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.”
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 |
| Non-Interest Income | $14,794 | $12,130 |
| Net Income, pre-tax | $10,907 | $16,182 |
