GBank Financial Holdings Inc. Announces Third Quarter 2026 Financial Results

LAS VEGAS, Oct. 28, 2026 (GLOBE NEWSWIRE) -- GBank Financial Holdings Inc. (the “Company”) (NASDAQ: GBFH), the parent company of GBank (the “Bank”), today reported net income of $3.9 million, or $0.27 per diluted share, for the third quarter ended September 30, 2026, compared to $5.5 million, or $0.38 per diluted share during the second quarter of 2026, and $4.3 million, or $0.30 per diluted share, for the third quarter of 2025. Excluding non-core items, adjusted net income⁽¹⁾ was $4.3 million, or $0.30 adjusted diluted earnings per share⁽¹⁾, for the third quarter of 2026, compared to $5.5 million, or $0.38, for the second quarter of 2026, and $6.3 million, or $0.44, for the third quarter of 2025.

For the nine months ended September 30, 2026, net income was $10.6 million, or $0.73 per diluted share, compared to $13.5 million, or $0.93 per diluted share, for the comparable nine-month period of 2025. Excluding non-core items, adjusted net income⁽¹⁾ for the nine months ended September 30, 2026 was $14.4 million, or $0.99 adjusted diluted earnings per share⁽¹⁾ compared to $16.4 million, or $1.13, for the same period of 2025.

⁽¹⁾See Reconciliation of Non-GAAP Financial Measures

Third Quarter 2026 Comments (Unaudited)

Net interest income of $13.6 million compared to $12.8 million in the previous quarter.
Net revenue⁽¹⁾ of $20.3 million, a decrease of $1.6 million, or 7.3% compared to $22.0 million in the second quarter of 2026, due to lower net interchange fees and fewer loans sold.
Net interest margin increased 17 basis points to 3.95% from 3.78%.
Gain on loan sales of $4.7 million on loans sold of $84.5 million, a decrease of $0.8 million compared to $5.5 million on loans sold of $110.1 million for the second quarter of 2026. Gain on loan sales margin⁽¹⁾ increased to 5.57% from 5.04%.
U.S. Small Business Administration (“SBA”) loan originations of $171.7 million, compared to $131.4 million for the second quarter of 2026.

“Despite the lower than expected earnings during the period, I want to emphasize that our core banking franchise performed well during the third quarter, with higher net interest income, an improved net interest margin, and strong SBA production and gain-on-sale margin," said Jeff Newgard, President and Chief Executive Officer of GBank Financial Holdings. "While earnings were affected by lower interchange income following the decision by several large sports betting operators to discontinue credit cards as a funding source, as well as several one-time or non-core items, we believe the underlying performance of the bank reflects the strength of our franchise. Going forward, my focus is on strengthening the core bank; building my team which I hope to have completed by year end; maintaining strong credit discipline and executing on the opportunities before us. While the legacy retail credit card portfolio will continue to affect provision expense in the near term, we expect that impact to diminish as the portfolio continues to run off. My goal for the company and shareholders is to address the items that have held back earnings and have them behind us by the end of the year, so that 2027 can be a fresh start at the bank and we will clearly see the impacts of our gaming fintech initiatives taking hold as we move through the year.”

⁽¹⁾See Reconciliation of Non-GAAP Financial Measures

Financial Results

Income Statement

Net interest income totaled $13.6 million for the third quarter of 2026, reflecting an increase of $813 thousand, or 6.4%, compared to $12.8 million for the second quarter of 2026, and an increase of $616 thousand, or 4.7%, compared to the third quarter of 2025.

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

The Company’s net interest margin for the third quarter of 2026 was 3.95%, compared to 3.78% for the second quarter of 2026 and 4.35% for the third quarter of 2025. The 17 basis point increase over the prior quarter reflected a 15 basis point increase in the yield on average earning assets to 6.87% and a 5 basis point decrease in the cost of average interest-bearing liabilities to 3.86%. The higher asset yield was driven by a favorable shift in earning asset mix, as average loans increased $34.6 million to 83.1% of average earning assets (81.2% in the second quarter) at a yield of 7.34%, while lower-yielding average interest-bearing deposits with banks decreased $26.9 million. The investment securities yield increased to 4.73% from 4.64% as a result of the full-quarter impact of $7.9 million of available for sale securities purchased during the second quarter of 2026.

