GBank Financial Holdings Inc. Announces First Quarter 2025 Financial Results
GBank Financial Holdings reported Q1 2025 financial results with net income of $4.5 million, or $0.31 per diluted share, compared to $5.2 million in Q4 2024 and $3.7 million in Q1 2024. Key highlights include:
Net revenue increased 31.4% year-over-year to $17.4 million. The bank saw total deposit growth of $189 million (23.4%) compared to March 2024. Credit card transactions reached $105.6 million with net interchange fees of $2.0 million.
Notable developments include SEC approval of S-1 filing and approval to trade on NASDAQ. The bank's efficiency ratio was 62.8%, with non-interest expenses including $1.1 million in legal and professional fees. Total assets grew to $1.190 billion, up 23.5% from Q1 2024, while maintaining a strong loans-to-deposits ratio of 84.7%.
The bank's asset quality remains solid with non-performing assets at 0.48% of total assets, and a Tier 1 leverage ratio of 14.2%.
GBank Financial Holdings ha riportato i risultati finanziari del primo trimestre 2025 con un utile netto di 4,5 milioni di dollari, pari a 0,31 dollari per azione diluita, rispetto a 5,2 milioni nel quarto trimestre 2024 e 3,7 milioni nel primo trimestre 2024. I punti salienti includono:
I ricavi netti sono aumentati del 31,4% su base annua, raggiungendo 17,4 milioni di dollari. La banca ha registrato una crescita totale dei depositi di 189 milioni di dollari (23,4%) rispetto a marzo 2024. Le transazioni con carta di credito hanno raggiunto 105,6 milioni di dollari con commissioni nette di interscambio pari a 2,0 milioni di dollari.
Tra gli sviluppi rilevanti si segnalano l'approvazione da parte della SEC della registrazione S-1 e l'autorizzazione alla quotazione sul NASDAQ. Il rapporto di efficienza della banca è stato del 62,8%, con spese non interessi che includono 1,1 milioni di dollari in onorari legali e professionali. Gli attivi totali sono cresciuti a 1,190 miliardi di dollari, in aumento del 23,5% rispetto al primo trimestre 2024, mantenendo un solido rapporto prestiti/depositi dell'84,7%.
La qualità degli attivi della banca rimane solida con attività non performanti pari allo 0,48% del totale degli attivi e un rapporto di leva Tier 1 del 14,2%.
GBank Financial Holdings informó los resultados financieros del primer trimestre de 2025 con un ingreso neto de 4,5 millones de dólares, o 0,31 dólares por acción diluida, en comparación con 5,2 millones en el cuarto trimestre de 2024 y 3,7 millones en el primer trimestre de 2024. Los aspectos clave incluyen:
Los ingresos netos aumentaron un 31,4% interanual hasta 17,4 millones de dólares. El banco registró un crecimiento total de depósitos de 189 millones de dólares (23,4%) respecto a marzo de 2024. Las transacciones con tarjeta de crédito alcanzaron los 105,6 millones de dólares con comisiones netas por intercambio de 2,0 millones de dólares.
Entre los desarrollos notables se incluyen la aprobación de la SEC de la presentación S-1 y la autorización para cotizar en NASDAQ. El índice de eficiencia del banco fue del 62,8%, con gastos no relacionados con intereses que incluyen 1,1 millones de dólares en honorarios legales y profesionales. Los activos totales crecieron a 1.190 millones de dólares, un aumento del 23,5% respecto al primer trimestre de 2024, manteniendo una sólida relación préstamos-depósitos del 84,7%.
La calidad de los activos del banco sigue siendo sólida con activos no productivos en 0,48% del total de activos y un índice de apalancamiento Tier 1 del 14,2%.
GBank Financial Holdings는 2025년 1분기 재무 실적을 발표하며 순이익이 450만 달러, 희석 주당 순이익은 0.31달러로 2024년 4분기의 520만 달러와 2024년 1분기의 370만 달러와 비교됩니다. 주요 내용은 다음과 같습니다:
순수익은 전년 대비 31.4% 증가하여 1,740만 달러에 달했습니다. 은행은 2024년 3월 대비 총 예금이 1억 8,900만 달러(23.4%) 증가했습니다. 신용카드 거래액은 1억 560만 달러에 달했으며 순 교환 수수료는 200만 달러였습니다.
주목할 만한 발전 사항으로는 SEC의 S-1 등록 승인과 NASDAQ 거래 승인입니다. 은행의 효율성 비율은 62.8%였으며, 비이자 비용에는 110만 달러의 법률 및 전문 수수료가 포함되었습니다. 총 자산은 11억 9,000만 달러로 2024년 1분기 대비 23.5% 증가했으며, 대출 대비 예금 비율은 84.7%로 견고하게 유지되었습니다.
은행의 자산 품질은 총 자산의 0.48%에 해당하는 부실 자산과 14.2%의 Tier 1 레버리지 비율로 견고합니다.
GBank Financial Holdings a publié ses résultats financiers du premier trimestre 2025 avec un bénéfice net de 4,5 millions de dollars, soit 0,31 dollar par action diluée, comparé à 5,2 millions au quatrième trimestre 2024 et 3,7 millions au premier trimestre 2024. Les points clés incluent :
Le revenu net a augmenté de 31,4 % en glissement annuel pour atteindre 17,4 millions de dollars. La banque a enregistré une croissance totale des dépôts de 189 millions de dollars (23,4 %) par rapport à mars 2024. Les transactions par carte de crédit ont atteint 105,6 millions de dollars avec des frais nets d'interchange de 2,0 millions de dollars.
