Coast Savings’ Net Falls, but Bad Assets Decline
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Coast Savings Financial, parent of Coast Federal Bank, said its second-quarter earnings fell to $6.7 million from $21.8 million a year ago, when the firm had major one-time gains on the sale of its San Diego banking offices.
The Los Angeles company noted that problem assets declined for the fifth straight quarter, although credit losses from the weak economy were “disappointingly high.” Most of its new problem assets were residential loans in California.
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