Gulf Coast Bank & Trust Company Announces Record Earnings for 2022
January 25, 2023
Gulf Coast Bank & Trust Company President and CEO Guy T. Williams announced record earnings for the year ended December 31, 2022. Gulf Coast Bank & Trust earned $65,712,000 pre-tax in 2022, while in 2021, the bank earned $61,675,000 for the same period. Williams attributed the increase in earnings to the continued strength in the business lending group combined with very good asset quality.
“Credit quality remains strong reflected by only one small parcel of repossessed real estate and no other repossessed assets on the books at year end,” said Williams addressing asset quality. He added, “In the mortgage area, despite higher interest rates, the pipeline and closings are beginning to rebound.”
Additionally in 2022, the bank acquired a full-service commercial leasing company headquartered in Minneapolis, Minnesota. The leasing company provides commercial leases in all 50 states.
The charts below include the balance sheet and income statement highlights from December 2020, December 2021 and December 2022.
| Balance Sheet Highlights | December 2020 | December 2021 | December 2022 |
| Total Assets (thousands) | $2,296,578 | $2,283,154 | $3,069,533 |
| Net Loans & Leases (thousands) | $1,770,749 | $1,774,619 | $2,097,130 |
| Shareholders' Equity (thousands) | $193,053 | $234,639 | $235,853 |
| Book Value per Share | $687.94 | $836.13 | $840.47 |
| Income Statement Highlights | 2020 YTD (Thousands) | 2021 YTD (Thousands) | 2022 YTD (thousands) |
| Total Interest Income | $141,119 | $173,041 | $216,535 |
| Net Interest Income | $125,807 | $163,495 | $196,674 |
| Non-Interest Income | $52,890 | $54,634 | $42,757 |
| Net Income, pre-tax | $28,427 | $61,675 | $65,712 |