Les développements notables comprennent l'approbation par la SEC du dépôt S-1 et l'autorisation de négocier sur le NASDAQ. Le ratio d'efficacité de la banque était de 62,8 %, avec des charges hors intérêts incluant 1,1 million de dollars en frais juridiques et professionnels. Les actifs totaux ont augmenté pour atteindre 1,190 milliard de dollars, en hausse de 23,5 % par rapport au premier trimestre 2024, tout en maintenant un solide ratio prêts/dépôts de 84,7 %.
La qualité des actifs de la banque reste solide avec des actifs non performants à 0,48 % du total des actifs et un ratio de levier Tier 1 de 14,2 %.
GBank Financial Holdings meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 4,5 Millionen US-Dollar bzw. 0,31 US-Dollar je verwässerter Aktie, verglichen mit 5,2 Millionen US-Dollar im vierten Quartal 2024 und 3,7 Millionen US-Dollar im ersten Quartal 2024. Wichtige Highlights sind:
Der Nettoumsatz stieg im Jahresvergleich um 31,4 % auf 17,4 Millionen US-Dollar. Die Bank verzeichnete ein Gesamtwachstum der Einlagen um 189 Millionen US-Dollar (23,4 %) im Vergleich zu März 2024. Kreditkartentransaktionen erreichten 105,6 Millionen US-Dollar mit Nettogebühren aus Interchange in Höhe von 2,0 Millionen US-Dollar.
Bemerkenswerte Entwicklungen umfassen die Genehmigung der SEC für die S-1-Einreichung und die Zulassung zum Handel an der NASDAQ. Die Effizienzquote der Bank lag bei 62,8 %, wobei die nicht zinstragenden Aufwendungen 1,1 Millionen US-Dollar an Rechts- und Beratungskosten beinhalteten. Die Gesamtaktiva stiegen auf 1,190 Milliarden US-Dollar, ein Anstieg von 23,5 % gegenüber dem ersten Quartal 2024, während das solide Verhältnis von Krediten zu Einlagen bei 84,7 % gehalten wurde.
Die Vermögensqualität der Bank bleibt solide mit notleidenden Vermögenswerten von 0,48 % der Gesamtaktiva und einer Tier-1-Leverage-Quote von 14,2 %.
- Net income increased 21.6% YoY to $4.5M in Q1 2025 vs $3.7M in Q1 2024
- Net revenue grew 31.4% YoY to $17.4M compared to Q1 2024
- Credit card interchange fees surged to $2.0M from just $20K in Q1 2024
- Total deposits grew 23.4% YoY, adding $189.0M
- SEC approved S-1 filing and NASDAQ trading approval obtained
- Strong liquidity with $488.3M in available borrowing capacity
- Book value per share increased 28.4% YoY to $10.27
- Net income declined 13.5% QoQ from $5.2M in Q4 2024 to $4.5M in Q1 2025
- Net interest margin decreased to 4.47% from 4.85% YoY
- Efficiency ratio worsened to 62.8% from 55.4% in Q4 2024
- Non-interest expenses increased due to $1.1M in extraordinary legal and professional fees
- $2.8M of commercial loans placed on nonaccrual status in Q1 2025
- Non-performing assets of $5.7M represent 0.48% of total assets
LAS VEGAS, April 29, 2025 (GLOBE NEWSWIRE) -- GBank Financial Holdings Inc. (the "Company") (OTCQX: GBFH), the parent company of GBank (the "Bank"), today reported net income for the quarter ended March 31, 2025 of
First Quarter 2025 Financial Highlights (Unaudited)
- Net income of
$4.5 million and diluted earnings per share of$0.31
- Net revenue(1) of
$17.4 million , an increase of31.4% compared to the first quarter of 2024
- SBA Lending and Commercial Banking loan originations of
$133.0 million , compared to$136.6 million for the first quarter of 2024
- Gain on sale of loans of
$2.5 million on loans sold of$68.7 million , compared to gain on sale of loans of$2.1 million on loans sold of$68.6 million for the first quarter of 2024
- Credit card charge transactions of
$105.6 million and net interchange fees of$2.0 million , compared to$1.1 million and$20 thousand , respectively, for the first quarter of 2024
- Non-interest expenses include legal, professional, and audit fees from registration on Forms S-1 and S-1A, which total approximately
$1.1 million to date
- Net interest margin of
4.47%
- Total deposit growth of
$189.0 million , or23.4% compared to March 31, 2024
- Total on-balance sheet guaranteed loans of
$245.6 million , compared to$263.5 million as of March 31, 2024
- Non-performing assets, excluding guaranteed portions, of
$5.7 million , representing0.48% of total assets
Edward M. Nigro, Executive Chairman, stated, "While quarterly net revenues(1) increased
Registration Statement on Form S-1
On April 16, 2025, the Company announced that the U.S. Securities and Exchange Commission declared effective the Company's Registration Statement on Form S-1 (the "Form S-1") related to registration and resale of 1,081,081 shares of common stock, currently held by existing stockholders and issued in the Company's Private Placement Offering (the “Offering”) which closed on October 11, 2024.
The Company is not currently offering or selling new shares of common stock, and there will be no change to the issued and outstanding number of shares of common stock of the Company in connection with the Form S-1. Copies of the prospectus included in the Registration Statement may be obtained from the Company by request or by visiting
https://www.sec.gov/Archives/edgar/data/1791145/000147793225002363/gbfh_s1.htm.