The Company recorded a provision for credit losses on loans of $2.6 million for the third quarter of 2026, compared to $2.8 million of provision expense recorded during the second quarter of 2026, and $2.2 million of provision expense recorded during the third quarter of 2025. The provision in the third quarter included a provision expense of $687 thousand for our legacy non-gaming retail credit card program. Please refer to information under the heading "Asset Quality" for more information regarding the provision for credit losses. The decrease from the prior quarter was driven by a smaller allowance build, as the allowance for credit losses increased $1.5 million during the third quarter, compared to an increase of $1.7 million during the second quarter, while net charge-offs were consistent at $1.1 million in the third quarter, compared to $1.2 million in the second quarter. The allowance for credit losses as a percentage of total loans increased to 1.30% from 1.19% as of June 30, 2026.

Non-interest income was $6.7 million for the third quarter of 2026, compared to $9.1 million for the second quarter of 2026, and $7.2 million for the third quarter of 2025. The decrease of $2.4 million when compared to the second quarter of 2026 was primarily due to a $1.5 million decrease in net interchange fees, following the decision by several large sports betting operators to discontinue credit cards as a funding source, and a $0.8 million decrease in gain on sale of loans as fewer guaranteed loans were sold. The $0.5 million decrease in non-interest income during the third quarter of 2026 when compared to the third quarter of 2025 was primarily due to a $2.1 million decrease in net interchange fees, partially offset by a $1.1 million increase in net gains on sales of loans, and a $549 thousand increase in loan servicing income.

Net revenue⁽¹⁾ totaled $20.3 million for the third quarter of 2026, representing a decrease of $1.6 million, or 7.3%, compared to $22.0 million for the second quarter of 2026. Net revenue for the third quarter of 2026 increased $0.2 million, or 0.8%, when compared to $20.2 million for the third quarter of 2025.

Non-interest expense was $12.8 million during the third quarter of 2026, compared to $12.0 million for the second quarter of 2026 and $12.3 million for the third quarter of 2025. The quarter-over-quarter increase in non-interest expense was principally due to $1.1 million increase in salaries and employee benefits, including $0.5 million in severance expense, partially offset by $0.4 million decrease in other expenses. Non-core items for the third quarter of 2026 totaled $0.6 million pre-tax, consisting of $0.5 million of severance expense, $0.1 million of fraud losses, as outlined in the Reconciliation of Non-GAAP Financial Measures section of this release.

⁽¹⁾See Reconciliation of Non-GAAP Financial Measures

The Company’s efficiency ratio was 63.0% for the third quarter of 2026, compared to 54.7% for the second quarter of 2026 and 61.1% for the third quarter of 2025. The higher efficiency ratio for the third quarter of 2026 was due primarily to the lower net revenue and the non-core items included in non-interest expenses for the quarter.

Income tax expense was $1.0 million for the quarter ended September 30, 2026, compared to $1.6 million for the second quarter of 2026, and $1.3 million for the third quarter of 2025. The Company’s effective tax rate was 20.7% for the quarter ended September 30, 2026, compared to 22.9% for the quarter ended June 30, 2026, and 22.7% for the quarter ended September 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.

⁽¹⁾See Reconciliation of Non-GAAP Financial Measures

Net income was $3.9 million for the third quarter of 2026, a decrease of $1.6 million from $5.5 million for the second quarter of 2026, and a decrease of $455 thousand from $4.3 million during the third quarter of 2025. Diluted earnings per share were $0.27 for the third quarter of 2026, compared to $0.38 for the second quarter of 2026 and $0.30 for the third quarter of 2025. Excluding non-core items, adjusted net income⁽¹⁾ was $4.3 million for the third quarter of 2026, a decrease of $1.2 million from $5.5 million for the second quarter of 2026, and a decrease of $2.0 million from $6.3 million for the third quarter of 2025. Adjusted diluted earnings per share⁽¹⁾ were $0.30 for the third quarter of 2026, compared to $0.38 for the second quarter of 2026 and $0.44 for the third quarter of 2025. Non-core items for the third quarter of 2026 totaled $0.6 million before tax as shown on the Non-GAAP Financial Measures table.

