NEW ORLEANS (AP) — First NBC Bank earnings were up 41.5 percent in the third quarter as regional economic growth continued to feed a lending pipeline for new hotel, real estate and other large projects.
The New Orleans-based bank reported $14 million, or 73 cents per diluted share, in earnings for the third quarter. That compared with $9.9 million, or 54 cents per share, during the same quarter a year ago.
NOLA.com/The Times-Picayune’s Jennifer Larino reports total loans were up 22.4 percent to $2.7 billion.
In a statement, First NBC Bank highlighted a nearly 50 percent increase in construction loans from the end of 2013.
The bank said loan demand for hotel and residential real estate development projects and projects backed by federal tax credits drove the majority of that growth.
