Business
GBank Financial Holdings Inc. Announces Fourth Quarter 2023 Financial Results
LAS VEGAS, Jan. 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, Jan. 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 December 31, 2023 of $3.5 million, or $0.27 per diluted share, compared to $3.3 million, or $0.25 per diluted share, for the same period of 2022. Net income was $10.9 million, or $0.84 per diluted share, for each of the twelve months ended December 31, 2023 and 2022.\n\nClick here: Quarterly Detailed Financials and Key Metrics\nFinancial Highlights\nQ4 2023 net income of $3.5 million and diluted earnings per share of $0.27Q4 2023 net interest margin of 5.16%Q4 2023 gross loan growth of $159 million, or 30% sequentiallyQ4 2023 loans sold of $37.0 million, an increase of $14.3 million or 63% compared to the prior quarterQ4 2023 gain on sale of loans of $1.2 million, an increase of $413 thousand or 54% compared to Q3 2023Q4 2023 total on-balance sheet guaranteed loans increased by $113.9 million, or 125% compared to the prior quarterNon-performing assets increased to $6.3 million during the quarter, representing 0.69% of total assetsEdward M. Nigro, Executive Chairman, stated, \"The 'Great Pivot' we announced last quarter is achieving our stated goals and objectives. Our guaranteed loans 'Held for Investment' and 'Held for Sale' increased to $205.0 million, and total loans increased by 30%, quarter-over-quarter. Further, we expect continued strong guaranteed loan growth in the first and second quarters of 2024. Our current focus is directed on core deposit generation and capital – all designed to support continued growth at an elevated, albeit more nominal annual basis.\"\nFinancial Results\nOperating Highlights\nBeginning in third quarter 2023, the Company (i) elected to retain $47.5 million of originated guaranteed loans, and (ii) initiated a program whereby the Bank repurchased $106.1 million of the guaranteed portions of previously sold SBA loans. These combined initiatives resulted in a 125% increase in total retained guaranteed loans during the quarter, from $91.9 million at September 30, 2023, to $205.0 million at December 31, 2023. Total guaranteed loans as a percentage of total loans increased to 30.0% compared to 17.4% for the prior quarter.\nThe Bank's program to repurchase previously sold guaranteed SBA loans provided a change i...