Business
GBank Financial Holdings Inc. Announces First Quarter 2024 Financial Results
LAS VEGAS, April 30, 2024 /PRNewswire/ -- GBank Financial Holdings Inc. (the "Company") (OTCQX: GBFH), the parent company of GBank (the "Bank") today reported
About this update from Gbank Financial Holdings Inc.
[{"type":"text","content":"LAS VEGAS, April 30, 2024 /PRNewswire/ -- GBank Financial Holdings Inc. (the \"Company\") (OTCQX: GBFH), the parent company of GBank (the \"Bank\") today reported net income for the quarter ended March 31, 2024, of $3.7 million, or $0.28 per diluted share, compared to $3.5 million, or $0.27 per diluted share, during the fourth quarter of 2023, and $3.3 million, or $0.26 per diluted share, for the same period in 2023.\n\nClick here: Quarterly Detailed Financials and Key Metrics\nFinancial Highlights\nQ1 2024 net income of $3.7 million and diluted earnings per share of $0.28Q1 2024 net interest margin of 4.85%Q1 2024 gross loan growth of $93.9 million, or 14% sequentiallyQ1 2024 loans sold of $68.6 million, an increase of $31.6 million, or 85%, compared to the prior quarterQ1 2024 gain on sale of loans of $2.1 million, an increase of $907 thousand, or 77%, compared to the prior quarterQ1 2024 total on-balance-sheet guaranteed loans increased by $54.5 million, or 27%, compared to the prior quarterQ1 2024 non-performing assets were $6.1 million, or 0.64% of total assetsEdward M. Nigro, Executive Chairman, stated, \"Each quarter I comment on one or two factors that I believe most important to you, our investors and shareholders; but this is more difficult as our business plan becomes more complex. SBA, Commercial Lending, Gaming FinTech (BCS), Payments, and Credit Card are all important to our Balance Sheet and Earnings. Let's look year-over-year: total Gross Loans grew from $444.9 million to $776.7 million - total Balance Sheet growth from $685.2 million to $963.5 million. All this while further reducing risk by completing note modifications and rate reductions for 73 of our 470 SBA borrowers. We shall remain focused and continue our growth.\"\nFinancial Results\nOperating Highlights\nBeginning in Q3 2023, in an effort to proactively service its portfolio and address areas of stress occasioned by the Federal Reserve's rising interest rate policy, the Bank began offering note modifications to certain of its existing SBA borrowers that had been adversely impacted by the Federal Reserve's 525 basis point increase in the prime rate, which modifications provided impacted borrowers with an option to lower both their current loan rates and monthly payments by converting their quarterly variable-rate loans to 5-year fixed-rate loans. In ...