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Company Release - 02/1/2021 G GBank Financial Holdings Inc. GBank Financial Holdings Inc. Announces Record Quarterly Operating Earnings LAS VEGAS , NV , February 1 , 2021 – GBank Financial Holdings Inc. ( “ GBank ” or the “ Company ” ) ( OTCQX : GBFH ) , the parent company for Bank of George ( the “ Bank ” ) , today announced record earnings for the fourth quarter of 2020 of $ 3.6 million , an increase of $ 2.2 million , or 153 % , from the $ 1.4 million for the three months ended December 31 , 2019. Earnings per diluted share increased to $ 0.25 for the three months ended December 31 , 2020 , up $ 0.11 from $ 0.14 for the fourth quarter of 2019. For the year ended December 31 , 2020 , GBank reported net income of $ 6.9 million , an increase of $ 1.6 million , or 29 % , from $ 5.3 million for the year ended December 31 , 2019. Earnings per diluted share increased to $ 0.55 for the year ended December 31 , 2020 , up $ 0.01 from $ 0.54 for 2019 . Financial Highlights : December 31 , 2020 compared to December 31 , 2019 • • Net loans increased by $ 75 million , or 33 % , to $ 302 million . Total assets increased by $ 127 million , or 37 % , to $ 471 million . Total deposits increased by $ 92 million , or 31 % , to $ 389 million . • Total equity increased by $ 22 million , or 51 % , to $ 65 million . • • Book value per share increased by $ 0.85 , or 19 % , to $ 5.30 , up from $ 4.45 . Nonperforming assets as a percentage of total assets remained at 0.00 % . The allowance for loan losses to total loans , excluding PPP and guaranteed loans , increased to 2.08 % . Edward M. Nigro , GBank Executive Chairman , stated " As we continue to navigate through the challenges relating to the COVID - 19 pandemic , the company continues to take extraordinary measures to protect our employees and clients while providing maximum support to all the communities we serve . We are pleased to report that , despite these challenges , our combined efforts generated the highest operating earnings for any single quarter or year in the history of the company . " The Bank's SBA Division set a record for new loan origination activity during 2020 with approximately $ 196 million in total loans originated , excluding Paycheck Protection Program loans ( “ PPP ” ) . This 2020 loan production amount is up 29 % from the total loan originations of approximately $ 152 million during 2019. Since its launch in 2015 , the Bank's SBA Division has originated a total of approximately $ 645 million in total loans . Beginning in March 2020 , and with 100 % of loan portfolios performing as agreed , the Bank was able to implement the Bank of George Business Relief Plan . This bold initiative utilized the Company's sizable financial strength to support all of the Bank's communities and clients . Under this plan , the Bank offered all of its borrowers optional three and six - month payment deferrals for full principal and interest . As the payment deferral status ended , borrowers resumed making their scheduled payments and are no longer considered as being in an active deferral status . At December 31 , 2020 , the balance of loans in an active deferral status had declined to approximately $ 19.1 million . A key provision of the CARES Act was the SBA Debt Relief Program , whereby the SBA makes six months of principal and interest payments on qualifying existing and new SBA loans . This has been an incredibly powerful resource for SBA borrowers and , with all the Bank's SBA 7 ( a ) loans in regular payment status , nearly all of the Bank's SBA borrowers were able to benefit . As of December 31 , 2020 , approximately $ 34 million in the Bank's loans were continuing to receive support under this program . Moreover , under the Economic Aid Act , continuing SBA payment support of up to $ 9,000 per month is anticipated for a significant majority of the Bank's SBA 7 ( a ) loan portfolio . As an SBA PLP lender , the Bank has also been able to play a critical role in offering loans through the SBA Paycheck Protection Program ( “ PPP ” ) . During 2020 , the Bank approved and funded approximately $ 58 million to 360 individual small businesses and non - profits . These vital funds supported keeping nearly 5,000 employees on the payroll . PPP Loans as of December 31 , 2020 were approximately $ 45 million . The Bank is also working actively on its Second 1/2