Business
GBank Financial Holdings Inc. Announces Quarterly Operating Earnings
LAS VEGAS, July 21, 2022 /PRNewswire/ -- GBank Financial Holdings Inc. ("GBank" or the "Company") (OTCQX: GBFH), the parent company for Bank of George (the
About this update from Gbank Financial Holdings Inc.
[{"type":"text","content":"LAS VEGAS, July 21, 2022 /PRNewswire/ -- GBank Financial Holdings Inc. (\"GBank\" or the \"Company\") (OTCQX: GBFH), the parent company for Bank of George (the \"Bank\"), today reported year-to-date earnings of $5.0 million, or $0.39 per diluted share, and quarterly earnings of $1.7 million, or $0.13 per diluted share. Year-to-date earnings represent a 13% increase, compared to $4.4 million, or $0.34 per diluted share, for the year-to-date period ending June 30, 2021. Year-to-date gain on sales income increased to $8.6 million from $7.2 million for the same period in 2021, representing a 19% year-over-year increase. Net interest margin for the Bank continues to increase with second quarter 2022 at 3.62%, compared to 3.21% for the same period in 2021.\nSecond Quarter Financial Highlights (for the year-over-year and linked quarterly periods ending June 30, 2022)\nYear-over-year comparisons:\nYear-to-date net income increased 13% to $5.0 million, compared to $4.4 million for the same period in 2021.Year-to-date earnings per diluted share were $0.39, compared to $0.34 for the same period in 2021.Return on average assets was 1.60%, compared to 1.71% for the same period in 2021.Return on average equity was 12.68%, compared to 13.25% for the same period in 2021.Allowance for loan losses was $6.8 million, compared to $5.9 million at June 30, 2021.Net interest margin (bank-level) was 3.36%, compared to 3.31% for the same period in 2021.Year-to-date net revenues (net interest income plus noninterest income) increased 18% to $19.6 million, compared to $16.6 million for 2021.Noninterest income increased 20% to $10.0 million, compared to $8.4 million for 2021.Total assets increased 17% to $635.1 million, compared to $545.0 million as of June 30, 2021.Total deposits increased 13% to $519.9 million, compared to $461.9 million as of June 30, 2021.Book value was $6.40 per share, compared to $5.66 per share as of June 30, 2021.Linked quarter comparisons:\nNet income decreased 47.2% to $1.7 million, compared to $3.2 million for Q1 2022.Earnings per diluted share were $0.13, compared to $0.25 for Q1 2022.Return on average assets was 1.09%, compared to 2.11% for Q1 2022.Return on average equity was 8.59%, compared to 16.93% for Q1 2022.Allowance for loan losses was $6.8 million, compared to $6.1 million at March 31, 2022.Net interest margin (bank-le...