LAS VEGAS, April 30, 2024 /PRNewswire/ -- 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, 2024, of $3.7 million, or $0.28 per diluted share, compared to $3.5 million, or $0.27 per diluted share, during the fourth quarter of 2023, and $3.3 million, or $0.26 per diluted share, for the same period in 2023. Click here: Quarterly Detailed Financials and Key Metrics Financial Highlights Q1 2024 net income of $3.7 million and diluted earnings per share of $0.28 Q1 2024 net interest margin of 4.85% Q1 2024 gross loan growth of $­­­93.9 million, or 14% sequentially Q1 2024 loans sold of $68.6 million, an increase of $31.6 million, or 85%, compared to the prior quarter Q1 2024 gain on sale of loans of $2.1 million, an increase of $907 thousand, or 77%, compared to the prior quarter Q1 2024 total on-balance-sheet guaranteed loans increased by $54.5 million, or 27%, compared to the prior quarter Q1 2024 non-performing assets were $6.1 million, or 0.64% of total assets Edward M. Nigro, Executive Chairman, stated, "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. SBA, Commercial Lending, Gaming FinTech (BCS), Payments, and Credit Card are all important to our Balance Sheet and Earnings. Let's look year-over-year: total Gross Loans grew from $444.9 million to $776.7 million - total Balance Sheet growth from $685.2 million to $963.5 million. All this while further reducing risk by completing note modifications and rate reductions for 73 of our 470 SBA borrowers. We shall remain focused and continue our growth." Financial Results Operating Highlights Beginning in Q3 2023, in an effort to proactively service its portfolio and address areas of stress occasioned by the Federal Reserve's rising interest rate policy, the Bank began offering note modifications to certain of its existing SBA borrowers that had been adversely impacted by the Federal Reserve's 525 basis point increase in the prime rate, which modifications provided impacted borrowers with an option to lower both their current loan rates and monthly payments by converting their quarterly variable-rate loans to 5-year fixed-rate loans. In order to accomplish these loan modifications, the Company submitted detailed requests to SBA, resulting in the SBA approving approximately $152.9 million of repurchases of the guaranteed portion of previously sold SBA loans as of the quarter ended March 31, 2024. Through these efforts, the Bank has provided relief to 73 American small businesses during their time of need, on SBA 7(a) loans totaling approximately $166.2 million, with a weighted average rate reduction of 1.53%. The Bank has also elected to retain certain newly originated guaranteed loans. These combined endeavors have resulted in a 27% increase in total retained guaranteed loans during the quarter, from $205.0 million at December 31, 2023, to $259.5 million at March 31, 2024. Excluding repurchased loans, for the quarter ended March 31, 2024, loan originations by the Bank's SBA and Commercial Lending Divisions were $129.3 million and $7.4 million, respectively, totaling $136.6 million, compared to $134.7 million for the prior quarter. Loan sale volume increased 85% to $68.6 million, compared to $37.0 million for the prior quarter, and increased 42%, compared to $48.2 million for the same period in 2023. Gain on sale of loans increased 77% to $2.1 million, compared to $1.2 million for the prior quarter, and increased 4% from $2.0 million for the same period in 2023. Average pretax gain on sale of loans margin decreased to 3.04% during the first quarter, compared to 3.18% for the prior quarter and 4.17% for the same period in 2023. Balance Sheet Review The Company's consolidated liquidity and capital positions remain strong when compared to its peers. For the quarter ended March 31, 2024, the Company's Tangible Common Equity to Tangible Assets ratio was 10.6%. The Bank's Tier 1 leverage ratio was 13.03%, compared to 14.06% for the prior quarter, and 15.97% for the same period in 2023. The increase in Bank capital during the trailing twelve months ended March 31, 2024, was the result of both (i) growth in retained earnings through net income generated, and (ii) the downstream of $2.0 million in additional capital from the holding company, which was completed during Q3 2023. Capital ratios have been offset by the Company's and Bank's significant asset growth. As of March 31, 2024, the Bank had approximately $440 million in available borrowings from the Federal Reserve Bank, the Federal Home Loan Bank, and through its various Fed Funds lines. For the quarter ended March 31, ...