Coastal Financial Reports Return to Profitability in Q3 2026
Coastal Financial Corporation (CCB) returned to profitability in the third quarter of 2026, reporting net income of $13.8 million ($0.89 per diluted share), a significant recovery from a $42.1 million loss in the previous quarter. The turnaround was supported by strong Banking as a Service (BaaS) performance, with fee income rising 79.6% year-over-year to $14.1 million. Despite the profit rebound, management highlighted upcoming transitions, specifically the expected termination of the Bluevine relationship in 2027 following an acquisition. To mitigate risks and improve efficiency, the company has launched a strategic expense discipline initiative aiming for $20 million in annualized noninterest expense reductions over the next four to six quarters.
Tickers: $CCB
Topics: Banking as a Service Credit Losses Expense Reduction Net Income Profitability
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Part of the story Citizens Financial Services Reports Growth in Net Income and Interest Income for Q3 2026 (63 articles)