⁽¹⁾See Reconciliation of Non-GAAP Financial Measures

Balance Sheet

Total assets were $1.5 billion as of September 30, 2026 and $1.4 billion as of June 30, 2026, an increase of 11.9% from $1.3 billion as of September 30, 2025. The increase in total assets from September 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 $2.7 billion as of September 30, 2026.

The investment securities portfolio decreased by $460 thousand during the third quarter of 2026, as principal paydowns and an increase in unrealized losses on available for sale securities more than offset purchases.

Total loans, net of deferred fees and costs, were $1.1 billion as of September 30, 2026, $1.0 billion as of June 30, 2026, and $940.6 million as of September 30, 2025. Loans, net of deferred fees and costs increased $24.5 million during the third quarter of 2026 primarily due to an increase of $28 million in non-owner occupied commercial real estate loans. The increase in loans, net of deferred fees and costs, of $131.2 million from September 30, 2025, was driven primarily by increases of $134.5 million in commercial real estate-non-owner occupied loans. Total government guaranteed loans as a percentage of total loans⁽¹⁾ were 15.3% as of September 30, 2026, compared to 16.7% as of June 30, 2026, and 20.6% as of September 30, 2025.

Deposits totaled $1.2 billion as of September 30, 2026 and June 30, 2026, an increase of $71.8 million from $1.1 billion as of September 30, 2025. The decrease of $41.8 million from the prior quarter was driven by decreases in non-interest bearing demand, interest bearing demand and savings and money market balances of $36.9 million, $6.9 million and $77.4 million, respectively. The decrease in non-interest bearing demand balances was primarily due to decreases of $19.6 million in general business accounts, $11.9 million in fintech business accounts and $5.4 million in personal accounts. These decreases were partially offset by an increase of $79.4 million in certificates of deposit. The increase of $71.8 million compared to September 30, 2025 was primarily driven by $114 million growth in certificates of deposit and offset by a decrease of $31 million in non-interest bearing deposits.

The Company’s ratio of loans to deposits was 92.1% as of September 30, 2026, compared to 86.9% as of June 30, 2026, and 86.1% as of September 30, 2025.

The Company had $60 million in short-term borrowings as of September 30, 2026 compared to none as of June 30, 2026 and September 30, 2025. As of September 30, 2026, the Company had approximately $387.6 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 $30.4 million as of September 30, 2026, $30.3 million as of June 30, 2026, and $26.1 million as of September 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 $175.4 million as of September 30, 2026, compared to $172.8 million as of June 30, 2026, and $158.2 million as of September 30, 2025. The increase in stockholders’ equity when compared to both the prior quarter and the prior year is mainly attributable to increases in retained earnings resulting from net income earned during each respective period, partially offset by an increase in accumulated other comprehensive loss from unrealized losses on available for sale securities.

The Company’s ratio of common equity to total assets was 12.04% as of September 30, 2026 compared to 12.07% as of June 30, 2026 and 12.16% as of September 30, 2025. The Bank’s Tier 1 leverage ratio was 13.4% as of September 30, 2026 compared to 13.2% as of June 30, 2026, and 13.7% as of September 30, 2025. The Company’s book value per share was $12.08 as of September 30, 2026, an increase of 1.1% from $11.94 as of June 30, 2026, and an increase of 9.1% from $11.07 as of September 30, 2025.

⁽¹⁾See Reconciliation of Non-GAAP Financial Measures

Asset Quality

The Company recorded a provision for credit loss expense for loans of $2.6 million for the third quarter of 2026, compared to $2.8 million recorded during the second quarter of 2026 and $2.2 million of provision expense recorded during the third quarter of 2025. The provision for credit losses for loans during the third quarter of 2026 reflects (i) $1.1 million of net charge offs recorded during the third 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 $981 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 $687 thousand due to elevated delinquency levels in the legacy non-gaming retail credit card portfolio.

