Form 8-K

8-K — GBank Financial Holdings Inc.

Accession: 0001193125-26-323761

Filed: 2026-07-29

Period: 2026-07-24

CIK: 0001791145

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — gbfh-20260724.htm (Primary)

EX-99.1 (gbfh-ex99_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: gbfh-20260724.htm · Sequence: 1

8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 24, 2026

GBank Financial Holdings Inc.

(Exact name of Registrant as Specified in Its Charter)

Nevada

001-42621

82-3869786

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

9115 West Russell Road

Suite 110

Las Vegas, Nevada

89148

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (702) 851-4200

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

GBFH

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 29, 2026, GBank Financial Holdings Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the Company’s press release covering such announcement and certain other matters is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference into any filing or other document pursuant to the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 24, 2026, Jeffrey E. Whicker had a separation of service from his positions as Executive Vice President and Chief Financial Officer of GBank Financial Holdings Inc. (the “Registrant”) and GBank (the “Bank”), the Registrant’s wholly-owned subsidiary.

Pursuant to the Mr. Whicker's Employment Agreement dated August 1, 2022, Mr. Whicker is entitled to certain severance and other benefits in connection with the separation of service of his employment, including continued base salary for twelve months and continued participation in certain benefit plans, in each case subject to the terms and conditions of the Employment Agreement.

The board of directors of Registrant previously designated Olivia M. Caley as the Company’s Principal Financial Officer for purposes of the Company’s filings under the Securities Exchange Act of 1934, and Ms. Caley will continue to serve in that capacity while the Registrant conducts a search for a new Chief Financial Officer.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press Release dated July 29, 2026, reporting the Company's financial results for the second quarter ended June 30, 2026

104 Cover Page Interactive Data File (formatted as Inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GBANK FINANCIAL HOLDINGS INC.

Date:

July 29, 2026

By:

/s/ Edward M. Nigro

Edward M. Nigro

Executive Chairman and Chief Executive Officer

EX-99.1

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EX-99.1

Exhibit 99.1

Company Release – 07/29/2026

GBank Financial Holdings Inc. Announces Second Quarter 2026 Financial Results

LAS VEGAS, NV, July 29, 2026 -- GBank Financial Holdings Inc. (the “Company”) (NASDAQ: GBFH), the parent company of GBank (the “Bank”), today reported net income of $5.5 million, or $0.38 per diluted share, for the quarter ended June 30, 2026, compared to $1.3 million, or $0.09 per diluted share during the first quarter of 2026, and $4.8 million, or $0.33 per diluted share, for the second quarter of 2025. For the six months ended June 30, 2026, net income was $6.8 million, or $0.47 per diluted share, compared to $9.2 million, or $0.65 per diluted share, for the comparable six-month period of 2025. Excluding the impact of credit card fraud losses recorded during the first quarter of 2026, adjusted net income(1) for the six months ended June 30, 2026 was $10.1 million, or $0.69 adjusted diluted earnings per share(1).

Second Quarter 2026 Comments (Unaudited)

•

Net revenue(1) of $22.0 million, a record quarter for the Company, and an 11.7% increase compared to the first quarter of 2026

•

Pre-provision net revenue(1) of $10.0 million, up $6.2 million from $3.8 million for the first quarter of 2026

•

Total assets under management, including $1.2 billion of sold loans for which servicing is retained, were $2.6 billion as of June 30, 2026

•

Net Interest Margin declined to 3.78% from 3.86% in the quarter ended March 31, 2026. A decline in yield on Loans and Loans Held For Sale (“Loans”) to 7.31% from 7.38% was the primary driver of this decline, however average balances of Loans increased $60.5 million in the quarter resulting in an increase in interest income on Loans of $1.1 million over the previous quarter.

•

Gain on loan sales of $5.5 million on loans sold of $110.1 million, compared to gain on loan sales of $3.8 million on loans sold of $79.0 million for the first quarter of 2026

•

Gain on loan sales margin(1) of 5.04% compared to 4.79% for the first quarter of 2026

•

U.S. Small Business Administration (“SBA”) lending and commercial banking loan originations of $132.3 million, compared to $208.1 million for the first quarter of 2026

•

Non-performing assets, excluding guaranteed portions(1), of $23.3 million as of June 30, 2026, representing 1.63% of total assets compared to $13.2 million as of March 31, 2026, representing 0.70% of total assets

Comments from Ed Nigro, Executive Chairman and CEO

“First, I want to welcome GBank President/CEO and Director, Jeff Newgard. Since June 8th, we have hit the ground running and he has my utmost respect and admiration – he is a valued addition and I’m confident we are going to achieve great things together.”

“Also, despite several near-term challenges during the quarter, the core bank remains fundamentally strong with substantive growth. We generated record revenues, maintained strong loan production, and continue to originate high-quality assets at attractive yields. While elevated nonperforming assets, retail credit card delinquencies, and net interest margin pressure impacted quarterly results, we have taken decisive actions to strengthen credit administration, optimize our balance sheet, and position the Bank for improved financial performance going forward,” continued Mr. Nigro.

“Most importantly, the recently announced BVNKROLL/AXES agreement is a significant accomplishment and requires additional comment. First, within 90 days of announcing the formation of the BVNKROLL – a joint venture equally owned by BoltBetz and our affiliate BCS, owned 32.99% by GBFH, we have our first signed client contract. Second, AXES is a cloud-based all-digital casino management platform. By incorporating our complete payment solution into the AXES intelligent management system (IMS), AXES will be giving their operating customers something no legacy CMS has ever offered: a single, real-time payments process that spans the gaming floor, the digital wallet, and the financial transaction, all in one platform.This agreement validates the BVNKROLL business strategy and is the first step towards imbedding GBank into the cashless payments operations of the bricks and mortar casino industry. AXES currently serves sixty-seven gaming operators and distributors across twelve states, has a global footprint spanning over thirty countries and millions of customers. GBank, BCS and BVNKROLL could not be more enthusiastic about this agreement,” concluded Mr. Nigro.

