Coastal Financial Q3 profit returns to $13.8 million after Q2 loss
Coastal Financial Corporation reported third-quarter 2026 net income of $13.8 million, or $0.89 per diluted share, after a second-quarter net loss of $42.1 million tied mainly to its relationship with one partner, The Partner. Revenue fell 16.1% from the prior quarter but rose 3.2% from a year earlier, and noninterest expense dropped $56.3 million, which the company attributes to the absence of a large second-quarter credit valuation charge.
Key points
- Net income $13.8 million and EPS $0.89, versus a net loss of $42.1 million and EPS of $(2.76) in the second quarter of 2026
- Total revenue $149.3 million, down 16.1% from the prior quarter and up 3.2% from the third quarter of 2025
- Noninterest expense fell $56.3 million to $84.8 million; the company has identified up to $20.0 million in potential annualized savings over the next 4–6 quarters
- CEO Eric Sprink voluntarily agreed to cut his base salary from $874,000 to $500,000; Brian Hamilton stepped down as President and moved to a strategic advisory role
The filing
Written by AI on Nov 9, 2026, 10:08 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 29, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.