Coastal Financial Returns to Profitability with Strong BaaS Fee Growth
Coastal Financial Corporation (CCB) has returned to profitability, reporting a net income of $13.8 million, or $0.89 per diluted share, for the third quarter of 2026. A significant driver of this recovery was the Banking-as-a-Service (BaaS) program, which saw fee income rise to $14.1 million, representing a 17.6% increase from the previous quarter and a substantial year-over-year jump. To further bolster its financial position, the company has announced a strategic cost-reduction initiative. Management aims to achieve over $20 million in annualized noninterest expense savings over the next four to six quarters as part of its ongoing efforts to stabilize and grow earnings.
Tickers: $CCB
Topics: BaaS revenue earnings report profitability quarterly results
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