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GBank Financial Holdings Inc Announces First Quarter 2023 Financial Results
LAS VEGAS, April 25, 2023 /PRNewswire/ -- GBank Financial Holdings Inc. (the "Company") (OTCQX: GBFH), the parent company for GBank (the "Bank") today
About this update from Gbank Financial Holdings Inc.
[{"type":"text","content":"LAS VEGAS, April 25, 2023 /PRNewswire/ -- GBank Financial Holdings Inc. (the \"Company\") (OTCQX: GBFH), the parent company for GBank (the \"Bank\") today reported net income of $3.3 million, or $0.26 per diluted share, for the quarter ended March 31, 2023, compared to $3.3 million, or $0.25 per diluted share, during the fourth quarter of 2022, and $3.2 million, or $0.25 per diluted share, for the quarter-to-date period ended March 31, 2022.\nQuarterly Earnings Report – Q1 2023\nA copy of the Quarterly Earnings Report published with OTC Markets can be found in the link below:\nGBank Financial Holdings Inc. – Quarterly Earnings Report – Q1 2023\nFirst Quarter Financial Highlights (for the year-over-year and linked quarterly periods ended March 31, 2023)\nYear-over-year comparisons:\nYear-to-date net income increased 2% to $3.3 million, compared to $3.2 million for the same period in 2022.Year-to-date net revenues (net interest income plus noninterest income) increased 19% to $12.2 million, compared to $10.3 million for the same period in 2022.Year-to-date net interest income increased 110% to $9.2 million, compared to $4.4 million for the same period in 2022.Net interest margin (bank-level) increased to 6.08%, compared to 3.12% for the same period in 2022.Net interest margin (consolidated) increased to 5.89%, compared to 2.97% for the same period in 2022.Noninterest income decreased 48% to $3.1 million, compared to $5.9 million for 2022.Noninterest expense increased 39% to $8.3 million, compared to $6.0 million for 2022.Year-to-date SBA Division loan originations increased 30% to $70.9 million, compared to $54.4 million for 2022.Total assets increased 9% to $685.2 million, compared to $626.4 million as of March 31, 2022.Total deposits increased 10% to $556.7 million, compared to $507.6 million as of March 31, 2022.Return on average assets was 2.01%, compared to 2.11% for the same period in 2022.Return on average equity was 15.21%, compared to 16.93% for the same period in 2022.Book value increased to $7.10 per share, compared to $6.45 per share as of March 31, 2022.Linked quarter comparisons:\nNet income was $3.3 million for both Q1 2023 and Q4 2022.Total net revenues (net interest income plus noninterest income) increased 8% to $12.2 million, compared to $11.3 million for Q4 2022.Net interest income increased 7% t...