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The Office of the Comptroller of Currency has terminated a written agreement with Coastal Banking in Beaufort, S.C.
August 12 -
The Treasury Department has decided to cancel the auction of Coastal Banking Company's Troubled Asset Relief Program shares after the bank received approval to pay dividends.
February 7
Coastal Banking Co. (CBCO) in Beaufort, S.C., swung to a profit in the second quarter, aided mightily by an accounting reversal.
The $401 million-asset company
Noninterest income fell 23% to $8.5 million, despite a 28% increase in income from Small Business Administration loans. A 28% decrease in mortgage banking income contributed to the decline.
Noninterest expenses fell 19% to $10.8 million.
Net interest income fell 7% to $2.9 million, as the net interest margin tightened 6 basis points to 3.16%.
The loan-loss provision declined a striking 96% to $56,719. Net chargeoffs fell 72% to $412,000.
The Office of the Comptroller of Currency