Business
GBank Financial Holdings Inc. Announces Second Quarter 2024 Financial Results
LAS VEGAS, July 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, July 30, 2024 /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 June 30, 2024, of $4.7 million, or $0.35 per diluted share. This represents an increase from $2.3 million, or $0.18 per diluted share, for the same period in 2023. For the six months ended June 30, 2024, net income was $8.4 million, or $0.63 per diluted share, compared to $5.6 million, or $0.43 per diluted share, for the comparable period of 2023.\n\nClick here: Quarterly Detailed Financials and Key Metrics\nFinancial Highlights\nRecord net income of $4.7 million and diluted earnings per share of $0.35Record net revenue of $15.5 millionGain on sale of loans of $3.2 million, representing an increase of $1.1 million, or 52%, compared to the first quarter of 2024Net interest margin of 4.82%Gross loan growth of $35.6 million, or 5% sequentiallyTotal on-balance sheet guaranteed loans of $252.2 millionLoans sold of $77.9 million, an increase of $9.3 million, or 14%, compared to the first quarter of 2024, and an increase of $42.2 million, or 118%, compared to the second quarter of 2023Total non-performing assets were $7.6 million, representing 0.75% of total assetsNon-performing assets, excluding guaranteed portions, were $2.2 million, representing 0.22% of total assetsEdward M. Nigro, Executive Chairman, stated, \"This quarter marks significant milestones for our Company - $1 billion in total assets – the most profitable quarter in history – and the completion of our 32.99% investment in BCS. These are all powerful foundations for our future growth.\"\nNon-voting Equity Investment in BankCard Services, LLC\nOn June 26, 2024, the Company announced the acquisition of a 32.99% non-voting equity interest in BankCard Services, LLC (\"BCS\"). This acquisition was completed by exchanging 231,508 shares of restricted, non-voting GBFH common stock for 143,371 shares of non-voting BCS common stock. The GBFH non-voting stock must be held by BCS for a minimum of one year and can only be converted into voting shares upon a disposition by BCS, in accordance with applicable Federal Reserve regulations.\nFinancial Results\nIncome Statement\nNet interest income totaled $11.3 million in the second quarter of 2024, an increase of $546 thousand, or 5.1%, ...