Financial Results

Income Statement

Net interest income totaled $12.8 million for the second quarter of 2026, reflecting an increase of $610 thousand, or 5.0%, compared to $12.2 million for the first quarter of 2026, and an increase of $413 thousand, or 3.3%, compared to the second quarter of 2025.

The increase in net interest income when compared to both the first quarter of 2026 and the same quarter of 2025 was primarily volume driven, as higher interest income from growth in average loan, interest-bearing cash balances, and investments more than offset increases in interest expense resulting from higher average balances of interest-bearing deposits.

The yield on investment securities was 4.64% for the second quarter of 2026, compared to 4.39% for the first quarter of 2026 and 4.73% for the second quarter of 2025. The increase in investment yield when compared to the prior quarter was the result of the full-quarter impact of $51.6 million of available for sale mortgage-backed securities purchased during the first quarter of 2026, as well as $7.9 million of available for sale mortgage-backed securities purchased during the second quarter of 2026. The change when compared to the previous year was the result of changing investment mix over the previous twelve month period designed to address asset-liability management objectives.

The Company’s net interest margin for the second quarter of 2026 was 3.78%, compared to 3.86% for the first quarter of 2026 and 4.31% for the second quarter of 2025. The decrease in net interest margin during the second quarter of 2026 when compared to the previous quarter was the result of both (i) a decline in the yield on loans to 7.31% from 7.38%, and (ii) the first quarter of 2026 reflecting a one-time special dividend on restricted stock held at the Federal Home Loan Bank of San Francisco ("FHLB") of $158 thousand while simultaneously lowering future dividend rates from 8.75% to 4.75%. The year-over-year decline in quarterly net interest margin reflects the impact of a cumulative 75 basis point reduction in the target federal funds rate on the Company’s variable-rate loan portfolio over the preceding twelve months.

The Company recorded a provision for credit losses on loans of $2.8 million for the second quarter of 2026, compared to $2.3 million of provision expense recorded during the first quarter of 2026, and $1.1 million of provision expense recorded during the second quarter of 2025. Please refer to information under the heading "Asset Quality" for more information regarding the provision for credit losses.

Non-interest income was $9.1 million for the second quarter of 2026, compared to $7.5 million for the first quarter of 2026, and $5.4 million for the second quarter of 2025. The increase of $1.6 million when compared to the first quarter of 2026 was primarily due to increases in net gains on sale of loans of $1.7 million. The $3.8 million increase in non-interest income during the second quarter of 2026 when compared to the second quarter of 2025 was primarily due to an increase in net gains on sales of loans of $3.0 million as well as increases of $498 thousand in loan servicing income and $288 thousand in net interchange fees.

Net revenue(1) totaled $22.0 million for the second quarter of 2026, representing an increase of $2.3 million, or 11.7%, compared to $19.6 million for the first quarter of 2026. Net revenue for the second quarter of 2026 increased $4.2 million, or 23.5%, when compared to $17.8 million for the second quarter of 2025.

Non-interest expense was $12.0 million during the second quarter of 2026, compared to $15.9 million for the first quarter of 2026 and $10.4 million for the second quarter of 2025. The quarter-over-quarter decrease in non-interest expense was principally due to $4.2 million of third-party credit card fraud expense recorded during the first quarter of 2026.

The Company’s efficiency ratio was 54.7% for the second quarter of 2026, compared to 80.8% for the first quarter of 2026 and 58.5% for the second quarter of 2025. The higher efficiency ratio for the first quarter of 2026 was due primarily to the $4.2 million of third-party credit card fraud expense recorded as a component of non-interest expense.

Income tax expense was $1.6 million for the quarter ended June 30, 2026, compared to $139 thousand for the first quarter of 2026, and $1.5 million for the second quarter of 2025. The Company’s effective tax rate was 22.9% for the quarter ended June 30, 2026, compared to 9.4% for the quarter ended March 31, 2026, and 23.2% for the quarter ended June 30, 2025. Fluctuations in the effective tax rate are primarily driven by the timing and magnitude of certain stock-based compensation transactions that generate tax benefits for the Company, as well as changes in pre-tax earnings.

Net income was $5.5 million for the second quarter of 2026, an increase of $4.1 million from $1.3 million for the first quarter of 2026, and an increase of $707 thousand from $4.8 million during the second quarter of 2025. Diluted earnings per share were $0.38 for the second quarter of 2026, compared to $0.09 for the first quarter of 2026 and $0.33 for the second quarter of 2025.

(1) See Reconciliation of Non-GAAP Financial Measures

Balance Sheet

Total assets were $1.4 billion as of both June 30, 2026 and March 31, 2026, an increase of 16.2% from $1.2 billion as of June 30, 2025. The increase in total assets from June 30, 2025 was primarily driven by increases in loans and other assets. Total assets under management, including $1.2 billion of sold loans for which servicing is retained, totaled $2.6 billion as of June 30, 2026.

The investment securities portfolio increased by $3.7 million during the second quarter of 2026 primarily due to the purchase of two available for sale investment securities totaling $8.0 million. This increase was partially offset by principal paydowns.

Total loans, net of deferred fees and costs, were $1.0 billion as of June 30, 2026 and March 31, 2026, and $871.6 million as of June 30, 2025. Loans, net of deferred fees and costs increased $22.2 million during the second quarter of 2026 primarily due to an increase of $22.3 million in commercial real estate loans. The increase in loans, net of deferred fees and costs, of $175.7 million from June 30, 2025, was driven by an increases of $159.3 million in commercial real estate loans and $21.7 million in commercial and industrial loans. Total government guaranteed loans as a percentage of total loans(1) were 16.7% as of June 30, 2026, compared to 17.3% as of March 31, 2026, and 22.1% as of June 30, 2025.