Financial Results
Income Statement
Net interest income totaled
The increase in net interest income from the fourth quarter was driven by a favorable reduction in the cost of deposits, partially offset by lower interest income on loans. The favorable decrease in the cost of deposits of
The increase in net interest income when compared to the first quarter of 2024 was primarily volume driven, as higher interest income from growth in average loan and interest-bearing cash balances more than offset increases in interest expense resulting from higher average balances of interest-bearing deposits.
Investment securities yield was
The Company’s net interest margin for the first quarter of 2025 decreased to
The Company recorded a provision for credit losses on loans of
Non-interest income was
Net revenue(1) totaled
Non-interest expense was
Income tax expense was
Net income was
The Company had 175 full-time equivalent employees as of March 31, 2025, compared to 169 full-time equivalent employees as of December 31, 2024, and 150 full-time equivalent employees as of March 31, 2024.
Balance Sheet
Total loans, net of deferred fees and costs were
The Company's allowance for credit losses totaled
Deposits totaled
The Company’s ratio of loans to deposits was
The Company held no short-term borrowings as of March 31, 2025 or December 31, 2024, compared to short term borrowings of
Subordinated notes totaled
Stockholders’ equity was
The Company's common equity to tangible assets ratio was
Total assets increased
Asset Quality
The provision for credit losses on loans totaled
Nonaccrual loans increased
The Company held no other real estate owned as of March 31, 2025 or 2024, or December 31, 2024.
Total non-performing assets totaled
Loans past due between 30 and 89 days and accruing interest totaled
The ratio of total non-performing assets to total assets was
Other Financial Highlights
SBA Lending and Commercial Banking
SBA Lending and Commercial Banking loan originations totaled
Gaming FinTech
GBank's partner, BCS, has been actively developing its pipeline of Pooled Player and Pooled Consumer Accounts "Powered by PIMS and CIMS"™. BCS is currently onboarding three new programs. BCS is working with two gaming operators as a part of the latest Product Express partnership with MasterCard and i2c announced during the third quarter of 2024. One client is a cash access service provider in the casino industry and the other is a social gaming operator. Both are working to onboard their prepaid issuing program through this partnership. These programs are expected to be active early in the second quarter of 2025. BCS has executed an additional card issuing agreement with a client offering prepaid access services for cashless venues nationwide. This program went live in the first quarter of 2025. Additionally, the BoltBetz slot machine application is now expected to be fully live in the second quarter of 2025.
BCS and GBank now have seventeen active payment and PPA/PCA clients. Currently, BCS and GBank are conducting due diligence for three new clients, with anticipated onboarding in future quarters. Gaming FinTech deposits averaged
The Bank launched its GBank Visa Signature® Card in the second quarter of 2023 for prime and super-prime consumers, offering one percent cash rewards on gaming transactions and two percent cash rewards on all other purchases.
Credit card charge transactions were
GBank continues to develop and improve its operational credit card systems, including the internal implementation of application landing pages and internal customer service resources. These efforts are a continuation of the Company’s ongoing strategy to ultimately manage all systems directly as opposed to relying on outsourced third parties. Direct control over these critical resources has become more important as we focus are executing on new marketing agreements, create significant additional social media presence, and require related product systems with the ability to perform on a mass scale. Implementation and testing of these initiatives is currently underway with completion anticipated during the third quarter of 2025, which is expected to cause slowing growth in credit card transactions and growth over the short-term.
Non-Voting Equity Investment in BankCard Services, LLC
On June 26, 2024, the Company announced the acquisition of a
Earnings Call
The Company will host its first quarter 2025 earnings call on Wednesday, April 30, 2025, at 10:00 a.m. PST. Interested parties can participate remotely via Internet connectivity. There will be no physical location for attendance.
Interested parties may join online, via the ZOOM app on their smartphones, or by telephone:
- ZOOM Conference ID 826 3030 7240
- Passcode: 549549
Joining by ZOOM Conference (audio only):
Log in on your computer at
https://us02web.zoom.us/j/82630307240?pwd=TU4yZXJqMEc2VGZoUm5rRTl0OVFxdz09
or use the ZOOM app on your smartphone.
Joining by Telephone
Dial (408) 638-0968. The conference ID is 826 3030 7240. Passcode: 549549.
Click here to learn more about GBank Financial Holdings Inc.
Notice Regarding Disclosures and Forward-Looking Statements
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding certain of the Company’s goals and expectations with respect to future events that are subject to various risks and uncertainties, and statements preceded by, followed by, or that include the words “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions. These statements are based upon the current belief and expectations of the Company’s management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include, but are not limited to: the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any continuation of uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to continued elevated interest rates or potential reductions in interest rates and a resulting decline in net interest income; the persistence of the inflationary pressures, or the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; effects of declines in housing prices in the United States and our market areas; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; regulatory considerations; our ability to recognize the expected benefits and synergies of our completed acquisitions; the maintenance and development of well-established and valued client relationships and referral source relationships; acquisition or loss of key production personnel; changes in tax laws; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; and current or future litigation, regulatory examinations or other legal and/or regulatory actions. These forward-looking statements are based on current information and/or management’s good faith belief as to future events. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The forward-looking statements are made as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.
GBank Financial Holdings Inc.
