Business
GBank Financial Holdings Inc. Announces Third Quarter 2023 Financial Results
LAS VEGAS, Oct. 31, 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, Oct. 31, 2023 /PRNewswire/ -- GBank Financial Holdings Inc. (the \"Company\") (OTCQX: GBFH), the parent company for GBank (the \"Bank\") today reported net income for the quarter ended September 30, 2023, of $1.8 million, or $0.14 per diluted share, compared to $2.6 million, or $0.20 per diluted share, for the same period of 2022. Net income for the nine months ended September 30, 2023, was $7.4 million, or $0.57 per diluted share, compared to $7.6 million, or $0.59 per diluted share, for the same period of 2022.\n\nClick here: Quarterly Detailed Financials and Key Metrics\nFinancial Highlights\nQ3 2023 net income of $1.8 million and diluted earnings per share of $0.14Q3 2023 net interest margin expanded to 5.69%, a 32 basis point increase from Q2 2023Q3 2023 gross loan growth of $66 million, or 14%Q3 2023 gain on sale of loans of $763 thousand, a decrease of 53% compared to the prior linked quarterQ3 2023 loans sold of $22.7 million, a decrease of 36% compared to the prior linked quarterQ3 2023 on-balance sheet guaranteed loans increased by $43.5 million, or 91% compared to the prior linked quarterYTD 2023 gain on sale of loans of $4.4 million, a decrease of $7.4 million, or 63%, compared to the same period of 2022Non-performing assets decreased to $1.1 million during the quarter and remain low at 0.15% of total assetsA Word from the Executive Chairman\nEdward M. Nigro, Executive Chairman, stated, \"We refer to this quarter as the 'Great Pivot' – from previously selling nearly all of our SBA Guaranteed loans to now repurchasing a portion of those SBA Guaranteed loans that were once part of our Servicing Asset – converting a 1% fee into a 5-year fixed loan with rates ranging from 8.50% to 8.75%. We have all witnessed the current meager returns in Gain on Sale of SBA Loans – so, we are pivoting to substantive asset growth with significant increases in interest income in quarters to come, as discussed below.\"\nFinancial Results\nOperating Highlights\nBeginning in the third quarter, the Company (i) elected to retain a larger portion of originated guaranteed loans, and (ii) initiated a program wherein the Bank repurchases the guaranteed portions of previously sold SBA loans. These combined initiatives resulted in an increase of retained guaranteed loans by 91%, or $43.5 million, during the third quarter. Guaranteed loans...