LAS VEGAS, April 30, 2024 /PRNewswire/ -- GBank Financial Holdings Inc. (the "Company") (OTCQX: GBFH), the parent company of GBank (the "Bank"), released its financial results for the first quarter of 2024 on April 30, 2024.
The Company reported a net income of $3.7 million for the quarter ended March 31, 2024, showing growth compared to previous periods. Edward M. Nigro, Executive Chairman, highlighted the complexity of the business plan, stating, "Each quarter I comment on one or two factors that I believe most important to you, our investors and shareholders; but this is more difficult as our business plan becomes more complex." Nigro emphasized the company's focus on growth, stating, "We shall remain focused and continue our growth."
The Bank's efforts to proactively address challenges brought about by the Federal Reserve's rising interest rate policy were reflected in the offering of note modifications to certain SBA borrowers. This initiative resulted in relief provided to 73 American small businesses during their time of need.
In terms of financial performance, for the quarter ended March 31, 2024, total assets increased to $963.5 million, total gross loans grew to $776.7 million, and total deposits increased to $806.9 million. The Company's Tangible Common Equity to Tangible Assets ratio was 10.6%, and the Bank's Tier 1 leverage ratio was 13.03%.
The announcement also highlighted the Gaming FinTech Division's progress, with partner BankCard Services, LLC actively developing innovative solutions and receiving a third patent for its intellectual property.
Regarding merger activity, the Company announced a definitive merger agreement to acquire BankCard Services, LLC in an all-stock transaction, further enhancing its Gaming FinTech Division.
The Bank's credit quality was also discussed, with details on nonaccrual loans, real estate owned, and provisions for credit losses.
The Company will host its Q1 2024 quarterly earnings call on Wednesday, May 1, 2024, providing interested parties with the opportunity to participate online or via telephone.
GBank Financial Holdings Inc. continues to navigate the financial landscape, showing resilience and strategic growth initiatives in its first quarter 2024 financial results.