9115 West Russell Road, Suite 110
Las Vegas, Nevada 89148
https://www.gbankfinancialholdings.com/
FIRST QUARTER 2025 FINANCIAL RESULTS (UNAUDITED)
| Quarter Highlights: | |||||||
| Net Income | Earnings per diluted share | Net revenue(1) | Net interest margin | On-balance sheet guaranteed loans | Book value per common share | ||
| $0.31 | 4.47% | $10.27 | |||||
| CEO COMMENTARY: |
| "Our results reflect a continuation of strong earnings, with Company revenues absorbing elevated one-time costs, including SEC related audit, accounting, and legal expenses, which have now totaled approximately |
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| GBank Financial Holdings Inc. | |||||||||||||||||||||||||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||
| Linked Quarter | Quarter YOY | ||||||||||||||||||||||||||||||||
| 3/31/25 vs. 12/31/24 | 3/31/25 vs. 3/31/24 | ||||||||||||||||||||||||||||||||
| ($'s in 000, except per share data) | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | $ Var | % Var | $ Var | % Var | ||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||
| Cash and Due From Banks | $ | 6,701 | $ | 9,262 | $ | 5,798 | $ | 5,409 | $ | 8,334 | $ | (2,561 | ) | -27.6 | % | $ | (1,633 | ) | -19.6 | % | |||||||||||||
| Interest-Bearing Deposits With Other Financial Institutions | 140,270 | 114,860 | 65,160 | 82,749 | 45,844 | 25,410 | 22.1 | % | 94,426 | 206.0 | % | ||||||||||||||||||||||
| Total Cash and Cash Equivalents | 146,971 | 124,122 | 70,958 | 88,158 | 54,178 | 22,849 | 18.4 | % | 92,793 | 171.3 | % | ||||||||||||||||||||||
| Investment Securities: | |||||||||||||||||||||||||||||||||
| Available For Sale, at Fair Value | 71,468 | 65,609 | 39,381 | 2,330 | 2,588 | 5,859 | 8.9 | % | 68,880 | 2661.5 | % | ||||||||||||||||||||||
| Held to Maturity, at Amortized Cost | 39,903 | 40,569 | 46,043 | 56,520 | 86,999 | (666 | ) | -1.6 | % | (47,096 | ) | -54.1 | % | ||||||||||||||||||||
| Loans Held For Sale | 41,313 | 32,649 | 68,317 | 40,489 | 44,901 | 8,664 | 26.5 | % | (3,588 | ) | -8.0 | % | |||||||||||||||||||||
| Loans, Net of Deferred Fees and Costs: | |||||||||||||||||||||||||||||||||
| Commercial and Industrial | 56,885 | 64,000 | 53,490 | 50,498 | 46,863 | (7,115 | ) | -11.1 | % | 10,022 | 21.4 | % | |||||||||||||||||||||
| Commercial Real Estate - Non-owner Occupied | 672,379 | 630,551 | 607,864 | 583,463 | 546,408 | 41,828 | 6.6 | % | 125,971 | 23.1 | % | ||||||||||||||||||||||
| Commercial Real Estate - Owner Occupied | 81,768 | 88,802 | 86,785 | 106,595 | 110,065 | (7,034 | ) | -7.9 | % | (28,297 | ) | -25.7 | % | ||||||||||||||||||||
| Construction and Land Development | 3,201 | 2,934 | 2,161 | 529 | 386 | 267 | 9.1 | % | 2,815 | 729.3 | % | ||||||||||||||||||||||
| Multifamily | 19,011 | 17,374 | 17,398 | 17,420 | 17,037 | 1,637 | 9.4 | % | 1,974 | 11.6 | % | ||||||||||||||||||||||
| Residential | 7,619 | 10,584 | 12,025 | 13,443 | 12,281 | (2,965 | ) | -28.0 | % | (4,662 | ) | -38.0 | % | ||||||||||||||||||||
| Consumer | 2,502 | 1,713 | 1,276 | 909 | 549 | 789 | 46.1 | % | 1,953 | 355.7 | % | ||||||||||||||||||||||
| Total Loans, Net of Deferred Fees and Costs | 843,365 | 815,958 | 780,999 | 772,857 | 733,589 | 27,407 | 3.4 | % | 109,776 | 15.0 | % | ||||||||||||||||||||||
| Less: Allowance for Credit Losses | (8,997 | ) | (9,114 | ) | (7,934 | ) | (7,342 | ) | (7,088 | ) | 117 | -1.3 | % | (1,909 | ) | 26.9 | % | ||||||||||||||||
| Total Net Loans | 834,368 | 806,844 | 773,065 | 765,515 | 726,501 | 27,524 | 3.4 | % | 107,867 | 14.8 | % | ||||||||||||||||||||||
| Loan Servicing Asset | 9,231 | 8,976 | 8,046 | 7,698 | 7,124 | 255 | 2.8 | % | 2,107 | 29.6 | % | ||||||||||||||||||||||
| Restricted Investment in Bank Stock | 4,652 | 4,652 | 4,652 | 4,652 | 3,222 | - | 0.0 | % | 1,430 | 44.4 | % | ||||||||||||||||||||||
| All Other Assets | 42,106 | 38,943 | 37,540 | 43,992 | 37,937 | 3,163 | 8.1 | % | 4,169 | 11.0 | % | ||||||||||||||||||||||
