New Orleans' Largest Locally Owned Bank Announces Record 2018 Earnings
NEW ORLEANS (January 31, 2019) – Today, Gulf Coast Bank & Trust Company , President and CEO, Guy T. Williams announced record earnings for year 2018.
Among the significant milestones for the year were earnings of $30,960,000 ending the year with equity of $151,803,000 and the acquisition of Phoenix Capital Corporation. Phoenix Capital brought 45 new employees to the bank as well as a transportation loan portfolio focused on the Western United States.
The chart below includes balance sheet and income statement highlights from December 2017 to December 2018:
|Balance Sheet Highlights||December 2017||December 2018|
|Shareholders' Equity (thousands)||$138,422||$151,803|
|Book Value per share||$493.27||$540.95|
|Net Loans (thousands)||$1,295,703||$1,366,754|
|Total Assets (thousands)||$1,612,424||$1,704,435|
|Income Statement Highlights||2017 YTD (thousands)||2018 YTD (thousands)|
|Interest & Fee Income||$117,516||$137,687|
|Net Interest Income||$103,314||$121,150|
|Net Income, pre-tax||$27,727||$30,960|
Williams attributed the record earnings to a significant increase in consumer deposit relationships coupled with good results across all of the business lending divisions. The bank’s leading edge technology also attracted interest and business from an influx of tech-savvy newcomers to the area.