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UNITED STATESSECURITIES AND EXCHANGE
COMMISSION Washington, D.C. 20549

# Form 10-KSB/Amendment No. 1

|[X] | Annual Report under Section 13 or 15(d) of the Securities Exchange Act of 1934
|--- | ------------------------------------------------------------------------------

| | For the fiscal year ended December 31, 2003
| | -------------------------------------------

| | or
| | --

| | Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934
| | ----------------------------------------------------------------------------------
| | For the transition period from __________ to ________                             

Commission file no.
333-86371

Coastal Banking Company, Inc.
(Exact name of registrant as specified in its charter)

|South Carolina                    |  | 00-28333           
|--------------------------------- |  | -------------------
|(State or Other Jurisdiction      |  | (I.R.S. Employer   
|of Incorporation or Organization) |  | Identification No.)

|36 Sea Island Parkway                    |  |           
|---------------------------------------- |  | ----------
|Beaufort, S.C.                           |  | 29901     
|(Address of Principal Executive Offices) |  | (Zip Code)

(843) 522-1228Issuers Telephone Number, Including Area Code

Securities registered pursuant to Section 12(b) of the Act:   None
Securities registered pursuant to Section 12(g) of the Act:   Common Stock

Check
whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of
the Exchange Act during the past 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing requirements
for past 90 days.    Yes X   No

Check
if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B
in this form, and no disclosure will be contained, to the best of registrants
knowledge, in definitive proxy or information statements incorporated by reference in Part
III of this Form 10-KSB or any amendment to this Form 10-KSB. [ ]

The
issuers revenues (total interest income plus noninterest income) for its most recent
fiscal year was $5,949,097. As of March 26, 2004, 995,695 shares of Common Stock were
issued and outstanding.

The
estimated aggregate market value of the Common Stock held by non-affiliates (shareholders
holding less than 5% of an outstanding class of stock, excluding directors and executive
officers) of the Company on March 26, 2004 is $12,911,918. This calculation is based upon
an estimate of the fair market value of the Common Stock of $17.25 per share, which was
the price of the last trade of which management is aware prior to this date.

Transitional Small Business Disclosure Format.  (Check one):    Yes    No X

# DOCUMENTS INCORPORATED
BY REFERENCE

Portions of the company's 2003 Annual Report   
                      
                          
                         Part III
 Portions of the company's Proxy Statement for the 2004 Annual Meeting of Shareholders    Part II

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EXPLANATORY
NOTE

This 10-KSB/Amendment No. 1 is being
filed to amend Exhibit 13  2003 Annual Report of the Company. The Consolidated
Statements of Cash Flows found on page 23 of the report have been revised to reflect an
adjustment to change in other assets and liabilities for the year ended
December 31, 2003 from (599,860) in the original filing to (636,010) in the amendment
attached hereto as Exhibit 13A. No other changes have been made to the original 10-KSB for
the period ended December 31, 2003.

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# SIGNATURES

In
accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934 (the
Exchange Act), the registrant caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

COASTAL BANKING COMPANY, INC.

Date:  May 24, 2004               
                  
               
                    By: /s/ Randolph C. Kohn
               
                  
                 
                       
                  
           President and Chief Executive Officer

Pursuant to the requirements of the Securities
Exchange Act of 1934, thsi report has been signed below b the following persons on behalf of the registrant and in the capacities and on the date indicated.

