NEW ORLEANS (AP) — A New Orleans-based bank says 2017 was a record year.
New Orleans CityBusiness reports that Gulf Coast Bank and Trust’s loans, pre-tax earnings and total assets all increased over the year.
It says pre-tax earnings rose 15 percent to $28.1 million, loans were up 11 percent to $1.3 billion, and total assets rose from $1.5 billion in 2016 to $1.6 billion at the end of 2017.
The bank’s non-interest income, which includes fees or service charges, is up from $31.7 million to $33.3 million. That income also includes wealth management, which helps clients with financial planning.
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The bank also acquired two Dallas-based companies that provide government-backed Small Business Administration loans. CapitalSpring SBLC was renamed Gulf Coast SBA Lending, and American Business Lending Inc. was merged into Gulf Coast SBA.
This story has been corrected to loans up 11 percent to $1.3 billion
Information from: New Orleans CityBusiness, http://www.neworleanscitybusiness.com