COASTAL FINANCIAL CORP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
CCB$42.91-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
(dollars in thousands, except for per share data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| INTEREST AND DIVIDEND INCOME | |||
| Interest and fees on loans | $397,587 | $372,021 | $304,289 |
| Interest on interest earning deposits with other banks | 28,972 | 21,265 | 15,346 |
| Interest on investment securities | 2,527 | 3,056 | 3,197 |
| Dividends on other investments | 531 | 435 | 387 |
| Total interest income | 429,617 | 396,777 | 323,219 |
| INTEREST EXPENSE | |||
| Interest on deposits | 116,914 | 120,932 | 89,000 |
| Interest on borrowed funds | 2,638 | 2,817 | 2,644 |
| Total interest expense | 119,552 | 123,749 | 91,644 |
| Net interest income | 310,065 | 273,028 | 231,575 |
| PROVISION FOR CREDIT LOSSES | 192,631 | 277,607 | 183,992 |
| Net interest income/(expense) after provision for credit losses | 117,434 | (4,579) | 47,583 |
| NONINTEREST INCOME | |||
| Service charges and fees | 3,558 | 3,738 | 3,854 |
| Loan referral fees | — | 168 | 683 |
| Gain on sales of loans, net | — | — | 253 |
| Unrealized gain (loss) on equity securities, net | (414) | 27 | 279 |
| Other income | 3,306 | 1,524 | 884 |
| Noninterest income, excluding BaaS program income and BaaS indemnification income | 6,450 | 5,457 | 5,953 |
| Servicing and other BaaS fees | 5,795 | 4,743 | 3,855 |
| Transaction and interchange fees | 18,744 | 12,843 | 8,263 |
| Reimbursement of expenses | 4,952 | 2,489 | 1,122 |
| BaaS program income | 29,491 | 20,075 | 13,240 |
| BaaS credit enhancements | 187,653 | 272,839 | 177,764 |
| BaaS fraud enhancements | 8,014 | 9,834 | 7,165 |
| BaaS indemnification income | 195,667 | 282,673 | 184,929 |
| Total noninterest income | 231,608 | 308,205 | 204,122 |
| NONINTEREST EXPENSE | |||
| Salaries and employee benefits | 85,774 | 69,927 | 66,461 |
| Occupancy | 3,992 | 3,936 | 4,172 |
| Data processing and software licenses | 23,515 | 15,470 | 9,349 |
| Legal and professional expenses | 20,254 | 15,506 | 14,803 |
| Point of sale expense | 350 | 325 | 481 |
| Excise taxes | 2,855 | 1,154 | 1,976 |
| Federal Deposit Insurance Corporation ("FDIC") assessments | 3,177 | 2,863 | 2,524 |
| Director and staff expenses | 2,657 | 2,112 | 2,152 |
| Marketing | 631 | 162 | 517 |
| Other expense | 7,492 | 6,484 | 5,224 |
| Noninterest expense, excluding BaaS loan and BaaS fraud expense | 150,697 | 117,939 | 107,659 |
| BaaS loan expense | 129,086 | 118,536 | 79,748 |
| BaaS fraud expense | 8,014 | 9,834 | 7,165 |
| BaaS loan and fraud expense | 137,100 | 128,370 | 86,913 |
| Total noninterest expense | 287,797 | 246,309 | 194,572 | ||
|---|---|---|---|---|---|
| Income before provision for income taxes | 61,245 | 57,317 | 57,133 | ||
| PROVISION FOR INCOME TAXES | 14,252 | 12,098 | 12,554 | ||
| NET INCOME | $46,993 | $45,219 | $44,579 | ||
| Basic earnings per common share | $3.12 | $3.35 | $3.36 | ||
| Diluted earnings per common share | $3.06 | $3.26 | $3.27 | ||
| Weighted average number of common shares outstanding: | |||||
| Basic | 15,051,806 | 13,508,047 | 13,261,664 | ||
| Diluted | 15,350,175 | 13,876,906 | 13,640,182 | ||
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