| Total Assets | $ | 1,190,012 | $ | 1,122,364 | $ | 1,048,002 | $ | 1,009,354 | $ | 963,450 | $ | 67,648 | 6.0 | % | $ | 226,562 | 23.5 | % | |||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||
| Non-Interest Bearing Demand | $ | 242,650 | $ | 239,672 | $ | 229,875 | $ | 220,438 | $ | 216,307 | $ | 2,978 | 1.2 | % | $ | 26,343 | 12.2 | % | |||||||||||||||
| Interest Bearing Demand | 62,035 | 68,132 | 65,623 | 65,120 | 63,740 | (6,097 | ) | -8.9 | % | (1,705 | ) | -2.7 | % | ||||||||||||||||||||
| Savings and Money Market | 280,056 | 256,724 | 244,091 | 222,115 | 199,549 | 23,332 | 9.1 | % | 80,507 | 40.3 | % | ||||||||||||||||||||||
| Certificates of Deposit | 411,201 | 370,552 | 343,931 | 332,695 | 327,326 | 40,649 | 11.0 | % | 83,875 | 25.6 | % | ||||||||||||||||||||||
| Total Deposits | 995,942 | 935,080 | 883,520 | 840,368 | 806,922 | 60,862 | 6.5 | % | 189,020 | 23.4 | % | ||||||||||||||||||||||
| Short-Term Borrowings | - | - | - | 12,000 | 10,000 | - | 0.0 | % | (10,000 | ) | -100.0 | % | |||||||||||||||||||||
| Subordinated Debt | 26,107 | 26,088 | 26,070 | 26,051 | 26,032 | 19 | 0.1 | % | 75 | 0.3 | % | ||||||||||||||||||||||
| Operating Lease Liability | 6,299 | 4,839 | 5,032 | 5,221 | 5,409 | 1,460 | 30.2 | % | 890 | 16.5 | % | ||||||||||||||||||||||
| Other Liabilities | 15,048 | 15,657 | 16,997 | 14,769 | 12,521 | (609 | ) | -3.9 | % | 2,527 | 20.2 | % | |||||||||||||||||||||
| Total Liabilities | 1,043,396 | 981,664 | 931,619 | 898,409 | 860,884 | 61,732 | 6.3 | % | 182,512 | 21.2 | % | ||||||||||||||||||||||
| Equity | |||||||||||||||||||||||||||||||||
| Common Stock | 1 | 1 | 1 | 1 | 1 | - | 0.0 | % | - | 0.0 | % | ||||||||||||||||||||||
| Additional Paid-in Capital | 78,718 | 77,571 | 57,287 | 56,966 | 53,322 | 1,147 | 1.5 | % | 25,396 | 47.6 | % | ||||||||||||||||||||||
| Retained Earnings | 68,906 | 64,437 | 59,192 | 54,177 | 49,501 | 4,469 | 6.9 | % | 19,405 | 39.2 | % | ||||||||||||||||||||||
| Accumulated Other Comprehensive Loss | (1,009 | ) | (1,309 | ) | (97 | ) | (199 | ) | (258 | ) | 300 | -22.9 | % | (751 | ) | 291.1 | % | ||||||||||||||||
| Total Stockholders' Equity | 146,616 | 140,700 | 116,383 | 110,945 | 102,566 | 5,916 | 4.2 | % | 44,050 | 42.9 | % | ||||||||||||||||||||||
| Total Liabilities & Stockholders' Equity | $ | 1,190,012 | $ | 1,122,364 | $ | 1,048,002 | $ | 1,009,354 | $ | 963,450 | $ | 67,648 | 6.0 | % | $ | 226,562 | 23.5 | % | |||||||||||||||
| Book Value Per Common Share | $ | 10.27 | $ | 9.87 | $ | 8.91 | $ | 8.49 | $ | 8.00 | $ | 0.40 | 4.1 | % | $ | 2.27 | 28.4 | % | |||||||||||||||
| GBank Financial Holdings Inc. | |||||||||||||||||||
| Condensed Consolidated Income Statements | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| ($'s in 000, except per share data) | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | ||||||||||||||
| Interest Income | |||||||||||||||||||
| Loans | $ | 16,836 | $ | 17,231 | $ | 17,347 | $ | 16,360 | $ | 15,330 | |||||||||
| Deposits With Other Financial Institutions | 1,192 | 1,099 | 1,367 | 1,165 | 972 | ||||||||||||||
| Investment Securities | 1,281 | 1,177 | 924 | 868 | 1,014 | ||||||||||||||
| Other Interest Bearing Balances | 100 | 103 | 102 | 96 | 74 | ||||||||||||||
| Total Interest Income | 19,409 | 19,610 | 19,740 | 18,489 | 17,390 | ||||||||||||||
| Interest Expense | |||||||||||||||||||
| Deposits | 7,230 | 7,535 | 7,194 | 6,848 | 6,198 | ||||||||||||||
| Short-term Borrowings and Subordinated Debt | 285 | 286 | 287 | 293 | 390 | ||||||||||||||
| Total Interest Expense | 7,515 | 7,821 | 7,481 | 7,141 | 6,588 | ||||||||||||||
| Net Interest Income | 11,894 | 11,789 | 12,259 | 11,348 | 10,802 | ||||||||||||||
| Provision for Credit Losses - Loans | (710 | ) | (1,337 | ) | (570 | ) | (283 | ) | - | ||||||||||
| Provision for Credit Losses - Unfunded Commitments | (11 | ) | (13 | ) | (8 | ) | (12 | ) | (20 | ) | |||||||||
| Net Interest Income after Provision for Credit Losses | 11,173 | 10,439 | 11,681 | 11,053 | 10,782 | ||||||||||||||