The Company’s allowance for credit losses totaled $13.9 million as of September 30, 2026, compared to $12.4 million as of June 30, 2026, and $10.6 million as of September 30, 2025. The allowance for credit losses as a percentage of total loans was 1.30% as of September 30, 2026, compared to 1.19% as of June 30, 2026 and 1.12% as of September 30, 2025. The allowance for credit losses as a percentage of total loans, excluding government guaranteed portions⁽¹⁾, was 1.54% as of September 30, 2026, compared to 1.42% as of June 30, 2026, and 1.42% as of September 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 third quarter of 2026 totaled $1.1 million, or 0.38% of average net loans (annualized), compared to net loan charge offs of $1.2 million, or 0.42% of average net loans (annualized) in the second quarter of 2026 and $836 thousand of net loan charge offs, or 0.35% of average net loans (annualized) during the third quarter of 2025.

The balance of other real estate owned increased to $10.9 million as of September 30, 2026 compared to $5.7 million as of June 30, 2026. The Company had $2.7 million other real estate owned as of September 30, 2025. The increase in other real estate owned during the third quarter of 2026 was attributable to the completion of foreclosure proceedings on three commercial real estate - non-owner occupied properties totaling $6.9 million. This increase was partially offset by the sale of one commercial real estate - non-owner occupied property during the third quarter of 2026 totaling $1.6 million.

Non-performing assets totaled $54.2 million as of September 30, 2026, a decrease of $3.9 million from $58.2 million as of June 30, 2026, and an increase of $16.8 million from $37.5 million as of September 30, 2025. The decrease was driven by an $8.8 million reduction in nonaccrual loans and a $0.5 million reduction in loans past due 90 days and still accruing, partially offset by a $5.3 million increase in other real estate owned.

Our non-performing assets to total assets ratio was 3.72% as of September 30, 2026, compared to 4.06% as of June 30, 2026, and 2.88% as of September 30, 2025. At September 30, 2026, this ratio includes government guaranteed balances of $25.5 million in the balance of non-performing assets (the numerator). Excluding the government guaranteed portion of non-performing assets⁽¹⁾, total at-risk non-performing assets were $28.8 million, or 1.97% as of September 30, 2026, an increase of $7.5 million from $21.3 million, or 1.49% of total assets of June 30, 2026.

⁽¹⁾See Reconciliation of Non-GAAP Financial Measures

Other Financial and Operational Highlights

SBA Lending and Commercial Banking

SBA lending originations totaled $171.7 million during the third quarter of 2026, compared to $131.4 million for the second quarter of 2026 and $207.7 million for the third quarter of 2025.

We continue to see improvement in our pretax gain on sale of loans margin as the average was 5.57% for the third quarter of 2026, compared to 5.04% for the second quarter of 2026, and 3.24% for the third quarter of 2025. This improvement in pricing quarter-over-quarter was more than offset with the volume decrease of $26 million in loan sales which resulted in a 15.2% decrease in gain on sale of loans when compared to the second quarter of 2026. Guaranteed loans held for sale increased by $19 million from June 30, 2026, with the majority of those loans plus new originations expected to be sold during the fourth quarter.

⁽¹⁾See Reconciliation of Non-GAAP Financial Measures

Gaming and Financial Technology Operations

Average daily gaming and fintech deposits increased from approximately $29.9 million in July to $30.9 million in September. This upward trend is an encouraging early sign that the Company’s gaming and fintech strategy is beginning to gain traction. Gaming-related credit card transaction volume was $19.5 million in the third quarter, compared with $84.2 million in the second quarter. Net interchange fee income declined 84.6% to $0.3 million following changes in credit card funding practices by several large sports betting operators. The Company remains committed to its broader gaming payments strategy, which it expects to develop over the long term and does not expect to contribute materially to financial results in the near term.

The Company is making progress across its developing gaming and payments programs. The Distill Taverns fully launched the BoltBetz application across all nine of its Las Vegas locations in September, with early adoption showing encouraging momentum. Terrible’s is expected to launch BoltBetz in early November at three locations with a full rollout planned during 2027. Integration of the BVNKROLL payments infrastructure with the AXES digital casino management system is continuing and should be completed by year end 2026. The LuckyLoads prepaid card is now expected to be launched during the second quarter of 2027. The Company expects to provide additional updates as these programs reach meaningful milestones.

Earnings Call

The Company will host its third quarter 2026 earnings call on Wednesday, October 28, 2026 at 2:00 p.m. PST. Interested parties are welcome to attend the call, which will be held virtually, by registering at https://gbank-financial-earnings-q326.open-exchange.net/. [A replay of the call will be available on the Company’s investor relations website at www.gbankfinancialholdings.com within 24 hours after the end of the call.]