The Company’s allowance for credit losses totaled $12.4 million as of June 30, 2026, compared to $10.8 million as of March 31, 2026, and $9.2 million as of June 30, 2025. Please refer to information under the heading "Asset Quality" for more information regarding the allowance for credit losses.

Deposits totaled $1.2 billion as of June 30, 2026 and March 31, 2026, an increase of $173.3 million from $1.0 billion as of June 30, 2025. The increase of $34.8 million from the prior quarter was driven by increases in non-interest bearing demand and savings and money market balances of $18.4 million and $71.6 million, respectively, due primarily to the expansion of existing customer relationships. These increases were partially offset by decreases of $13.2 million in interest bearing demand and $42.1 million in certificates of deposits. The increase compared to June 30, 2025 was driven by growth across all categories of deposits.

The Company’s ratio of loans to deposits was 86.9% as of June 30, 2026, compared to 87.5% as of March 31, 2026, and 84.4% as of June 30, 2025.

The Company had no short-term borrowings as of June 30, 2026, March 31, 2026, and June 30, 2025. As of June 30, 2026, the Company had approximately $457.5 million in available borrowing capacity from the Federal Reserve Bank of San Francisco, the Federal Home Loan Bank of San Francisco, and through its various fed funds lines of credit with its correspondent banks.

Subordinated notes outstanding totaled $30.3 million as of June 30, 2026 and March 31, 2026 and $26.1 million as of June 30, 2025. The year-over-year increase reflects the issuance of $11.0 million of subordinated debt issued in January 2026 maturing on January 15, 2036. This increase was partially offset by the redemption of $6.5 million of subordinated debt originally issued in 2020.

Stockholders’ equity was $172.8 million as of June 30, 2026, compared to $167.6 million as of March 31, 2026, and $151.7 million as of June 30, 2025. The increase in stockholders’ equity when compared to both the prior quarter and the prior year is attributable to increases in retained earnings resulting from net income earned during each respective period.

The Company’s ratio of common equity to total assets was 12.07% as of June 30, 2026 compared to 12.03% as of March 31, 2026 and 12.30% as of June 30, 2025. The Bank’s Tier 1 leverage ratio was 13.2% as of June 30, 2026 and March 31, 2026, and 13.8% as of June 30, 2025. The Company’s book value per share was $11.94 as of June 30, 2026, an increase of 3.1% from $11.58 as of March 31, 2026, and an increase of 12.3% from $10.63 as of June 30, 2025.

Asset Quality

The Company recorded a provision for credit loss expense for loans of $2.8 million for the second quarter of 2026, compared to $2.3 million recorded during the first quarter of 2026 and $1.1 million of provision expense recorded during the second quarter of 2025. The provision for credit losses for loans during the second quarter of 2026 reflects (i) $1.2 million of charge offs recorded during the second quarter of 2026 for certain commercial real estate - owner occupied, commercial real estate - non-owner occupied, and commercial and industrial loans, (ii) an increase of $919 thousand related to specific reserves on individually evaluated commercial real estate - owner occupied, commercial real estate - non-owner occupied, and commercial and industrial loans, and (iii) an increase in reserve for credit cards of $771 thousand due to elevated delinquency levels of the non-gaming credit card holders.

(1) See Reconciliation of Non-GAAP Financial Measures

The Company’s allowance for credit losses totaled $12.4 million as of June 30, 2026, compared to $10.8 million as of March 31, 2026, and $9.2 million as of June 30, 2025. The allowance for credit losses as a percentage of total loans was 1.19% as of June 30, 2026, compared to 1.05% as of March 31, 2026 and 1.06% as of June 30, 2025. The allowance for credit losses as a percentage of total loans, excluding government guaranteed portions(1), was 1.42% as of June 30, 2026, compared to 1.27% as of March 31, 2026, and 1.36% as of June 30, 2025. The increase in this ratio was largely driven by an increase in specific reserves assigned to collateral-dependent non-performing loans.

Net loan charge offs in the second quarter of 2026 totaled $1.2 million, or 0.42% of average net loans (annualized), compared to net loan charge offs of $1.5 million, or 0.57% of average net loans (annualized) in the first quarter of 2026 and $870 thousand of net loan charge offs, or 0.38% of average net loans (annualized) during the second quarter of 2025.

The balance of other real estate owned increased to $5.7 million as of June 30, 2026 compared to $4.4 million as of March 31, 2026. The Company had no other real estate owned as of June 30, 2025. The increase in other real estate owned during the second quarter of 2026 was attributable to the completion of foreclosure proceedings on two commercial real estate - non-owner occupied properties totaling $2.0 million. This increase was partially offset by the sale of one commercial real estate - non-owner occupied property during the second quarter of 2026 totaling $765 thousand.

Non-performing assets totaled $60.2 million as of June 30, 2026, an increase of $16.0 million from $44.1 million as of March 31, 2026, and an increase of $41.8 million from $18.4 million as of June 30, 2025. The increase was driven by $14.7 million of commercial real estate and commercial and industrial loans transferred to nonaccrual status during the quarter. These loans are primarily collateralized by hotel/motel properties, business assets, and single-family residential properties. Contributing to the increase was the addition of $4.3 million of loans ninety days past due and accruing, comprised of certain commercial real estate, commercial and industrial, and consumer loans.

Our non-performing assets to total assets ratio was 4.20% as of June 30, 2026, compared to 3.17% as of March 31, 2026, and 1.49% as of June 30, 2025. At June 30, 2026, this ratio includes government guaranteed balances of $36.9 million in the balance of non-performing assets (numerator). Excluding the government guaranteed portion of non-performing assets(1), total at-risk non-performing assets were $23.3 million as of June 30, 2026 and the ratio of non-performing assets excluding the government guaranteed portion(1) reflects 1.63% of total assets.

