$GBFH

GBank Financial Holdings Inc.

CIK:0001791145|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST INCOME
Interest and fees on loans	$ 20,093	$ 17,659	$ 39,051	$ 34,495
Interest on deposits with other financial institutions	1,296	1,365	2,553	2,557
Taxable interest on investment securities	1,326	1,414	2,428	2,695
Other interest bearing balances	14	117	291	217
Total interest income	22,729	20,555	44,323	39,964
INTEREST EXPENSE
Interest on deposits	9,509	7,905	18,402	15,135
Interest on subordinated debt	419	262	929	547
Total interest expense	9,928	8,167	19,331	15,682
Net interest income	12,801	12,388	24,992	24,282
PROVISION FOR CREDIT LOSSES	2,844	1,092	5,137	1,813
Net interest income after provision for credit losses	9,957	11,296	19,855	22,469
NONINTEREST INCOME
Gain on sale of loans	5,544	2,593	9,334	5,130
Loan servicing income	1,248	750	2,246	1,453
Service charges and fees	86	54	144	111
Net interchange fees	1,823	1,535	4,014	3,538
Other income	448	452	865	615
Total noninterest income	9,149	5,384	16,603	10,847
NONINTEREST EXPENSE
Salaries and employee benefits	6,808	6,235	13,558	12,635
Data processing	1,530	1,333	3,419	2,738
Occupancy expense	399	400	809	792
Legal and professional fees	631	571	1,002	1,271
Loan related costs	953	330	1,412	714
Audits and exams	492	397	690	894
Advertising and marketing	397	371	1,227	735
FDIC insurance	155	129	312	251
Credit card fraud loss	51	0	4,265
Other	582	630	1,180	1,273
Total noninterest expense	11,998	10,396	27,874	21,303
INCOME BEFORE PROVISION FOR INCOME TAXES	7,108	6,284	8,584	12,013
Provision for income taxes	1,625	1,486	1,764	2,710
NET INCOME BEFORE EQUITY INVESTMENT LOSS	5,483	4,798	6,820	9,303
Net loss attributable to equity investment	(21)	(43)	(43)	(78)
NET INCOME	$ 5,462	$ 4,755	$ 6,777	$ 9,225
PER COMMON SHARE DATA
Basic earnings per common share	$ 0.38	$ 0.33	$ 0.47	$ 0.65
Diluted earnings per common share	$ 0.38	$ 0.33	$ 0.47	$ 0.63
Weighted-average basic shares outstanding	14,470,352	14,273,433	14,442,745	14,264,794
Weighted-average diluted shares outstanding	14,543,745	14,551,123	14,510,939	14,535,891

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 6,777	$ 9,225
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses	5,137	1,813
Depreciation	132	116
Amortization and writeoff of loan servicing assets	3,037	2,640
Amortization of operating lease right of use assets	440	436
Amortization of subordinated debt issuance costs	50	38
Credit card fraud loss	4,265	0
Investment securities amortization and accretion, net	(797)	(368)
Stock compensation expense	1,272	1,148
Gain on sale of loans	(9,334)	(5,130)
Gross originations of loans held for sale	(204,205)	(171,804)
Proceeds from sale of loans held for sale	203,627	160,941
Income from bank owned life insurance	(610)	(210)
Net change in deferred income taxes	(200)	32
(Decrease) increase in other assets	9,501	(3,635)
Net change in operating lease liability	(375)	(372)
Increase (decrease) in accrued interest payable and other liabilities	(1,300)	307
Net cash used in operating activities	17,417	(4,823)
Cash flows from investing activities:
Purchases of premises and equipment	(385)	(51)
Purchase of securities available for sale	(51,929)	(21,903)
Maturities and repayments of investment securities available for sale	6,248	5,152
Maturities and repayments of investment securities held to maturity	0	1,031
Purchase of FHLB stock	(284)	(861)
Net change in loans	(95,312)	(57,394)
Net cash used in investing activities	(141,662)	(74,026)
Cash flows from financing activities:
Net increase in deposits	63,036	97,384
Net change in short-term borrowings	(371)	0
Subordinated debt advances	10,509	0
Subordinated debt redemption	(6,394)	0
Proceeds from repayment of stock option loans	0	548
Net proceeds from issuance of common stock	930	24
Net cash provided by financing activities	67,710	97,956
Net (decrease) increase in cash and cash equivalents	(56,535)	19,107
Cash and cash equivalents beginning of period	197,864	124,122
Cash and cash equivalents end of period	141,329	143,229
Supplemental disclosures of cash flow information:
Cash payments for interest	18,999	15,796
Cash payments for income tax	256	1,543
Supplemental schedule of noncash investing and financing activities
Right of use asset and lease liabilities	0	1,654
Loans transferred to other real estate owned	1,262	3,400
Loans held for sale transferred to held for investment	10,256	0
Credit card fraud losses	$ 4,265	$ 0

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 6,726,000	$ 5,326,000
Interest-bearing deposits with other financial institutions	134,603,000	192,538,000
Total cash and cash equivalents	141,329,000	197,864,000
Investment securities:
Available for sale, at fair value (amortized cost of $117,538 at June 30, 2026 and $71,061 at December 31, 2025)	115,018,000	71,038,000
Loans held for sale	50,848,000	46,009,000
Loans, net of deferred fees and costs	1,047,352,000	959,269,000
Less: Allowance for credit losses	(12,418,000)	(9,890,000)
Loans, net	1,034,934,000	949,379,000
Premises and equipment, net	1,346,000	1,094,000
Operating lease right-of-use asset	4,857,000	5,297,000
Bank-owned life insurance	30,614,000	30,004,000
Loan servicing assets, net	12,270,000	11,140,000
Federal Home Loan Bank stock, at cost	5,797,000	5,513,000
Other real estate owned	5,663,000	4,401,000
Other assets	29,026,000	37,752,000
Total Assets	1,431,702,000	1,359,491,000
Deposits:
Noninterest-bearing demand	233,444,000	214,127,000
Interest-bearing demand	65,995,000	70,966,000
Savings	353,065,000	289,038,000
Time	553,227,000	568,564,000
Total deposits	1,205,731,000	1,142,695,000
Short-term borrowings	0	371,000
Subordinated Debt	30,328,000	26,163,000
Operating lease liability	5,382,000	5,757,000
Other liabilities	17,451,000	18,750,000
Total liabilities	1,258,892,000	1,193,736,000
Commitments and Contingencies (Note 10)
Stockholders' Equity:
Common stock, par value $0.0001; 80,000,000 shares authorized; 14,470,352 shares issued and outstanding at June 30, 2026 and 14,385,226 shares issued and outstanding at December 31, 2025	1,000	1,000
Additional paid-in capital	82,606,000	80,405,000
Retained earnings	92,143,000	85,366,000
Accumulated other comprehensive loss	(1,940,000)	(17,000)
Total Stockholders' Equity	172,810,000	165,755,000
Total Liabilities and Stockholders' Equity	$ 1,431,702,000	$ 1,359,491,000