Metairie-based Louisiana Bancorp Inc., the parent company of Bank of New Orleans, saw its third-quarter profit jump to $879,000, or 33 cents per share, compared to $576,000, or 22 cents per share.
The increase was due in large part to the sale of an undisclosed multipurpose development in Baton Rouge. Louisiana Bancorp realized a gain of $365,000 on the development, one of two properties sold during the quarter.
Banks typically end up with “other real estate owned” properties as the result of foreclosure.
The company reported its total assets had increased $5 million to $321.7 million during the first three quarters of the year. Louisiana Bancorp also added $15 million to its loan portfolio, which was $262.4 million as of Sept. 30. Single-family mortgage loans grew by $12.7 million, while deposits fell by $7.2 million to $195.3 million.