Coastal Financial reports Q1 EPS 50c, consensus 76c

Total assets increased $111.9 million, or 3.0%, during the first quarter of 2024 to $3.87 billion, from $3.75 billion at December 31, 2023. Eric Sprink, the CEO of the Company and the Bank said, “In the current economic climate, banks and Banking-as-a-Service providers are facing significant challenges. However, I am pleased to share that our Company is weathering these difficulties and continuing to grow and build for a strong future. Despite the uncertain times, we have managed to sustain our growth trajectory, improve our credit quality and position ourselves to be a premier BaaS service provider in the future.”