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The owner of Southcoast Community Bank posted a $304,000 third-quarter profit while reporting a sizable jump in the volume of problem assets on its balance sheet. The earnings for the three months ended Sept. 30 compared to an $889,000 loss a year ago, when Southcoast Financial Corp. took hefty write-downs on its investments in government-seized mortgage financiers Fannie Mae and Freddie Mac. The Mount-Pleasant-based company also reported a sharp rise in so-called non-performing assets, which it defines as foreclosed real estate, bad loans and loans 90 days or more late but still accruing payments. Those more than doubled since last fall to about $32 million, or 6.24 percent of total assets. The jump reflected "the continuing decline of conditions in the Charleston market" since the third quarter of 2008, Southcoast said in a statement. "What we're seeing right now is some stability," said L. Wayne Pearson, chairman and chief executive officer.

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