Colonial Financial Services (COBK) in Vineland, N.J., has revised its third-quarter financial statements to reflect non-compliance with regulatory capital ratios.
The company submitted the updated figures in a report with the Office of the Comptroller of the Currency, according to a Friday regulatory filing.
Colonial is operating under a written agreement with the OCC that requires it to maintain a 9.50% Tier 1 capital ratio and a 13% total risk-based capital ratio. Its revised third-quarter statements report a 9.43% Tier 1 capital ratio and a 19.61% total risk-based capital ratio.
The company had previously reported a 9.95% Tier 1 leverage ratio and a 20.51% total risk-based capital ratio. Colonial attributed the error to an over-inclusion of deferred tax assets in regulatory capital.
Colonial could be required to submit an amended capital plan or face a revised enforcement order as a result of its failure to comply with minimum capital requirements, according to the filing.