Coast Financial Holdings Inc. in Bradenton, Fla., reported a $17.3 million loss for last year after adding $21 million to its loan-loss provision.
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The loss was announced Friday, six weeks after the $676 million-asset Coast revealed that hundreds of its borrowers might experience difficulties repaying loans for home construction. Coast's stock price has plummeted more than 50% since the problem was announced.
"We believe that the allowance we recorded will adequately provide for any losses arising from these construction-to-permanent and related loan portfolios, while maintaining an adequately capitalized bank," Mike Ruffino, Coast's interim chairman, said in a press release.
