HOUSTON -- Coastal Banc Savings Association said its net income increased to $3.4 million in the second quarter from $2.6 million a year earlier. For the first half of 1994, net income increased 61.7% to $9.8 million
Coastal Banc Savings management said the increase in earnings came from a 65.8% increase in earning assets from a year earlier. They also cited lower rates on deposits and a $2 million reversal of an allowance for taxes, due to a settlement of certain tax issues with the Federal Deposit Insurance Corp.
Coastal was one of the first institutions involved in the 1988 plan to rescue insolvent thrifts in the Southwest.
Coastal has about $2.3 billion in deposits and 26 branches stitched together from several insolvent institutions.