|/s/ *
Marjorie Trask Gray, DMD | Director | 
|------------------------------ | -------- | 

|/s/ *
Dennis O. Green, CPA | Director, Vice-Chairman of the Board | 
|-------------------------- | ------------------------------------ | 

|/s/ *
Mark B. Heles | Director | 
|------------------- | -------- | 

|/s/ *
James W. Holden, Jr. DVM | Director | 
|------------------------------ | -------- | 

|/s/ *
Ladson F. Howell | DirectorChairman of the Board | 
|---------------------- | ----------------------------- | 

|/s/ *
James C. Key | Director | 
|------------------ | -------- | 

|/s/ Randolph C. Kohn
Randolph C. Kohn | DirectorPresident andChief Executive Officer | May 24, 2004
|------------------------------------- | -------------------------------------------- | ------------

|/s/ *
/s/ Ron Lewis | Director | 
|------------------- | -------- | 

|/s/ *
Charlie T. Lovering | Executive Vice President& Chief Financial Officer | 
|------------------------- | ------------------------------------------------- | 

|/s/ *
Lila N. Meeks | Director | 
|------------------- | -------- | 

3

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|/s/ *
Robert B. Pinkerton | Director | 
|------------------------- | -------- | 

|/s/ *
/s/ John M. Trask, III | Director | 
|---------------------------- | -------- | 

|/s/ *
Matt A. Trumps | Director | 
|-------------------- | -------- | 

|/s/ Randolph C. Kohn
Randolph C. KohnAs Attorney-in-Fact | May 24, 2004 | 
|-------------------------------------------------------- | ------------ | 

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# Exhibit List
..

| | 3.1 | Articles of Incorporation (incorporated by reference to Exhibit 3.1 of the
               Registration Statement on Form SB-2, File No. 333-86371).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.2 | Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 of the Registration
         Statement on Form SB-2, File No. 333-86371).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.3 | Bylaws (incorporated by reference to Exhibit 3.3 of the Registration Statement
               on Form SB-2, File No. 333-86371).
| | --- | --------------------------------------------------------------------------------------------------------------------------------

| | 4.1 | See Exhibits 3.1, 3.2, and 3.3 for provisions in the companys Articles of
               Incorporation and Bylaws defining the rights of holders of the common
               stock (incorporated by reference to Exhibits 3.1 and 3.2 of the Registration
               Statement on Form SB-2, File No. 333-86371).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.2 | Form of certificate of common stock (incorporated by reference to Exhibit 4.2 of
               the Registration Statement on Form SB-2, File No. 333-86371).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.1 | Opinion Regarding Legality (incorporated by reference to Exhibit 5.1 of the
               Registration Statement on Form SB-2, File No. 333-86371).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.1 | Employment Agreement dated August 12, 1999 between the company and Randolph Kohn
(incorporated by reference to Exhibit 10.1 of the Registration Statement on Form SB-2,
File No. 333-86371).
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.5 | Form of Stock Warrant Agreement (incorporated by reference to Exhibit 10.8 of the Registration Statement on Form
         SB-2, File No. 333-86371).
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.6 | Coastal Banking Company, Inc. 2000 Stock Incentive Plan (incorporated by reference to Exhibit 10.6 of the
         Form 10-KSB for the period ended December 31, 2002, File No. 333-86371).
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.7 | Lease Agreement between Lowcountry National Bank and Bright OHare Moss Creek
Partnership, dated January 14, 2003 (incorporated by reference to Exhibit 10.7 of the Form
10-KSB for the period ended December 31, 2002, File No. 333-86371).
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 13.1. | Companys 2003
Annual Report (incorporated by reference to Exhibit 13.1 of the Form 10-KSB for the period ended December 31, 2003, File No. 000-28333).
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------

| | 13A | Companys Amended 2003
Annual Report.
| | --- | -------------------------------------

| | 21 | Subsidiaries of the
Company (incorporated by reference to Exhibit 21 of the Form 10-KSB for the period ended December 31, 2003, File No. 000-28333).
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------

| | 24 | Power of Attorney (incorporated by reference to Signature Page of the Form 10-KSB for the period ended December 31, 2003, File No. 000-28333).
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------

| | 31.1 | Rule 13a-14(a) Certification of the Chief Executive Officer.
| | ---- | ------------------------------------------------------------

| | 31.2 | Rule 13a-14(a) Certification of the Chief Financial Officer.
| | ---- | ------------------------------------------------------------

| | 32 | Section 1350 Certifications.
| | -- | ----------------------------

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