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 makes available on its website, www.gbankfinancialholdings.com, SEC filings, earnings releases, investor presentations and other information regarding the Company. The information contained on, or accessible through, the Company's website is not incorporated by reference into this release.

Forward-Looking Statements

This release contains forward-looking statements regarding the Company's business, strategy, financial performance and future plans. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Additional information regarding these risks and uncertainties is contained in the Company's filings with the SEC, including its Annual Report on Form 10-K and subsequent filings. The Company undertakes no obligation to update any forward-looking statements except as required by law.

Investor Relations Contact:

Financial Profiles, Inc.
Meghan O'Leary and Lisa Fortuna
gbank@finprofiles.com

GBank Financial Holdings Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

																Linked Quarter						Quarter Year-Over-Year
																9/30/26 vs. 6/30/26						9/30/26 vs. 9/30/25
($’s in 000, except per share data)	Sep 30, 2026			Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			$ Var			% Var			$ Var			% Var
Assets
Cash and Due From Banks	$	3,504		$	6,726		$	4,960		$	5,326		$	4,988		$	(3,222	)		-47.9	%	$	(1,484	)		-29.8	%
Interest-Bearing Deposits With Other Financial Institutions		109,836			134,603			103,134			192,538			98,402			(24,767	)		-18.4	%		11,434			11.6	%
Total Cash and Cash Equivalents		113,340			141,329			108,094			197,864			103,390			(27,989	)		-19.8	%		9,950			9.6	%

Investment Securities:
Available For Sale, at Fair Value		114,558			115,018			111,320			71,038			85,774			(460	)		-0.4	%		28,784			33.6	%
Held to Maturity, at Amortized Cost		-			-			-			-			38,578			-			0.0	%		(38,578	)		-100.0	%
Loans Held For Sale		69,727			50,848			74,507			46,009			66,791			18,879			37.1	%		2,936			4.4	%
Loans, Net of Deferred Fees and Costs:
Commercial and Industrial		80,766			80,766			81,623			80,216			66,226			-			0.0	%		14,540			22.0	%
Commercial Real Estate - Non-owner Occupied		877,631			849,634			823,966			750,565			743,084			27,997			3.3	%		134,547			18.1	%
Commercial Real Estate - Owner Occupied		88,391			88,216			91,578			94,576			97,396			175			0.2	%		(9,005	)		-9.2	%
Construction and Land Development		3,248			2,255			2,270			2,288			2,115			993			44.0	%		1,133			53.6	%
Multifamily		14,745			18,836			18,930			18,950			18,979			(4,091	)		-21.7	%		(4,234	)		-22.3	%
Residential		1,604			1,284			816			1,316			3,828			320			24.9	%		(2,224	)		-58.1	%
Consumer		5,445			6,361			5,953			11,358			8,963			(916	)		-14.4	%		(3,518	)		-39.3	%
Total Loans, Net of Deferred Fees and Costs		1,071,830			1,047,352			1,025,136			959,269			940,591			24,478			2.3	%		131,239			14.0	%
Less: Allowance for Credit Losses		(13,935	)		(12,418	)		(10,755	)		(9,890	)		(10,577	)		(1,517	)		12.2	%		(3,358	)		31.7	%
Total Net Loans		1,057,895			1,034,934			1,014,381			949,379			930,014			22,961			2.2	%		127,881			13.8	%

Loan Servicing Asset		12,500			12,270			11,376			11,140			10,621			230			1.9	%		1,879			17.7	%
Restricted Investment in Bank Stock		5,797			5,797			5,513			5,513			5,513			-			0.0	%		284			5.2	%
All Other Assets		82,774			71,506			68,621			78,548			60,697			11,268			15.8	%		22,077			36.4	%
Total Assets	$	1,456,591		$	1,431,702		$	1,393,812		$	1,359,491		$	1,301,378		$	24,889			1.7	%	$	155,213			11.9	%
Liabilities
Non-Interest Bearing Demand	$	196,547		$	233,444		$	215,063		$	214,127		$	227,921		$	(36,897	)		-15.8	%	$	(31,374	)		-13.8	%
Interest Bearing Demand		59,114			65,995			79,186			70,966			63,741			(6,881	)		-10.4	%		(4,627	)		-7.3	%
Savings and Money Market		275,629			353,066			281,426			289,038			281,435			(77,437	)		-21.9	%		(5,806	)		-2.1	%
Certificates of Deposit		632,638			553,227			595,290			568,564			519,080			79,411			14.4	%		113,558			21.9	%
Total Deposits		1,163,928			1,205,732			1,170,965			1,142,695			1,092,177			(41,804	)		-3.5	%		71,751			6.6	%


