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GBank Financial Holdings Inc. Announces Fourth Quarter 2024 Financial Results
LAS VEGAS, Jan. 28, 2025 /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. 28, 2025 /PRNewswire/ -- GBank Financial Holdings Inc. (the \"Company\") (OTCQX: GBFH), the parent company of GBank (the \"Bank\"), today reported record net income for the quarter ended December 31, 2024, of $5.2 million, or $0.36 per diluted share. This represents a 48.6% increase from $3.5 million, or $0.27 per diluted share, for the fourth quarter of 2023. For the year ended December 31, 2024, net income was $18.6 million, or $1.37 per diluted share. This is a 70.6% increase compared to $10.9 million, or $0.84 per diluted share, for the year ended December 31, 2023.\n\nClick here: Quarterly Detailed Financials and Key Metrics\nFourth Quarter 2024 Financial Highlights \nRecord net income of $5.2 million and diluted earnings per share of $0.36Record net revenue of $17.5 millionSBA Lending and Commercial Banking loan originations of $120.0 million, compared to $156.4 million for the third quarter of 2024 and $134.7 million for the fourth quarter of 2023Gain on sale of loans of $4.0 million on loans sold of $98.5 million, compared to gain on sale of loans of $2.8 million on loans sold of $71.4 million for the third quarter of 2024, and gain on sale of loans of $1.2 million on loans sold of $37.0 million for the fourth quarter of 2023Credit card charge transactions of $51.7 million, compared to $13.9 million for the third quarter of 2024 and $938 thousand for the fourth quarter of 2023Net interest margin of 4.53% Total deposit growth of $51.6 million, or 5.8% sequentiallyTotal on-balance sheet guaranteed loans of $231.0 million, compared to $267.0 million as of September 30, 2024Total non-performing assets of $14.2 million, representing 1.26% of total assetsNon-performing assets, excluding guaranteed portions, of $4.8 million, representing 0.43% of total assetsEdward M. Nigro, Executive Chairman, stated, \"GBFH is growing as a specialized digital banking and payments company. For the year 2024, our SBA operations exceeded $500 million in loan originations, while our GBank Visa Signature® Card exceeded $73 million in transactions – with over $50 million in the 4th quarter alone. We are well-positioned for continued substantive growth in our specialized markets, especially with our sports and gaming products that provide important consumer protections.\"\nPrivate Placement of Common Stock\nThe Company announced the ...