Business
GBank Financial Holdings Inc. Announces Third Quarter 2022 Financial Results
LAS VEGAS, Oct. 20, 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, Oct. 20, 2022 /PRNewswire/ -- GBank Financial Holdings Inc. (\"GBank\" or the \"Company\") (OTCQX: GBFH), the parent company for Bank of George (the \"Bank\") today reported net income of $2.6 million or $0.20 per diluted share for the quarter ended September 30, 2022, compared to $2.6 million or $0.21 per diluted share during the same period in 2021.\nNet income for the nine months ended September 30, 2022 was $7.6 million, or $0.59 per diluted share compared to $7.0 million, or $0.54 per diluted share, for the nine-month period ending September 30, 2021.\nFor the U.S. Small Business Administration (\"SBA\") fiscal year ending September 30, 2022, the Bank secured $242.6 million in SBA 7(a) loan approvals, ranking the Bank 14th in total dollar volume of SBA 7(a) loan approvals in the United States during the twelve months ended September 30, 2022, compared to the Bank's ranking of 19th for the same period in 2021.\nGaming Fintech deposits surpassed $50 million during the 3rd quarter of 2022. Our strategic partner, BankCard Services, LLC (\"BCS\"), signed 3 new gaming companies - including sports wagering and skills gaming entities – to utilize Pooled Player Accounts at Bank of George (PPA powered by PIMS™), bringing the total new PPA clients to 5 for the nine-month period ending September 30, 2022. Additionally, Sightline Payments announced Project 250 to upgrade 250,000 slot machines with cashless gaming technology at the G2E Conference held last week in Las Vegas, Nevada. Sightline's Play+ digital payments solution (Bank of George prepaid card) will be integral to this cashless system – see Project 250 Press Release.\nThird Quarter Financial Highlights (for the year-over-year and linked quarterly periods ending September 30, 2022)\nYear-over-year comparisons:\nYear-to-date net income increased 8% to $7.6 million, compared to $7.0 million for the same period in 2021.Year-to-date earnings per diluted share were $0.59, compared to $0.54 for the same period in 2021.Return on average assets was 1.60%, compared to 1.78% for the same period in 2021.Return on average equity was 12.69%, compared to 13.81% for the same period in 2021.Allowance for loan losses was $6.8 million, compared to $5.9 million at September 30, 2021.Net interest margin (bank-level) was 3.81%, compared to 3.39% for the same period in 2021.Year-to-date n...