Short-Term Borrowings		60,000			-			-			371			-			60,000		N/M				60,000		N/M
Subordinated Debt		30,354			30,328			30,326			26,163			26,144			26			0.1	%		4,210			16.1	%
Operating Lease Liability		5,191			5,382			5,571			5,757			5,942			(191	)		-3.5	%		(751	)		-12.6	%
Other Liabilities		21,739			17,450			19,328			18,750			18,922			4,289			24.6	%		2,817			14.9	%
Total Liabilities		1,281,212			1,258,892			1,226,190			1,193,736			1,143,185			22,320			1.8	%		138,027			12.1	%

Equity
Common Stock		1			1			1			1			1			-			0.0	%		-			0.0	%
Additional Paid-in Capital		83,769			82,606			81,999			80,405			80,016			1,163			1.4	%		3,753			4.7	%
Retained Earnings		95,996			92,143			86,681			85,366			77,970			3,853			4.2	%		18,026			23.1	%
Accumulated Other Comprehensive (Loss) Income		(4,387	)		(1,940	)		(1,059	)		(17	)		206			(2,447	)		126.1	%		(4,593	)		-2229.6	%
Total Stockholders’ Equity		175,379			172,810			167,622			165,755			158,193			2,569			1.5	%		17,186			10.9	%
Total Liabilities & Stockholders’ Equity	$	1,456,591		$	1,431,702		$	1,393,812		$	1,359,491		$	1,301,378		$	24,889			1.7	%	$	155,213			11.9	%

Book Value Per Common Share	$	12.08		$	11.94		$	11.58		$	11.52		$	11.07		$	0.14			1.1	%	$	1.01			9.1	%

GBank Financial Holdings Inc.
Condensed Consolidated Income Statements
(Unaudited)

	Three Months Ended															Nine Months Ended
($’s in 000, except per share data)	Sep 30, 2026			Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Sep 30, 2026			Sep 30, 2025
Interest Income
Loans	$	21,046		$	20,093		$	18,958		$	20,196		$	18,919		$	60,097		$	53,413
Deposits With Other Financial Institutions		1,073			1,296			1,257			1,018			1,160			3,626			3,718
Investment Securities		1,400			1,326			1,102			1,404			1,421			3,828			4,117
Other Interest Bearing Balances		153			14			277			121			122			444			338
Total Interest Income		23,672			22,729			21,594			22,739			21,622			67,995			61,586

Interest Expense
Deposits		9,192			9,509			8,893			8,998			8,339			27,594			23,473
Short-term Borrowings and Subordinated Debt		866			419			510			286			285			1,795			833
Total Interest Expense		10,058			9,928			9,403			9,284			8,624			29,389			24,306

Net Interest Income		13,614			12,801			12,191			13,455			12,998			38,606			37,280
(Provision) Net Benefit for Credit Losses - Loans		(2,617	)		(2,829	)		(2,323	)		130			(2,207	)		(7,769	)		(3,996	)
Net (Provision) Benefit for Credit Losses - Unfunded Commitments		(29	)		(15	)		30			52			(12	)		(14	)		(36	)
Net Interest Income after Provision for Credit Losses		10,968			9,957			9,898			13,637			10,779			30,823			33,248

Non-Interest Income
Gain on Sales of Loans		4,701			5,544			3,790			3,625			3,592			14,035			8,722
Loan Servicing Income		1,311			1,248			998			963			762			3,557			2,215
Service Charges and Fees		59			86			58			56			60			203			171
Net Interchange Fees		281			1,823			2,191			1,806			2,406			4,295			5,944
Gain on Sale of Investment Securities		-			-			-			426			-			-			-
Other Income		374			448			417			387			357			1,239			971
Total Non-Interest Income		6,726			9,149			7,454			7,263			7,177			23,329			18,023

