COASTAL FINANCIAL CORP — Form 8-K
Filed July 30, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 62/100
What the filing says
Coastal Financial (market cap ~$1.3B) recorded a net loss of $42.1M in Q2 2026 driven by a single non-public company CCBX partner relationship: $22.8M provision for credit losses and $46.0M valuation adjustment to a credit enhancement asset. Excluding this partner, core CCBX loans grew 46% YoY to $1.70B with improved credit metrics (net charge-offs 8.73%, down 20% YoY; delinquencies 5.48%, down 0.07% YoY). Total loans grew $348.9M (9.0% QoQ) to $4.21B; BaaS program fees grew 10.3% QoQ to $12.0M.
Why this rating
Single $68M hit to a $1.3B company (5.2% of equity) is material but manageable given capital ratios (10.97% CET1, well-capitalized). Core business metrics strong; issue appears contained to one partner. Temporary earnings impact but signals counterparty risk.
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