCIAL CORP

Net loss of $42.1M ($2.76 diluted EPS) vs net income of $12.0M in Q1 2026 and $11.0M in Q2 2025.
Record net interest income of $89.4M, up 7.2% QoQ; BaaS program fee income $12.0M, up 10.3% QoQ.
Credit expense of $68.8M related to one CCBX partner: $22.8M provision for credit losses and $46.0M valuation adjustment to credit enhancement asset.
Loans receivable grew 9.0% to $4.21B; CCBX loans up 18.1% to $2.23B despite $4.56B in loan sales.
Christopher D. Adams appointed Executive Chairman effective immediately; capital ratios remain well capitalized but down ~1 ppt.

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