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Company Release - 07/22/2021 GBank Financial Holdings Inc. Announces Quarterly Operating Earnings LAS VEGAS , NV , July 22 , 2021 GBank Financial Holdings Inc. ( " GBank " or the " Company " ) ( OTCQX : GBFH ) , the parent company for Bank of George ( the “ Bank ” ) , today reported earnings increased 222 % to $ 3.36 million , or $ 0.26 per diluted share for the second quarter of 2021 , compared to $ 1.04 million , or $ 0.08 per diluted share for the first quarter of 2021. Year - to - date through June 30 , 2021 , earnings increased 199 % to $ 4.40 million , or $ 0.34 per diluted share , compared to $ 1.47 million or $ 0.12 per diluted share for the year - to - date period ending June 30 , 2020 . Second Quarter Financial Highlights ( for the quarterly period ended and at June 30 , 2021 ) • • • • • Net income increased 222 % to $ 3.36 million , compared to Q1 2021 . Earnings per diluted share were $ 0.26 , compared to $ 0.08 for Q1 2021 . Allowance for loan losses was $ 5.86 million , compared to $ 5.41 million at March 31 , 2021 . Net interest margin was 3.21 % , compared to 3.53 % for Q1 2021 . Total net revenues ( net interest income plus noninterest income ) increased 62 % to $ 10.3 million , compared to $ 6.3 million for Q1 2021 . Noninterest income increased 156 % to $ 6.01 million , compared to $ 2.34 million for Q1 2021 . Return on average assets was 2.49 % , compared to 0.86 % for Q1 2021 . • • • Return on average equity was 19.79 % , compared to 6.39 % for Q1 2021 . • • • Total assets increased 4.35 % to $ 543 million , compared to $ 520 million at March 31 , 2021 . Interest income on loans increased 5.77 % to $ 4.55 million , compared to $ 4.30 million for Q1 2021 . Total deposits increased 5.57 % to $ 462 million , compared to $ 438 million at March 31 , 2021 . Book value was $ 5.67 per share , compared to $ 5.39 per share at March 31 , 2021 . Edward M. Nigro , GBank Executive Chairman , stated “ Our performance in the second quarter reflects years of planning , work , and growth of our primary business models ; outstanding implementation by our management team and staff ; and the continued economic recovery from COVID . " Covid - 19 Response The Company continues to administer several pandemic programs to assist its clients with their financial needs and remains committed to helping its clients who have been affected by the declining economic activity or other challenges related to the pandemic . 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 the Bank's communities and clients . Under this plan , the Bank offered all 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 were no longer considered as being in an active deferral status . At June 30 , 2021 , the Bank no longer had any loans in deferral under this program .