The Company continuously monitors its non-performing asset portfolio and believes the financial risk related to these assets is well contained. In making this assessment, it is important to consider the process we undertake when a collateralized SBA non-performing asset requires collection efforts. Historically, we have repurchased the sold portion of the government guaranteed loan to complete the foreclosure and resale of the property. This process immediately increases the non-performing asset balance on our balance sheet to include the government guaranteed portion – thus the importance of always adjusting for the government guaranteed portion of the non-performing assets as well as considering our “off balance sheet” assets consisting of the sold portion of USDA and SBA guaranteed loans of $1.2 billion that increase our total assets under management to $2.6 billion. During the second quarter of 2026, we began transitioning to a process whereby the USDA or SBA will repurchase the sold portion of the non-performing loan.

Other Financial and Operational Highlights

SBA Lending and Commercial Banking

SBA lending and commercial loan originations totaled $132.3 million during the second quarter of 2026, compared to $208.1 million for the first quarter of 2026 and $160.7 million for the second quarter of 2025.

We continue to see improvement in our pretax gain on sale of loans margin as the average pretax gain on sale of loans margin was 5.04% for the second quarter of 2026, compared to 4.79% for the first quarter of 2026, and 3.16% for the second quarter of 2025. This improvement in pricing quarter-over-quarter, along with the volume increase of $31.0 million in loan sales, resulted in a 46.3% increase in gain on sale of loans when compared to the first quarter of 2026.

(1) See Reconciliation of Non-GAAP Financial Measures

Gaming and Financial Technology Operations

Our Gaming and Financial Technology businesses continue their transition from development to commercialization and scale. During the quarter, Bankroll LLC ("BVNKROLL"), our partner through our equity investment in BankCard Services, LLC ("BCS"), entered into an agreement with AXES AI that expands the availability of our slot and gaming payments platform to sixty-seven operators across twelve states. In addition, AXES' Intelligent Management System ("AXES IMS") platform may provide future growth opportunities for the expansion of our payments and account infrastructure.

Credit Card

Gaming-related credit card transaction volume declined to $84.2 million during the second quarter following the decision by certain major sports betting operators and their affiliates to discontinue credit cards as a funding source. While the number of active cardholders remained relatively stable, transaction activity among higher-limit sports and iGaming customers moderated during the quarter. Based on current activity levels, we anticipate quarterly transaction volume with these operators to stabilize in the range of approximately $45 million to $50 million. We believe the introduction of our Visa Prepaid Card program may provide an alternative funding source for our customers.

During the quarter, we recorded an additional provision for credit losses of approximately $771,000 related to retail credit card delinquencies. These accounts were primarily generated through a direct-mail marketing campaign that was discontinued last year. We do not currently market to retail credit card customers, and the size of this portfolio continues to decline. We expect the combination of a shrinking portfolio and enhanced collection procedures to contribute to improved credit performance over time.

Despite the recent decline in sports betting-related transaction volume, we continue to believe there is a significant opportunity for gaming-focused credit products within traditional casino and distributed gaming markets. We intend to integrate both our credit and prepaid card products as funding sources within BVNKROLL and BoltBetz-supported wallet platforms, which we believe may provide additional opportunities for transaction, deposit, and fee-based revenue.

Visa Prepaid Card

Our Visa Prepaid Card program is currently in testing, with commercial launch expected during the fourth quarter of 2026. The card will be integrated with GBank's PPA infrastructure, providing account functionality and connectivity within our gaming payments ecosystem.

The card will also be integrated into BVNKROLL-supported wallet platforms, enabling customers to move funds between participating gaming operators and affiliated payment channels. We believe this product will enhance our gaming payments offering and provide additional opportunities for transaction, deposit, and fee income growth.

BVNKROLL

During the first quarter, we announced the formation of the BVNKROLL/BCS joint venture. During the second quarter, BVNKROLL further expanded its potential market reach through its agreement with AXES AI.

The AXES relationship reflects the distinction between our BoltBetz and BVNKROLL platforms. BoltBetz operates as a direct-to-operator platform through which we manage operator relationships and the patron experience. BVNKROLL functions as an infrastructure platform that enables enterprise partners to utilize our technology and banking infrastructure while maintaining ownership of operator relationships, branding, marketing, and business development activities. As additional operators are added through the AXES platform, new patron PPA accounts may be established with GBank without requiring corresponding incremental direct marketing expenditures by the Company.

BoltBetz

During the second quarter of 2026, Terrible's Gaming received approval from the Nevada Gaming Control Board to deploy the BoltBetz platform with GBank holding player funds. The approval was received approximately 60 days after application submission which is reflective of the prior approved BoltBetz/GBank process.

The BoltBetz deployment at Distill Taverns continues to provide meaningful data regarding patron adoption and usage patterns. Following the implementation of Version 2 platform enhancements, customer registrations increased approximately fourfold. Initial operating results indicate limited customer resistance to identity verification requirements necessary for regulatory compliance. Current efforts are focused on increasing customer registrations, visit frequency, and patron engagement as deployment continues to expand.

Earnings Call

The Company will host its second quarter 2026 earnings call on Wednesday, July 29, 2026 at 2:00 p.m. PST. Interested parties can participate remotely via Internet connectivity. There will be no physical location for attendance.

Interested parties may register for the event using this link:

https://gbank-financial-earnings-q226.open-exchange.net/registration

About GBank Financial Holdings Inc.

GBank Financial Holdings Inc. is a bank holding company headquartered in Las Vegas, Nevada and is listed on the Nasdaq Capital Market under the symbol “GBFH.” Through our wholly owned bank subsidiary, GBank, we operate two full-service commercial branches in Las Vegas, Nevada to provide a broad range of business, commercial and retail banking products and services to small businesses, middle-market enterprises, public entities and affluent individuals in Nevada, California, Utah, and Arizona. Please visit www.gbankfinancialholdings.com for more information.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.

We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.