| Other Income | |||||||||||||||||||
| Gain on Sales of Loans | 2,537 | 3,998 | 2,838 | 3,163 | 2,083 | ||||||||||||||
| Loan Servicing Income | 703 | 597 | 566 | 534 | 60 | ||||||||||||||
| Service Charges and Fees | 56 | 54 | 48 | 41 | 41 | ||||||||||||||
| Net Interchange Fees | 2,003 | 947 | 284 | 146 | 20 | ||||||||||||||
| Other Income | 164 | 168 | 166 | 282 | 201 | ||||||||||||||
| Total Other Income | 5,463 | 5,764 | 3,902 | 4,166 | 2,405 | ||||||||||||||
| Noninterest Expenses | |||||||||||||||||||
| Salaries and Employee Benefits | 6,400 | 5,813 | 5,495 | 5,752 | 5,290 | ||||||||||||||
| Occupancy Expenses | 392 | 398 | 404 | 417 | 447 | ||||||||||||||
| Other Expenses | 4,115 | 3,509 | 3,156 | 2,963 | 2,637 | ||||||||||||||
| Total Noninterest Expenses | 10,907 | 9,720 | 9,055 | 9,132 | 8,374 | ||||||||||||||
| Income Before Provision For Income Taxes | 5,729 | 6,483 | 6,528 | 6,087 | 4,813 | ||||||||||||||
| Provision For Income Taxes | (1,224 | ) | (1,239 | ) | (1,513 | ) | (1,411 | ) | (1,112 | ) | |||||||||
| Net Income Before Equity Investment Loss | 4,505 | 5,244 | 5,015 | 4,676 | 3,701 | ||||||||||||||
| Net Loss Attributable to Equity Investment | (35 | ) | - | - | - | - | |||||||||||||
| Net Income | $ | 4,470 | $ | 5,244 | $ | 5,015 | $ | 4,676 | $ | 3,701 | |||||||||
| Earnings Per Share | $ | 0.31 | $ | 0.37 | $ | 0.38 | $ | 0.36 | $ | 0.29 | |||||||||
| Earnings Per Share (Diluted) | $ | 0.31 | $ | 0.37 | $ | 0.38 | $ | 0.36 | $ | 0.29 | |||||||||
| GBank Financial Holdings Inc. | ||||||||||||||||||||||||||||||
| Average Balances, Rates, and Interest Income and Expense | ||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||
| For the Three Months Ended | ||||||||||||||||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||||||||||||||||||
| (Dollars in thousands) | Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||
| Balance | Interest | Rate(2) | Balance | Interest | Rate(2) | Balance | Interest | Rate(2) | ||||||||||||||||||||||
| ASSETS: | ||||||||||||||||||||||||||||||
| Interest Bearing Deposits | $ | 102,628 | $ | 1,192 | 4.71 | % | $ | 85,424 | $ | 1,099 | 5.12 | % | $ | 66,100 | $ | 972 | 5.91 | % | ||||||||||||
| Investment Securities: | ||||||||||||||||||||||||||||||
| Taxable | 105,222 | 1,281 | 4.94 | % | 98,712 | 1,177 | 4.74 | % | 98,084 | 1,014 | 4.16 | % | ||||||||||||||||||
| Loans and Loans Held For Sale | 866,690 | 16,836 | 7.88 | % | 846,583 | 17,231 | 8.10 | % | 727,786 | 15,330 | 8.47 | % | ||||||||||||||||||
| Restricted Investment in Bank Stock | 4,652 | 100 | 8.72 | % | 4,652 | 103 | 8.81 | % | 3,222 | 74 | 9.24 | % | ||||||||||||||||||
| Total Earning Assets | 1,079,192 | 19,409 | 7.29 | % | 1,035,371 | 19,610 | 7.53 | % | 895,192 | 17,390 | 7.81 | % | ||||||||||||||||||
| Cash and Due From Banks | 6,216 | 5,938 | 5,935 | |||||||||||||||||||||||||||
| Other Assets | 39,177 | 38,753 | 33,602 | |||||||||||||||||||||||||||
| Total Assets | $ | 1,124,585 | $ | 1,080,062 | $ | 934,729 | ||||||||||||||||||||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||||||||||
| Interest-bearing Demand | $ | 65,693 | $ | 355 | 2.19 | % | $ | 64,453 | $ | 385 | 2.38 | % | $ | 65,303 | $ | 393 | 2.42 | % | ||||||||||||
| Money Market and Savings | 264,085 | 2,411 | 3.70 | % | 255,068 | 2,496 | 3.89 | % | 186,372 | 1,759 | 3.80 | % | ||||||||||||||||||
| Certificates of Deposit | 385,704 | 4,464 | 4.69 | % | 359,285 | 4,654 | 5.15 | % | 309,221 | 4,046 | 5.26 | % | ||||||||||||||||||
| Total Interest-Bearing Deposits | 715,482 | 7,230 | 4.10 | % | 678,806 | 7,535 | 4.42 | % | 560,896 | 6,198 | 4.44 | % | ||||||||||||||||||
| Short-Term Borrowings | - | - | 0.00 | % | 2 | - | 0.00 | % | 7,583 | 104 | 5.52 | % | ||||||||||||||||||
| Subordinated Debt | 26,095 | 285 | 4.43 | % | 26,076 | 286 | 4.36 | % | 26,021 | 286 | 4.42 | % | ||||||||||||||||||
