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GBank Financial Holdings Inc. Announces First Quarter 2025 Financial Results
LAS VEGAS, April 29, 2025 (GLOBE NEWSWIRE) -- GBank Financial Holdings Inc. (the "Company") (OTCQX: GBFH), the parent company of GBank (the "Bank"), today
About this update from Gbank Financial Holdings Inc.
[{"type":"text","content":"LAS VEGAS, April 29, 2025 (GLOBE NEWSWIRE) -- 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, 2025 of $4.5 million, or $0.31 per diluted share, compared to $5.2 million, or $0.37 per diluted share during the fourth quarter of 2024, and $3.7 million, or $0.29 per diluted share, for the first quarter of 2024. First Quarter 2025 Financial Highlights (Unaudited) Net income of $4.5 million and diluted earnings per share of $0.31 Net revenue(1) of $17.4 million, an increase of 31.4% compared to the first quarter of 2024 SBA Lending and Commercial Banking loan originations of $133.0 million, compared to $136.6 million for the first quarter of 2024 Gain on sale of loans of $2.5 million on loans sold of $68.7 million, compared to gain on sale of loans of $2.1 million on loans sold of $68.6 million for the first quarter of 2024 Credit card charge transactions of $105.6 million and net interchange fees of $2.0 million, compared to $1.1 million and $20 thousand, respectively, for the first quarter of 2024 Non-interest expenses include legal, professional, and audit fees from registration on Forms S-1 and S-1A, which total approximately $1.1 million to date Net interest margin of 4.47% Total deposit growth of $189.0 million, or 23.4% compared to March 31, 2024 Total on-balance sheet guaranteed loans of $245.6 million, compared to $263.5 million as of March 31, 2024 Non-performing assets, excluding guaranteed portions, of $5.7 million, representing 0.48% of total assets Edward M. Nigro, Executive Chairman, stated, \"While quarterly net revenues(1) increased 31% over the first quarter of 2024, our first quarter noninterest income, driven by the increased monetization of Gaming FinTech operations, increased 51% year-over-year with noninterest revenue exceeding $5 million. And in just these last two weeks, GBFH received SEC approval of its S-1 filing and was approved to commence trading on NASDAQ – we have been busy.” Registration Statement on Form S-1 On April 16, 2025, the Company announced that the U.S. Securities and Exchange Commission declared effective the Company's Registration Statement on Form S-1 (the \"Form S-1\") related to registration and resale of 1,081,081 shares of common stock, currently held by existing stockho...