Available Information

The Company routinely posts important information for investors on its web site (under www.gbankfinancialholdings.com and, more specifically, under the News & Media tab at www.gbankfinancialholdings.com/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect the Company’s current views with respect to future events and the Company’s financial performance. Any statements about the Company’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases, and include, but are not limited to, statements made by Mr. Nigro. The Company cautions that the forward-looking statements in this press release are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Factors that could cause such changes include, but are not limited to, (i) the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; (ii) potential recession in the United States and our market areas; (iii) the impacts related to or resulting from uncertainty in the banking industry as a whole; (iv) increased competition for deposits in our market areas and related changes in deposit customer behavior; (v) the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; (vi) the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; (vii) the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; (viii) changes in unemployment rates in the United States and our market areas; (ix) adverse changes in customer spending and savings habits; (x) declines in commercial real estate values and prices; (xi) a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding United States fiscal debt, deficit and budget matters; (xii) cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; (xiii) severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of the policies of the current U.S. presidential administration or Congress; (xiv) the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts and the resulting impact on the Company and its customers; (xv) competition and market expansion opportunities; (xvi) changes in non-interest expenditures or in the anticipated benefits of such expenditures; (xvii) the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; (xviii) current or future litigation, regulatory examinations or other legal and/or regulatory actions; and (xix) changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which the Company’s business and future financial performance are subject is contained in the Company’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2025 and other documents the Company files with the SEC from time to time. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which the Company is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law.

For Further Information, Contact:

GBank Financial Holdings Inc.

Edward M. Nigro

Executive Chairman and CEO

702-851-4200

enigro@g.bank

GBank Financial Holdings Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

Linked Quarter

Quarter Year-Over-Year

6/30/26 vs. 3/31/26

6/30/26 vs. 6/30/25

($’s in 000, except per share data)

June 30, 2026

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

$ Var

% Var

$ Var

% Var

Assets

Cash and Due From Banks

6,726

4,960

5,326

4,988

11,877

1,766

35.6

(5,151

)

-43.4

Interest-Bearing Deposits With Other Financial Institutions

134,603

103,134

192,538

98,402

131,352

31,469

30.5

3,251

2.5

Total Cash and Cash Equivalents

141,329

108,094

197,864

103,390

143,229

33,235

30.7

(1,900

)

-1.3

Investment Securities:

Available For Sale, at Fair Value

115,018

111,320

71,038

85,774

82,886

3,698

3.3

32,132

38.8

Held to Maturity, at Amortized Cost

38,578

39,515

0.0

(39,515

)

-100.0

Loans Held For Sale

50,848

74,507

46,009

66,791

45,242

(23,659

)

-31.8

5,606

12.4

Loans, Net of Deferred Fees and Costs:

Commercial and Industrial

80,766

81,623

80,216

66,226

59,021

(857

)

-1.0

21,745

36.8

Commercial Real Estate - Non-owner Occupied

849,634

823,966

750,565

743,084

682,021

25,668

3.1

167,613

24.6

Commercial Real Estate - Owner Occupied

88,216

91,578

94,576

97,396

96,526

(3,362

)

-3.7

(8,310

)

-8.6

Construction and Land Development

2,255

2,270

2,288

2,115

4,371

(15

)

-0.7

(2,116

)

-48.4

Multifamily

18,836

18,930

18,950

18,979

18,987

(94

)

-0.5

(151

)

-0.8

Residential

1,284

816

1,316

3,828

6,810

468

57.4

(5,526

)

-81.1

Consumer

6,361

5,953

11,358

8,963

3,894

408

6.9

2,467

63.4

Total Loans, Net of Deferred Fees and Costs

1,047,352

1,025,136

959,269

940,591

871,630

22,216

2.2

175,722

20.2

Less: Allowance for Credit Losses

(12,418

)

(10,755

)

(9,890

)

(10,577

)

(9,205

)

(1,663

)

15.5

(3,213

)

34.9

Total Net Loans

1,034,934

1,014,381

949,379

930,014

862,425

20,553

2.0

172,509

20.0

Loan Servicing Asset

12,270

11,376

11,140

10,621

9,736

894

7.9

2,534

26.0

Restricted Investment in Bank Stock

5,797

5,513

284

5.2

284

5.2

All Other Assets

71,506

68,621

78,548

60,697

43,878

2,885

4.2

27,628

63.0

Total Assets

1,431,702

1,393,812

1,359,491

1,301,378

1,232,424

37,890

2.7

199,278

16.2

Liabilities

Non-Interest Bearing Demand

233,444

215,063

214,127

227,921

228,913

18,381

8.5

4,531

2.0

Interest Bearing Demand

65,995

79,186

70,966

63,741

57,254

(13,191

)

-16.7

8,741

15.3

Savings and Money Market

353,066

281,426

289,038

281,435

309,559

71,640

25.5

43,507

14.1

Certificates of Deposit

553,227

595,290

568,564

519,080

436,738

(42,063

)

-7.1

116,489

26.7

Total Deposits

1,205,732

1,170,965

1,142,695

1,092,177

1,032,464

34,767

3.0

173,268

16.8

Short-Term Borrowings

371

0.0

-100.0

Subordinated Debt

30,328

30,326

26,163

26,144

26,126

0.0

4,202

16.1

Operating Lease Liability

5,382

5,571

5,757

5,942

6,121

(189

)

-3.4

(739

)

-12.1

Other Liabilities

17,450

19,328

18,750

18,922

15,964

(1,878

)

-9.7

1,486

9.3

Total Liabilities

1,258,892

1,226,190

1,193,736

1,143,185

1,080,675

32,702

2.7

178,217

16.5

Equity

Common Stock

0.0

Additional Paid-in Capital

82,606

81,999

80,405

80,016

79,291

607

0.7

3,315

4.2

Retained Earnings

92,143

86,681

85,366

77,970

73,662

5,462

6.3

18,481

25.1

Accumulated Other Comprehensive (Loss) Income

(1,940

)

(1,059

)

(17

)

206

(1,205

)

(881

)

83.2

(735

)

61.0

Total Stockholders’ Equity

172,810

167,622

165,755

158,193

151,749

5,188

3.1

21,061

13.9

Total Liabilities & Stockholders’ Equity

1,431,702

1,393,812

1,359,491

1,301,378

1,232,424

37,890

2.7

199,278

16.2

Book Value Per Common Share

11.94

11.58

11.52

11.07

10.63

0.36

3.1

1.31

12.3

GBank Financial Holdings Inc.