Non-Interest Expenses
Salaries and Employee Benefits		7,892			6,808			6,750			6,237			6,589			21,450			19,224
Occupancy Expenses		491			399			410			410			418			1,300			1,210
Other Expenses		4,438			4,791			8,716			4,813			5,310			17,945			13,185
Total Non-Interest Expenses		12,821			11,998			15,876			11,460			12,317			40,695			33,619

Income Before Provision For Income Taxes		4,873			7,108			1,476			9,440			5,639			13,457			17,652
Provision For Income Taxes		(1,008	)		(1,625	)		(139	)		(2,026	)		(1,282	)		(2,772	)		(3,992	)
Net Income Before Equity Investment Loss		3,865			5,483			1,337			7,414			4,357			10,685			13,660
Net Loss Attributable to Equity Investment		(12	)		(21	)		(22	)		(18	)		(49	)		(55	)		(127	)
Net Income	$	3,853		$	5,462		$	1,315		$	7,396		$	4,308		$	10,630		$	13,533

Earnings Per Share	$	0.27		$	0.38		$	0.09		$	0.52		$	0.30		$	0.73		$	0.95
Earnings Per Share (Diluted)	$	0.27		$	0.38		$	0.09		$	0.51		$	0.30		$	0.73		$	0.93
Average Common Shares Outstanding		14,506			14,470			14,415			14,360			14,280			14,464			14,270
Diluted Average Common Shares Outstanding		14,532			14,544			14,506			14,555			14,525			14,513			14,510

GBank Financial Holdings Inc.
Quarter-to-Date Average Balances, Rates, and Interest Income and Expense
(Unaudited)

	For the Three Months Ended
	September 30, 2026							June 30, 2026							September 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	$	107,642	$	1,073		3.95	%	$	134,527	$	1,296		3.86	%	$	97,822	$	1,160		4.70	%
Investment Securities:
Taxable		117,425		1,400		4.73	%		114,526		1,326		4.64	%		122,158		1,421		4.62	%
Loans and Loans Held For Sale		1,136,863		21,046		7.34	%		1,102,289		20,093		7.31	%		960,679		18,919		7.81	%
Restricted Investment in Bank Stock		5,797		153		10.47	%		5,750		14		0.98	%		5,513		122		8.78	%
Total Earning Assets		1,367,727		23,672		6.87	%		1,357,092		22,729		6.72	%		1,186,172		21,622		7.23	%

Cash and Due From Banks		5,772							6,804							7,050
Other Assets		70,213							67,682							54,801
Total Assets	$	1,443,712						$	1,431,578						$	1,248,023

LIABILITIES & STOCKHOLDERS’ EQUITY
Deposits:
Interest-bearing Demand	$	61,578		425		2.74	%	$	69,922		498		2.86	%	$	60,404		320		2.10	%
Money Market and Savings		329,477		2,943		3.54	%		339,718		3,113		3.68	%		307,322		2,938		3.79	%
Certificates of Deposit		568,012		5,824		4.07	%		579,583		5,898		4.08	%		456,611		5,081		4.41	%
Total Interest-Bearing Deposits		959,067		9,192		3.80	%		989,223		9,509		3.86	%		824,337		8,339		4.01	%

Short-Term Borrowings		43,978		444		4.01	%		-		-		0.00	%		-		-		0.00	%
Subordinated Debt		30,337		422		5.52	%		30,319		419		5.54	%		26,132		285		4.33	%
Total Interest-Bearing Liabilities		1,033,382		10,058		3.86	%		1,019,542		9,928		3.91	%		850,469		8,624		4.02	%

Noninterest-bearing Deposits		206,464							212,756							217,547
Other Liabilities		25,990							25,914							23,115
Stockholders’ Equity		177,876							173,366							156,892
Total Liabilities & Stockholders’ Equity	$	1,443,712						$	1,431,578						$	1,248,023

Net Interest Income			$	13,614						$	12,801						$	12,998

Total Yield on Earning Assets						6.87	%						6.72	%						7.23	%
Cost on Interest-Bearing Liabilities						3.86	%						3.91	%						4.02	%
Average Interest Spread						3.01	%						2.81	%						3.21	%
Net Interest Margin						3.95	%						3.78	%						4.35	%

