NEW ORLEANS — On Jan. 24, Gulf Coast Bank & Trust Company President and CEO Guy T. Williams announced record earnings for the year ended Dec. 21, 2022. The bank said it earned $65,712,000 pre-tax in 2022. In 2021, it 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,” he said in a press release. “In the mortgage area, despite higher interest rates, the pipeline and closings are beginning to rebound.”
In 2022, the bank acquired a full-service commercial leasing company headquartered in Minneapolis. The leasing company provides commercial leases in all 50 states.
The chart below includes the balance sheet and income statement highlights from December 2020, December 2021 and December 2022.