Condensed Consolidated Income Statements

(Unaudited)

Three Months Ended

Six Months Ended

($’s in 000, except per share data)

Jun 30, 2026

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Jun 30, 2026

Jun 30, 2025

Interest Income

Loans

20,093

18,958

20,196

18,919

17,659

39,051

34,495

Deposits With Other Financial Institutions

1,296

1,257

1,018

1,160

1,365

2,553

2,557

Investment Securities

1,326

1,102

1,404

1,421

1,414

2,428

2,695

Other Interest Bearing Balances

277

121

122

117

291

217

Total Interest Income

22,729

21,594

22,739

21,622

20,555

44,323

39,964

Interest Expense

Deposits

9,509

8,893

8,998

8,339

7,905

18,402

15,135

Short-term Borrowings and Subordinated Debt

419

510

286

285

262

929

547

Total Interest Expense

9,928

9,403

9,284

8,624

8,167

19,331

15,682

Net Interest Income

12,801

12,191

13,455

12,998

12,388

24,992

24,282

(Provision) Net Benefit for Credit Losses - Loans

(2,829

)

(2,323

)

130

(2,207

)

(1,079

)

(5,152

)

(1,789

)

Net (Provision) Benefit for Credit Losses - Unfunded Commitments

(15

)

(12

)

(13

)

(24

)

Net Interest Income after Provision for Credit Losses

9,957

9,898

13,637

10,779

11,296

19,855

22,469

Non-Interest Income

Gain on Sales of Loans

5,544

3,790

3,625

3,592

2,593

9,334

5,130

Loan Servicing Income

1,248

998

963

762

750

2,246

1,453

Service Charges and Fees

144

110

Net Interchange Fees

1,823

2,191

1,806

2,406

1,535

4,014

3,538

Gain on Sale of Investment Securities

426

Other Income

448

417

387

357

452

865

616

Total Non-Interest Income

9,149

7,454

7,263

7,177

5,384

16,603

10,847

Non-Interest Expenses

Salaries and Employee Benefits

6,808

6,750

6,237

6,589

6,235

13,558

12,635

Occupancy Expenses

399

410

418

400

809

792

Other Expenses

4,791

8,716

4,813

5,310

3,761

13,507

7,876

Total Non-Interest Expenses

11,998

15,876

11,460

12,317

10,396

27,874

21,303

Income Before Provision For Income Taxes

7,108

1,476

9,440

5,639

6,284

8,584

12,013

Provision For Income Taxes

(1,625

)

(139

)

(2,026

)

(1,282

)

(1,486

)

(1,764

)

(2,710

)

Net Income Before Equity Investment Loss

5,483

1,337

7,414

4,357

4,798

6,820

9,303

Net Loss Attributable to Equity Investment

(21

)

(22

)

(18

)

(49

)

(43

)

(43

)

(78

)

Net Income

5,462

1,315

7,396

4,308

4,755

6,777

9,225

Earnings Per Share

0.38

0.09

0.52

0.30

0.33

0.47

0.65

Earnings Per Share (Diluted)

0.38

0.09

0.51

0.30

0.33

0.47

0.63

Average Common Shares Outstanding

14,470

14,415

14,360

14,280

14,274

14,443

14,265

Diluted Average Common Shares Outstanding

14,544

14,506

14,555

14,525

14,551

14,511

14,536

GBank Financial Holdings Inc.

Quarter-to-Date Average Balances, Rates, and Interest Income and Expense

(Unaudited)

For the Three Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

(Dollars in thousands)

Average

Yield/

Average

Yield/

Average

Yield/

Balance

Interest

Rate(1)

Balance

Interest

Rate(1)

Balance

Interest

Rate(1)

ASSETS:

Interest Bearing Deposits

134,527

1,296

3.86

132,062

1,257

3.86

115,974

1,365

4.72

Investment Securities:

Taxable

114,526

1,326

4.64

101,725

1,102

4.39

119,880

1,414

4.73

Loans and Loans Held For Sale

1,102,289

20,093

7.31

1,041,831

18,958

7.38

911,028

17,659

7.77

Restricted Investment in Bank Stock

5,750

0.98

5,513

277

20.38

5,362

117

8.75

Total Earning Assets

1,357,092

22,729

6.72

1,281,131

21,594

6.84

1,152,244

20,555

7.16

Cash and Due From Banks

6,804

6,108

6,782

Other Assets

67,682

68,981

41,894

Total Assets

1,431,578

1,356,220

1,200,920

LIABILITIES & STOCKHOLDERS’ EQUITY

Deposits:

Interest-bearing Demand

69,922

498

2.86

73,173

521

2.89

60,320

316

2.10

Money Market and Savings

339,718

3,113

3.68

275,878

2,545

3.74

303,814

2,929

3.87

Certificates of Deposit

579,583

5,898

4.08

569,474

5,828

4.15

413,940

4,660

4.52

Total Interest-Bearing Deposits

989,223

9,509

3.86

918,525

8,893

3.93

778,074

7,905

4.08

Short-Term Borrowings

0.00

Subordinated Debt

30,319

419

5.54

29,008

510

7.13

26,113

262

4.02

Total Interest-Bearing Liabilities

1,019,542

9,928

3.91

947,547

9,403

4.02

804,187

8,167

4.07

Noninterest-bearing Deposits

212,756

212,683

223,201

Other Liabilities

25,914

25,098

22,404

Stockholders’ Equity

173,366

170,892

151,128

Total Liabilities & Stockholders’ Equity

1,431,578

1,356,220

1,200,920

Net Interest Income

12,801

12,191

12,388

Total Yield on Earning Assets

6.72

6.84

7.16

Cost on Interest-Bearing Liabilities

3.91

4.02

4.07

Average Interest Spread

2.81

2.82

3.08

Net Interest Margin

3.78

3.86

4.31

(1) Ratios are annualized on an actual/actual basis

GBank Financial Holdings Inc.

