GBank Financial Holdings Inc(US:GBFH)2025-05-01 16:40Financial Performance - Net income for Q1 2025 was $4.5 million, a decrease of 14.9% from $5.2 million in Q4 2024, but an increase of 20.8% from $3.7 million in Q1 2024[1][16] - Net revenue for Q1 2025 totaled $17.4 million, reflecting a 31.4% increase compared to $13.2 million in Q1 2024, but a slight decrease of 1.1% from $17.6 million in Q4 2024[6][13] - The Company's net income for Q1 2025 was $4.5 million, with earnings per diluted share of $0.31, compared to $5.2 million and $0.37 in Q4 2024, and $3.7 million and $0.29 in Q1 2024[46][47] - Net revenue for the three months ended March 31, 2025, was $17,357,000, an increase from $13,207,000 in the same period last year, representing a growth of 31.5%[58] - Net interest income for the same period was $11,894,000, compared to $10,802,000 a year ago, reflecting an increase of 10.1%[60] - Net income for the quarter was $4.505 million, a decrease from $5.244 million in the previous quarter, indicating a decline of 14.1%[54] - Earnings per share (EPS) for the quarter was $0.31, down from $0.37 in the previous quarter[54] Revenue and Income Sources - Non-interest income reached $5.5 million in Q1 2025, up 131.3% from $2.4 million in Q1 2024, driven by increased credit card net interchange fees[12] - Total interest income for the three months ended March 31, 2025, was $19.409 million, a slight decrease from $19.610 million in the previous quarter[54] - Total other income for the quarter was $5.463 million, down from $5.764 million in the previous quarter[54] Assets and Liabilities - Total assets increased by 6.0% to $1.190 billion as of March 31, 2025, from $1.122 billion as of December 31, 2024, and increased by 23.5% from $963.4 million as of March 31, 2024[26] - Total liabilities of $1,043,396, an increase of 6.3%, or $61,732[52] - Total deposits increased by $189.0 million, or 23.4%, from $806.9 million as of March 31, 2024, to $995.9 million as of March 31, 2025[20] - Total interest-bearing deposits increased to $715.482 million from $678.806 million in the previous quarter, reflecting a growth of 5.0%[56] Equity and Book Value - Stockholders' equity increased to $146.6 million as of March 31, 2025, up from $102.6 million as of March 31, 2024, driven by net income and capital increases from the previous offering[23] - The Company's book value per share was $10.27 as of March 31, 2025, an increase of 4.1% from $9.87 as of December 31, 2024, and an increase of 28.4% from $8.00 as of March 31, 2024[24] Loan and Credit Performance - Total loans, net of deferred fees and costs, increased to $843.4 million as of March 31, 2025, up from $733.6 million as of March 31, 2024[18] - The provision for credit losses on loans totaled $710 thousand for Q1 2025, down from $1.3 million in Q4 2024, with net loan charge-offs of $828 thousand, or 0.39% of average net loans[27] - SBA Lending and Commercial Banking loan originations totaled $133.0 million for Q1 2025, compared to $120.0 million for Q4 2024 and $136.6 million for Q1 2024[33] - Loan originations of $133.0 million, a decrease of 2.7%, or $3.6 million[49] Non-Performing Assets - Non-performing assets totaled $20.4 million as of March 31, 2025, an increase of $6.2 million from $14.2 million as of December 31, 2024, and an increase of $14.2 million from $6.1 million as of March 31, 2024[30] - The ratio of total non-performing assets to total assets was 1.71% as of March 31, 2025, compared to 1.26% as of December 31, 2024, and 0.64% as of March 31, 2024[32] - Total non-performing assets increased to $20,373,000, up from $14,168,000 in the same quarter last year, marking a rise of 43.8%[60] - The allowance for credit losses (ACL) to non-accrual loans ratio was 47.96% for Q1 2025, compared to 65.96% in Q1 2024, indicating a decrease in coverage[58] Operational Efficiency - The company's efficiency ratio was 62.8% in Q1 2025, compared to 55.4% in Q4 2024 and 63.4% in Q1 2024[14] - The efficiency ratio improved to 62.84% in Q1 2025 from 63.41% in Q1 2024, indicating better operational efficiency[58] Employee Metrics - The company had 175 full-time equivalent employees as of March 31, 2025, an increase from 150 employees as of March 31, 2024[17] - The number of employees (FTE) increased to 175 from 150 year-over-year, indicating a growth in workforce[58] Other Key Metrics - The net interest margin for Q1 2025 was 4.47%, down from 4.85% in Q1 2024, reflecting the impact of a 50 basis point decrease in the federal funds rate[10] - The average yield on earning assets was 7.29% for the quarter, compared to 7.53% in the previous quarter[56] - Credit card charge transactions reached $105.6 million for Q1 2025, compared to $51.7 million for Q4 2024 and $1.1 million for Q1 2024[37] - Gaming FinTech deposits averaged $37.1 million for Q1 2025, compared to $30.5 million for Q4 2024[35] - The Company is onboarding three new programs with BCS, expected to be active early in Q2 2025, and has launched the GBank Visa Signature® Card for prime and super-prime consumers[34][36]