| Total Interest-Bearing Liabilities | 741,577 | 7,515 | 4.11 | % | 704,884 | 7,821 | 4.41 | % | 594,500 | 6,588 | 4.46 | % | ||||||||||||||||||
| Noninterest-bearing Deposits | 218,874 | 214,880 | 220,767 | |||||||||||||||||||||||||||
| Other Liabilities | 20,139 | 22,403 | 18,003 | |||||||||||||||||||||||||||
| Shareholders' Equity | 143,995 | 137,895 | 101,459 | |||||||||||||||||||||||||||
| Total Liabilities & Shareholders' Equity | $ | 1,124,585 | $ | 1,080,062 | $ | 934,729 | ||||||||||||||||||||||||
| Net Interest Income | $ | 11,894 | $ | 11,789 | $ | 10,802 | ||||||||||||||||||||||||
| Total Yield on Earning Assets | 7.29 | % | 7.53 | % | 7.81 | % | ||||||||||||||||||||||||
| Cost on Interest-Bearing Liabilities | 4.11 | % | 4.41 | % | 4.46 | % | ||||||||||||||||||||||||
| Average Interest Spread | 3.18 | % | 3.12 | % | 3.35 | % | ||||||||||||||||||||||||
| Net Interest Margin | 4.47 | % | 4.53 | % | 4.85 | % | ||||||||||||||||||||||||
| Net Interest Margin (Bank Only) | 4.58 | % | 4.64 | % | 4.98 | % | ||||||||||||||||||||||||
| GBank Financial Holdings Inc. | ||||||||||||||||||||
| Additional Financial Information | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| ($'s in 000, except per share data) | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | |||||||||||||||
| Key Performance Metrics | ||||||||||||||||||||
| Return on Average Assets-Net Income (2) | 1.61 | % | 1.93 | % | 1.96 | % | 1.90 | % | 1.59 | % | ||||||||||
| Return on Average Stockholders' Equity(2) | 12.59 | % | 15.13 | % | 17.29 | % | 17.59 | % | 14.67 | % | ||||||||||
| Efficiency Ratio | 62.84 | % | 55.38 | % | 56.03 | % | 58.86 | % | 63.41 | % | ||||||||||
| Net Interest Margin(2) | 4.47 | % | 4.53 | % | 5.00 | % | 4.82 | % | 4.85 | % | ||||||||||
| Net Revenue(1) | $ | 17,357 | $ | 17,553 | $ | 16,161 | $ | 15,514 | $ | 13,207 | ||||||||||
| Common Equity / Assets | 12.3 | % | 12.5 | % | 11.1 | % | 11.0 | % | 10.6 | % | ||||||||||
| Tier 1 Leverage Ratio - Bank | 14.23 | % | 12.90 | % | 13.08 | % | 12.88 | % | 13.03 | % | ||||||||||
| Selected Loan Metrics | ||||||||||||||||||||
| Guaranteed Portion of Loans Held for Sale | $ | 41,313 | $ | 32,649 | $ | 68,317 | $ | 40,489 | $ | 44,901 | ||||||||||
| Guaranteed Portion of Loans Held for Investment | 204,239 | 201,267 | 203,027 | 215,382 | 218,619 | |||||||||||||||
| Total Guaranteed Loans | 245,552 | 233,916 | 271,344 | 255,871 | 263,520 | |||||||||||||||
| Guaranteed Loans as a Percent of Loans(1) | 24.2 | % | 24.7 | % | 26.0 | % | 27.9 | % | 29.8 | % | ||||||||||
| Asset Quality | ||||||||||||||||||||
| Total nonaccrual loans | $ | 19,220 | $ | 14,128 | $ | 5,381 | $ | 6,470 | $ | 6,096 | ||||||||||
| Loans past due 90 days and still accruing | 1,153 | 40 | 27 | 1,142 | 33 | |||||||||||||||
| Other real estate owned | - | - | - | - | - | |||||||||||||||
| Total non-performing assets | 20,373 | 14,168 | 5,408 | 7,612 | 6,129 | |||||||||||||||
| Non-performing assets: guaranteed portion | 14,687 | 9,321 | 3,838 | 5,396 | 4,572 | |||||||||||||||
| Non-performing assets: non-guaranteed portion | 5,686 | 4,847 | 1,570 | 2,216 | 1,557 | |||||||||||||||
| Non-performing assets to total assets | 1.71 | % | 1.26 | % | 0.52 | % | 0.75 | % | 0.64 | % | ||||||||||
| Non-performing assets, excluding guaranteed, to total assets(1) | 0.48 | % | 0.43 | % | 0.15 | % | 0.22 | % | 0.16 | % | ||||||||||
| Net charge-offs (recoveries) | $ | 828 | $ | 157 | $ | (22 | ) | $ | 29 | $ | - | |||||||||
| Loans past due 30-89 days and accruing | $ | 14,853 | $ | 11,822 | $ | 12,390 | $ | 1,054 | $ | 3,428 | ||||||||||
| Loans past due 30-89 days and accruing: guaranteed portion | $ | 11,915 | $ | 8,713 | $ | 8,535 | $ | - | $ | 1,028 | ||||||||||
| Loans past due 30-89 days and accruing: non-guaranteed portion | $ | 2,938 | $ | 3,109 | $ | 3,855 | $ | 1,054 | $ | 2,400 | ||||||||||
| Allowance for Credit Losses (ACL) | $ | 8,997 | $ | 9,114 | $ | 7,934 | $ | 7,342 | $ | 7,088 | ||||||||||