Year-to-Date Average Balances, Rates, and Interest Income and Expense

(Unaudited)

For the Six Months Ended

June 30, 2026

June 30, 2025

(Dollars in thousands)

Average

Yield/

Average

Yield/

Balance

Interest

Rate(1)

Balance

Interest

Rate(1)

ASSETS:

Interest Bearing Deposits

133,262

2,553

3.86

109,338

2,557

4.72

Investment Securities:

Taxable

108,161

2,428

4.53

112,591

2,695

4.83

Loans and Loans Held For Sale

1,072,227

39,051

7.34

888,982

34,495

7.82

Restricted Investment in Bank Stock

5,632

291

10.42

5,009

217

8.74

Total Earning Assets

1,319,282

44,323

6.77

1,115,920

39,964

7.22

Cash and Due From Banks

6,497

6,501

Other Assets

68,328

40,543

Total Assets

1,394,107

1,162,964

LIABILITIES & STOCKHOLDERS’ EQUITY

Deposits:

Interest-bearing Demand

71,539

1,019

2.87

62,992

672

2.15

Money Market and Savings

307,974

5,658

3.70

284,060

5,340

3.79

Certificates of Deposit

574,556

11,725

4.12

399,899

9,123

4.60

Total Interest-Bearing Deposits

954,069

18,402

3.89

746,951

15,135

4.09

Short-Term Borrowings

0.00

Subordinated Debt

29,667

929

6.32

26,104

547

4.23

Total Interest-Bearing Liabilities

983,743

19,331

3.96

773,055

15,682

4.09

Noninterest-bearing Deposits

212,720

221,050

Other Liabilities

25,508

21,278

Stockholders’ Equity

172,136

147,581

Total Liabilities & Stockholders’ Equity

1,394,107

1,162,964

Net Interest Income

24,992

24,282

Total Yield on Earning Assets

6.77

7.22

Cost on Interest-Bearing Liabilities

3.96

4.09

Average Interest Spread

2.81

3.13

Net Interest Margin

3.82

4.39

(1) Ratios are annualized on an actual/actual basis

GBank Financial Holdings Inc.

Additional Financial Information

(Unaudited)

Three Months Ended

For the Six Months Ended

($’s in 000, except per share data)

Jun 30, 2026

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Jun 30, 2026

Jun 30, 2025

Key Performance Metrics

Return on Average Assets-Net Income (1)

1.53

0.39

2.20

1.37

1.59

0.98

1.60

Return on Average Stockholders’ Equity(1)

12.64

3.12

18.03

10.89

12.62

7.94

12.61

Efficiency Ratio

54.66

80.81

55.31

61.05

58.50

67.01

60.64

Net Interest Margin(1)

3.78

3.86

4.21

4.35

4.31

3.82

4.39

Net Revenue(1)

21,950

19,645

20,718

20,175

17,772

41,595

35,129

Common Equity / Assets

12.07

12.03

12.19

12.16

12.30

12.07

12.30

Tier 1 Leverage Ratio - Bank

13.15

13.39

13.42

13.72

13.82

13.15

13.82

Selected Loan Metrics

Guaranteed Portion of Loans Held for Sale

50,848

74,507

46,009

66,791

45,242

50,848

45,242

Guaranteed Portion of Loans Held for Investment

174,971

177,617

183,739

193,688

192,324

174,971

192,324

Total Guaranteed Loans

225,819

252,124

229,748

260,479

237,566

225,819

237,566

Guaranteed Loans as a Percent of Total Loans(2)

16.7

17.3

19.2

20.6

22.1

16.7

22.1

SBA Loan Originations

131,420

189,851

106,744

207,683

132,256

321,271

261,607

SBA Loans Sold

110,075

79,036

92,258

110,820

82,140

189,111

150,860

Gain on Loan Sales Margin(2)

5.04

4.79

3.93

3.24

3.16

4.94

3.40

Asset Quality

Total nonaccrual loans

50,206

39,736

32,141

34,608

18,227

50,206

18,227

Loans past due 90 days and still accruing

4,310

854

184

146

4,310

146

Other real estate owned

5,663

4,401

2,684

5,663

Total non-performing assets

60,179

44,137

37,396

37,476

18,373

60,179

18,373

Non-performing assets: guaranteed portion

36,876

34,340

28,240

29,236

13,792

36,876

13,792

Non-performing assets: non-guaranteed portion

23,303

13,188

12,547

10,364

4,581

23,303

4,581

Non-performing assets to total assets

4.20

3.17

2.75

2.88

1.49

4.20

1.49

Non-performing assets, excluding guaranteed, to total assets(2)

1.63

0.70

0.67

0.63

0.37

1.63

0.37

Net charge-offs

1,167

1,457

557

836

870

2,624

1,698

Loans past due 30-89 days and accruing

4,937

6,255

9,843

3,595

8,182

4,937

8,182

Loans past due 30-89 days and accruing: guaranteed portion

2,491

2,474

4,574

2,351

5,650

2,491

5,650

Loans past due 30-89 days and accruing: non-guaranteed portion

2,445

3,781

5,269

1,244

2,532

2,445

2,532

Allowance for credit losses (ACL)

12,418

10,755

9,890

10,577

9,205

12,418

9,205

Nonaccrual loans

50,206

39,736

32,141

34,608

18,227

50,206

18,227

ACL to nonaccrual loans

ACL to nonaccrual loans, excluding guaranteed(2)

122

136

141

208

ACL to loans

1.19

1.05

1.03

1.12

1.06

1.19

1.06

ACL to loans, excluding guaranteed(2)

1.42

1.27

1.28

1.42

1.36

1.42

1.36

Book Value

Stockholders’ Equity

172,810

167,622

165,755

158,193

151,749

172,810

151,749

Common shares outstanding

14,470

14,385

14,288

14,274

14,470

14,274

Book value per common share

11.94

11.58

11.52

11.07

10.63

11.94

10.63

Full-Time Equivalent Employees

189

184

187

188

189

188

(1) Ratios are annualized on an actual/actual basis

(2) See Reconciliation of Non-GAAP Financial Measures

GBank Financial Holdings Inc.

