Business
GBank Financial Holdings Inc Announces Second Quarter 2023 Financial Results
LAS VEGAS, July 25, 2023 /PRNewswire/ -- GBank Financial Holdings Inc. (the "Company") (OTCQX: GBFH), the parent company for GBank (the "Bank") today reported
About this update from Gbank Financial Holdings Inc.
[{"type":"text","content":"LAS VEGAS, July 25, 2023 /PRNewswire/ -- GBank Financial Holdings Inc. (the \"Company\") (OTCQX: GBFH), the parent company for GBank (the \"Bank\") today reported net income of $5.6 million, or $0.43 per diluted share, for the six months ended June 30, 2023, compared to $5.0 million, or $0.39 per diluted share, for the same period of 2022. Net income for the quarter ended June 30, 2023, was $2.3 million, or $0.18 per diluted share, compared to $1.7 million, or $0.13 per diluted share, for the same period of 2022.\nQuarterly Earnings Report – Q2 2023\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 – Q2 2023\nSecond Quarter Financial Highlights (for the year-to-date and year-over-year quarterly periods ended June 30, 2023)\nYear-to-date comparisons:\nNet income increased 13% to $5.6 million, compared to $5.0 million for the same period of 2022.Net revenues (net interest income plus noninterest income) increased 18% to $23.2 million, compared to $19.6 million for the same period of 2022.Net interest income increased 87% to $17.9 million, compared to $9.6 million for the same period of 2022.Net interest margin (bank-level) increased to 5.85%, compared to 3.36% for the same period of 2022.Net interest margin (consolidated) increased to 5.67%, compared to 3.22% for the same period of 2022.Noninterest income decreased 47% to $5.3 million, compared to $10.0 million for the same period of 2022.Noninterest expense increased 29% to $15.9 million, compared to $12.3 million for the same period of 2022.SBA Division loan originations decreased 1% to $122.1 million, compared to $123.8 million for the same period of 2022.Total assets increased 8% to $684.9 million, compared to $635.1 million at June 30, 2022.Total deposits increased 6% to $552.5 million, compared to $519.9 million at June 30, 2022.Return on average assets was 1.67%, compared to 1.60% for the same period of 2022.Return on average equity was 12.57%, compared to 12.68% for the same period of 2022.Book value increased to $7.29 per share, compared to $6.40 per share at June 30, 2022.Year-over-year quarterly comparisons:\nNet income increased 34% to $2.3 million, compared to $1.7 million for Q2 2022.Total net revenues (net interest income plus noninterest income) increased...