| Nonaccrual loans | $ | 19,220 | $ | 14,128 | $ | 5,381 | $ | 6,470 | $ | 6,096 | ||||||||||
| ACL to nonaccrual loans | 47 | % | 65 | % | 147 | % | 113 | % | 116 | % | ||||||||||
| ACL to nonaccrual loans, excluding guaranteed(1) | 168 | % | 190 | % | 514 | % | 130 | % | 465 | % | ||||||||||
| ACL to loans | 1.07 | % | 1.12 | % | 1.02 | % | 0.95 | % | 0.97 | % | ||||||||||
| ACL to loans, excluding guaranteed(1) | 1.41 | % | 1.48 | % | 1.37 | % | 1.32 | % | 1.38 | % | ||||||||||
| Book Value | ||||||||||||||||||||
| Stockholders' Equity | $ | 146,616 | $ | 140,700 | $ | 116,383 | $ | 110,945 | $ | 102,566 | ||||||||||
| Common shares outstanding | 14,271 | 14,252 | 13,067 | 13,061 | 12,824 | |||||||||||||||
| Book value per common share | $ | 10.27 | $ | 9.87 | $ | 8.91 | $ | 8.49 | $ | 8.00 | ||||||||||
| Employees - FTE | 175 | 169 | 159 | 155 | 150 | |||||||||||||||
| GBank Financial Holdings Inc. | ||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| ($'s in 000, except per share data) | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | |||||||||||||||
| Net Revenue(3) | ||||||||||||||||||||
| Net Interest Income | $ | 11,894 | $ | 11,789 | $ | 12,259 | $ | 11,348 | $ | 10,802 | ||||||||||
| Non-Interest Income | 5,463 | 5,764 | 3,902 | 4,166 | 2,405 | |||||||||||||||
| Net Revenue | $ | 17,357 | $ | 17,553 | $ | 16,161 | $ | 15,514 | $ | 13,207 | ||||||||||
| Guaranteed Loans as a Percent of Loans(4) | ||||||||||||||||||||
| SBA and USDA Guaranteed Loans | $ | 204,239 | $ | 201,267 | $ | 203,027 | $ | 215,382 | $ | 218,619 | ||||||||||
| Loans, Net of Deferred Fees and Costs | 843,365 | 815,958 | 780,999 | 772,857 | 733,589 | |||||||||||||||
| Guaranteed Loans as a % of Loans | 24.2 | % | 24.7 | % | 26.0 | % | 27.9 | % | 29.8 | % | ||||||||||
| Non-performing assets, excluding guaranteed, to total assets(4) | ||||||||||||||||||||
| Non-performing assets | $ | 20,373 | $ | 14,168 | $ | 5,408 | $ | 7,612 | $ | 6,129 | ||||||||||
| Less: SBA and USDA guaranteed portions of non-performing assets | 14,687 | 9,321 | 3,838 | 5,396 | 4,572 | |||||||||||||||
| Non-performing assets, excluding guaranteed portions | 5,686 | 4,847 | 1,570 | 2,216 | 1,557 | |||||||||||||||
| Total assets | 1,190,012 | 1,122,364 | 1,048,002 | 1,009,354 | 963,450 | |||||||||||||||
| Non-performing assets, excluding guaranteed, to total assets | 0.48 | % | 0.43 | % | 0.15 | % | 0.22 | % | 0.16 | % | ||||||||||
| Allowance for credit losses (ACL) to nonaccrual loans, excluding guaranteed(4) | ||||||||||||||||||||
| Nonaccrual loans | $ | 19,220 | $ | 14,128 | $ | 5,381 | $ | 6,470 | $ | 6,096 | ||||||||||
| Less: SBA and USDA guaranteed portions of nonaccrual loans | 13,859 | 9,321 | 3,838 | 833 | 4,572 | |||||||||||||||
| Nonaccrual loans, excluding guaranteed portions | 5,361 | 4,807 | 1,543 | 5,637 | 1,524 | |||||||||||||||
| ACL to nonaccrual loans, excluding guaranteed | 168 | % | 190 | % | 514 | % | 130 | % | 465 | % | ||||||||||
| ACL to loans, excluding guaranteed(4) | ||||||||||||||||||||
| Loans, net of deferred fees and costs | $ | 843,365 | $ | 815,958 | $ | 780,999 | $ | 772,857 | $ | 733,589 | ||||||||||
| Less: SBA and USDA guaranteed portions of loans | 204,239 | 201,267 | 203,027 | 215,382 | 218,619 | |||||||||||||||
| Loans, excluding guaranteed | 639,126 | 614,691 | 577,972 | 557,475 | 514,970 | |||||||||||||||
| ACL to loans, excluding guaranteed | 1.41 | % | 1.48 | % | 1.37 | % | 1.32 | % | 1.38 | % | ||||||||||
| (1) | See Reconciliation of Non-GAAP Financial Measures | |
| (2) | Ratios are annualized on an actual/actual basis | |
| (3) | We believe this non-GAAP measurement presents trends in income generation of the Company. | |
| (4) | We believe these non-GAAP measurements provide useful metrics regarding the at-risk assets of the Company. |
For Further Information, Contact: GBank Financial Holdings Inc. T. Ryan Sullivan President and CEO 702-851-4200 rsullivan@g.bank
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