Coastal Financial Q2 FY26 turns to net loss of $42.1 million; net interest income rises 7.2% vs Q1 to $89.37 million

Coastal Financial swung to a net loss of USD 42.1 million, or USD 2.76 a share, in the quarter ended June 30, 2026.

• Net interest income rose 7.2% from the prior quarter to USD 89.4 million, while provision for credit losses climbed to USD 92.2 million.
• Noninterest expense jumped to USD 141.1 million from USD 83.5 million, reflecting a USD 46 million credit enhancement asset valuation adjustment on one partner.
• BaaS program fee income increased 10.3% from the prior quarter to USD 12 million; off-balance-sheet fee-earning credit cards rose to 881,659.
• Management said the loss was driven by USD 68.8 million of credit expense tied to a single, isolated CCBX partner relationship.