News & Events zu GBank Financial Holdings Inc (GBFH)GBFHGBank Financial Holdings Inc

GBank Financial Reports Q3 Revenue of $20.34M

Reports Q3 revenue $20.34M, consensus $22.8M. Net interest margin increased 17 basis points to 3.95% from 3.78%. "Despite the lower than expected earnings during the period, I want to emphasize that our core banking franchise performed well during the third quarter, with higher net interest income, an improved net interest margin, and strong SBA production and gain-on-sale margin," said Jeff Newgard, President and Chief Executive Officer of GBank Financial Holdings. "While earnings were affected by lower interchange income following the decision by several large sports betting operators to discontinue credit cards as a funding source, as well as several one-time or non-core items, we believe the underlying performance of the bank reflects the strength of our franchise. Going forward, my focus is on strengthening the core bank; building my team which I hope to have completed by year end; maintaining strong credit discipline and executing on the opportunities before us. While the legacy retail credit card portfolio will continue to affect provision expense in the near term, we expect that impact to diminish as the portfolio continues to run off. My goal for the company and shareholders is to address the items that have held back earnings and have them behind us by the end of the year, so that 2027 can be a fresh start at the bank and we will clearly see the impacts of our gaming fintech initiatives taking hold as we move through the year."

GBank Financial Announces Leadership Succession Plan

GBank Financial announced that the board of directors has unanimously approved its planned leadership succession. Edward Nigro, the company's founder, executive chair, and CEO, has transitioned to the board and has stepped down as executive chair and director of GBank. Jeff Newgard, GBank's president and CEO, has been appointed president and CEO and a director of the company. Newgard has also been appointed as chairman of the GBank board of directors. Nigro has served the company and GBank as the executive chairman since GBank's founding in 2007. Nigro will continue to serve as a director of the company.

Company Reports Q4 Revenue of $20.7M

Reports Q4 revenue $20.7M, consensus $20.5M. Reports Q4 book value per share $11.52.