Business
GBank Financial Holdings Inc. Announces Third Quarter 2024 Financial Results
LAS VEGAS, Oct. 22, 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, Oct. 22, 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 September 30, 2024, of $5.0 million, or $0.37 per diluted share. This represents an increase from $1.8 million, or $0.14 per diluted share, compared to the third quarter of 2023. For the nine months ended September 30, 2024, net income was $13.4 million, or $1.00 per diluted share, compared to $7.4 million, or $0.57 per diluted share, for the same period in 2023.\n\nClick here: Quarterly Detailed Financials and Key Metrics\nThird Quarter 2024 Financial Highlights \nRecord net income of $5.0 million and diluted earnings per share of $0.37Record net revenue of $16.1 millionRecord SBA Lending and Commercial Banking loan originations of $156.4 million, compared to $126.9 million for the second quarter of 2024, and $91.1 million, compared to the third quarter of 2023Gain on sale of loans of $2.8 million on loans sold of $71.4 million, compared to gain on sale of loans of $3.1 million on loans sold of $77.9 million for the second quarter of 2024 and gain on sale of loans of $763 thousand on loans sold of $22.7 million, compared to the third quarter of 2023Net interest margin of 5.00%Gross loan growth of $35.4 million, or 4% sequentiallyTotal on-balance sheet guaranteed loans of $267.0 million, compared to $252.2 million as of June 30, 2024Total non-performing assets of $5.4 million, representing 0.52% of total assetsNon-performing assets, excluding guaranteed portions, of $1.6 million, representing 0.15% of total assetsEdward M. Nigro, Executive Chairman, stated, \"The record revenues and earnings for the third quarter and year-to-date of $0.37 and $1.00, respectively, are a reflection upon the continued expansion of our GBank business model; and, with the recently completed $20 million capital raise, we believe we are well-positioned to continue our growth.\"\nPrivate Placement of Common Stock\nThe Company announced the completion of its $20.0 million Private Placement Offering on October 16, 2024. Raymond James & Associates, Inc. and Janney Montgomery Scott LLC served as financial advisors on the private placement (presentation link). After deducting offering related expenses, net proceeds to the Company will be approximately $19.2 m...