Business
GBank Financial Holdings Inc. Announces Fourth Quarter 2022 Financial Results
LAS VEGAS, Jan. 24, 2023 /PRNewswire/ -- GBank Financial Holdings Inc. ("GBank" or the "Company") (OTCQX: GBFH), the parent company for GBank (formerly known
About this update from Gbank Financial Holdings Inc.
[{"type":"text","content":"LAS VEGAS, Jan. 24, 2023 /PRNewswire/ -- GBank Financial Holdings Inc. (\"GBank\" or the \"Company\") (OTCQX: GBFH), the parent company for GBank (formerly known as \"Bank of George\") (the \"Bank\") today reported net income of $3.3 million or $0.25 per diluted share for the quarter ended December 31, 2022, compared to $2.6 million or $0.20 per diluted share during the third quarter of 2022. Net income for the year ended December 31, 2022, was $10.9 million, or $0.84 per diluted share, compared to $11.0 million, or $0.85 per diluted share, for the year ended December 31, 2021.\nQuarterly Earnings Report – Q4 2022\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 – Q4 2022\nFourth Quarter Financial Highlights (for the year-over-year and linked quarterly periods ending December 31, 2022)\nYear-over-year comparisons:\nYear-to-date net income decreased 1% to $10.9 million, compared to $11.0 million for the same period in 2021.Year-to-date net revenues (net interest income plus noninterest income) increased 13% to $41.7 million, compared to $37.0 million for the same period in 2021.Year-to-date net interest income increased 43% to $25.2 million, compared to $17.6 million for the same period in 2021.Net interest margin (bank-level) increased to 4.28%, compared to 3.47% for the same period in 2021.Net interest margin (consolidated) increased to 4.10%, compared to 3.40% for the same period in 2021.Noninterest income decreased 15% to $16.5 million, compared to $19.4 million for 2021.Noninterest expense increased 22% to $26.3 million, compared to $21.5 million for 2021.Year-to-date SBA Division loan originations increased 6% to $289.5 million, compared to $274.0 million for 2021.Total assets increased 9% to $678.7 million, compared to $620.3 million as of December 31, 2021.Total deposits increased 9% to $555.4 million, compared to $509.6 million as of December 31, 2021.Book value increased to $6.84 per share, compared to $6.19 per share as of December 31, 2021.Return on average assets was 1.68%, compared to 2.04% for the same period in 2021.Return on average equity was 13.38%, compared to 15.88% for the same period in 2021.Linked quarter comparisons:\nNet income increased 25% to $3.3 million, compared to $2.6 millio...