New Orleans’ Largest Locally Owned Bank Announces Record Earnings
NEW ORLEANS (April 20, 2022) – Today at Gulf Coast Bank & Trust Company’s monthly board meeting, President and CEO, Guy T. Williams, announced record earnings for the first quarter.
Gulf Coast Bank & Trust earned $16,182,000, pre-tax for the first quarter of 2022, while in 2021, the bank earned $10,907,000 for the same period. Williams attributed the 48% increase in earnings to the continued strength in the mortgage lending group combined with very good asset quality.
“For the first time in years, the bank has no repossessed assets or repossessed real estate,” Williams said in addressing asset quality. He added, “In the mortgage area, the pipeline and closings continue to run at a similar pace as 2021 which was a record year in mortgage lending.”
In addition to approving its quarterly dividend to $4.08 per share, the board also approved Gulf Coast Bank & Trust’s plans to expand to a new location in the redeveloping Elmwood retail center.
The chart below includes balance sheet and income statement highlights from March 2021 and March 2022:
|Balance Sheet Highlights||March 2021||March 2022|
|Shareholder' Equity (thousands)||$ 198,470||$230,083|
|Book Value per Share||$707.25||$819.90|
|Net Loans (thousands)||$1,805,686||$1,803,186|
|Total Assets (thousands)||$2,411,236||$2,845,563|
|Income Statement Highlights||YTD (thousands) March 2021||YTD (thousands) March 2022|
|Total Interest Income||$38,051||$45,519|
|Net Interest Income||$35,474||$43,582|
|Net Income, pre-tax||$10,907||$16,182|
About Gulf Coast Bank & Trust Company: With over $2.8 billion in assets, Louisiana-based Gulf Coast Bank & Trust Company serves its business and personal banking clients through its branches, loan production offices, trust and investment offices and business credit offices. It also offers business credit nationally through Gulf Coast Business Credit. Gulf Coast Bank & Trust Company has 19 branch locations across Southeast Louisiana and more than 45 total locations in 13 other states. For more information about Gulf Coast Bank & Trust Company, please visit gulfbank.com or call 1.800.223.2060. Engage with Gulf Coast Bank on Facebook, and Twitter (@gulfcoastbank).