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

Three Months Ended

For the Six Months Ended

($'s in 000, except per share data)

Jun 30, 2026

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Jun 30, 2026

Jun 30, 2025

Pre-Provision Net Revenue(1)

Net Interest Income

12,801

12,191

13,455

12,998

12,388

24,992

24,282

Non-Interest Income

9,149

7,454

7,263

7,177

5,384

16,603

10,847

Net Revenue

21,950

19,645

20,718

20,175

17,772

41,595

35,129

Non-Interest Expense

11,998

15,876

11,460

12,317

10,396

27,874

21,303

Pre-Provision Net Revenue

9,952

3,769

9,258

7,858

7,376

13,721

13,826

Less:

(Provision) Net Benefit for Credit Losses

(2,844

)

(2,293

)

182

(2,219

)

(1,092

)

(5,137

)

(1,813

)

Provision For Income Taxes

(1,625

)

(139

)

(2,026

)

(1,282

)

(1,486

)

(1,764

)

(2,710

)

Net Loss Attributable to Equity Investment

(21

)

(22

)

(18

)

(49

)

(43

)

(43

)

(78

)

Net Income

5,462

1,315

7,396

4,308

4,755

6,777

9,225

Adjusted Diluted Earnings Per Share Excluding Unusual Items(2)

Net Income

5,462

1,315

7,396

4,308

4,755

6,777

9,225

Unusual Items:

Form S-1 and Uplift Costs

290

1,049

Severance Expenses

257

1,001

Credit Card Fraud Losses

4,213

4,265

Costs Incurred Related to Discontinued Credit Card Marketing Campaign

416

1,692

Net Gain on Sales of Investment Securities

(426

)

Tax Effect of Unusual Expenses (a)

(12

)

(963

)

(55

)

(605

)

(64

)

(975

)

(233

)

Net Income Excluding Unusual Items

5,502

4,565

7,588

6,426

4,981

10,067

10,041

Weighted average diluted shares outstanding

14,544

14,506

14,555

14,525

14,551

14,511

14,536

Diluted Earnings Per Share

0.38

0.09

0.51

0.30

0.33

0.47

0.63

Adjusted Diluted Earnings Per Share Excluding Unusual Expenses

0.38

0.31

0.52

0.44

0.34

0.69

Gain on Loan Sales Margin(1)

Gain on Sale of Loans

5,544

3,790

3,625

3,592

2,593

9,334

5,130

Loans Sold

110,075

79,036

92,258

110,820

82,140

189,111

150,860

Gain on Loan Sales Margin

5.04

4.79

3.93

3.24

3.16

4.94

3.40

Guaranteed Loans as a Percent of Loans(3)

SBA and USDA Guaranteed Loans

174,971

177,617

183,739

193,688

192,324

174,971

192,324

Loans, Net of Deferred Fees and Costs

1,047,352

1,025,136

959,269

940,591

871,630

1,047,352

871,630

Guaranteed Loans as a % of Loans

16.7

17.3

19.2

20.6

22.1

16.7

22.1

Non-performing assets, excluding guaranteed, to total assets(3)

Non-performing assets

60,179

44,137

37,396

37,476

18,373

60,179

18,373

Less: SBA and USDA guaranteed portions of non-performing assets

36,876

34,340

28,240

29,236

13,792

36,876

13,792

Non-performing assets, excluding guaranteed portions

23,303

9,797

9,156

8,240

4,581

23,303

4,581

Total assets

1,431,702

1,393,812

1,359,491

1,301,378

1,232,424

1,431,702

1,232,424

Non-performing assets, excluding guaranteed, to total assets

1.63

0.70

0.67

0.63

0.37

1.63

0.37

Allowance for credit losses (ACL) to nonaccrual loans, excluding guaranteed(3)

Nonaccrual loans

50,206

39,736

32,141

34,608

18,227

50,206

18,227

Less: SBA and USDA guaranteed portions of nonaccrual loans

32,481

30,949

24,849

27,112

13,792

32,481

13,792

Nonaccrual loans, excluding guaranteed portions

17,725

8,787

7,292

7,496

4,435

17,725

4,435

ACL to nonaccrual loans, excluding guaranteed

122

136

141

208

ACL to loans, excluding guaranteed(3)

Loans, net of deferred fees and costs

1,047,352

1,025,136

959,269

940,591

871,630

1,047,352

871,630

Less: SBA and USDA guaranteed portions of loans

174,971

177,617

183,739

193,688

192,324

174,971

192,324

Loans, excluding guaranteed

872,381

847,519

775,530

746,903

679,306

872,381

679,306

ACL to loans, excluding guaranteed

1.42

1.27

1.28

1.42

1.36

1.42

1.36

Non-GAAP Financial Measures Footnotes

(1) We utilize this non-GAAP measurement to present trends in income generation of the Company.

(2) We utilize this non-GAAP measurement to present the core earnings and core ratios of the Company by excluding certain significant one-time expenses.

(3) We utilize these non-GAAP measurements to provide useful metrics regarding the at-risk assets of the Company.

(a) Estimated tax impact calculated using each respective period's effective tax rate.

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