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Company Release - 04/28/2021 GBank Financial Holdings Inc. Announces Quarterly Operating Earnings LAS VEGAS , NV , April 28 , 2021 – GBank Financial Holdings Inc. ( “ GBank " or the " Company " ) ( OTCQX : GBFH ) , the parent company for Bank of George ( the " Bank ” ) , today announced earnings for the first quarter of 2021 of $ 1.04 million , an increase of $ 0.36 million , or 52 % , from the $ 0.68 million for the three months ended March 31 , 2020. Earnings per diluted share increased to $ 0.08 for the three months ended March 31 , 2021 , up $ 0.02 from $ 0.06 for the first quarter of 2020 . Financial Highlights : March 31 , 2021 compared to March 31 , 2020 • Total assets increased by $ 174 million , or 50 % , to $ 520 million . • Net loans increased by $ 88 million , or 37 % , to $ 327 million . • Total deposits increased by $ 154 million , or 54 % , to $ 438 million . Total equity increased by $ 7 million , or 13 % , to $ 66 million . . Book value per share increased by $ 0.60 , or 13 % , to $ 5.39 , up from $ 4.79 . • • Nonperforming assets remain low at 0.24 % of total assets , or 0.06 % net of guarantees . The allowance for loan losses to total loans , excluding PPP and guaranteed loans , increased to 2.15 % . Edward M. Nigro , GBank Executive Chairman , stated “ As we position the company to continue to navigate through the challenges relating to the COVID - 19 pandemic , we are maintaining our extraordinary measures to protect our employees and clients while providing maximum support to all the communities we serve . We are pleased to report continued record growth in all our key business lines and have a positive outlook for continued strong performance for our company as the economy continues its path to reopening . " The Bank's SBA Division continues to set records for new loan origination activity and , on a trailing twelve - month basis through March 31 , 2021 , generated total new loans of approximately $ 202 million , excluding Paycheck Protection Program loans ( “ PPP ” ) . Since its launch in 2015 , the Bank's SBA Division has originated a total of approximately $ 682 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 March 31 , 2021 , the balance of loans in an active deferral status were at approximately $ 27.9 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 March 31 , 2021 , approximately $ 11.7 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 with approximately $ 63.6 million in loans receiving support under this program at March 31 , 2021 .