^{(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 Nine Months Ended
	September 30, 2026							September 30, 2025
(Dollars in thousands)	Average				Yield/			Average				Yield/
	Balance		Interest		Rate⁽¹⁾			Balance		Interest		Rate⁽¹⁾
ASSETS:
Interest Bearing Deposits	$	124,989	$	3,626		3.88	%	$	105,457	$	3,718		4.71	%
Investment Securities:
Taxable		111,283		3,828		4.60	%		115,815		4,117		4.75	%
Loans and Loans Held For Sale		1,094,009		60,097		7.34	%		913,143		53,413		7.82	%
Restricted Investment in Bank Stock		5,688		444		10.44	%		5,179		338		8.73	%
Total Earning Assets		1,335,969		67,995		6.80	%		1,139,594		61,586		7.23	%

Cash and Due From Banks		5,892							6,686
Other Assets		68,963							45,348
Total Assets	$	1,410,824						$	1,191,628

LIABILITIES & STOCKHOLDERS’ EQUITY
Deposits:
Interest-bearing Demand	$	68,182		1,444		2.83	%	$	62,120		991		2.13	%
Money Market and Savings		315,221		8,600		3.65	%		291,899		8,279		3.79	%
Certificates of Deposit		572,351		17,550		4.10	%		419,011		14,203		4.53	%
Total Interest-Bearing Deposits		955,754		27,594		3.86	%		773,030		23,473		4.06	%

Short-Term Borrowings		14,825		444		4.00	%		-		-		0.00	%
Subordinated Debt		29,893		1,351		6.04	%		26,113		833		4.26	%
Total Interest-Bearing Liabilities		1,000,472		29,389		3.93	%		799,143		24,306		4.07	%

Noninterest-bearing Deposits		210,611							219,869
Other Liabilities		25,671							21,897
Stockholders’ Equity		174,070							150,719
Total Liabilities & Stockholders’ Equity	$	1,410,824						$	1,191,628

Net Interest Income			$	38,606						$	37,280

Total Yield on Earning Assets						6.80	%						7.23	%
Cost on Interest-Bearing Liabilities						3.93	%						4.07	%
Average Interest Spread						2.87	%						3.16	%
Net Interest Margin						3.86	%						4.37	%

^{(1) Ratios are annualized on an actual/actual basis}

GBank Financial Holdings Inc.
Additional Financial Information
(Unaudited)

	Three Months Ended															For the Nine Months Ended
($’s in 000, except per share data)	Sep 30, 2026			Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Sep 30, 2026			Sep 30, 2025
Key Performance Metrics
Return on Average Assets-Net Income⁽¹⁾		1.06	%		1.53	%		0.39	%		2.20	%		1.37	%		1.01	%		1.52	%
Return on Average Stockholders’ Equity⁽¹⁾		8.59	%		12.64	%		3.12	%		18.03	%		10.89	%		8.16	%		12.00	%
Efficiency Ratio		63.03	%		54.66	%		80.81	%		55.31	%		61.05	%		65.71	%		60.79	%
Net Interest Margin⁽¹⁾		3.95	%		3.78	%		3.86	%		4.21	%		4.35	%		3.86	%		4.37	%
Net Revenue⁽¹⁾	$	20,340		$	21,950		$	19,645		$	20,718		$	20,175		$	61,935		$	55,303
Common Equity / Assets		12.04	%		12.07	%		12.03	%		12.19	%		12.16	%		12.04	%		12.16	%
Tier 1 Leverage Ratio - Bank		13.37	%		13.15	%		13.39	%		13.42	%		13.72	%		13.37	%		13.72	%

Selected Loan Metrics
Guaranteed Portion of Loans Held for Sale	$	69,727		$	50,848		$	74,507		$	46,009		$	66,791		$	69,727		$	66,791
Guaranteed Portion of Loans Held for Investment		164,497			174,971			177,617			183,739			193,688			164,497			193,688
Total Guaranteed Loans		234,224			225,819			252,124			229,748			260,479			234,224			260,479
Guaranteed Loans as a Percent of Total Loans⁽²⁾		15.3	%		16.7	%		17.3	%		19.2	%		20.6	%		15.3	%		20.6	%
SBA Loan Originations	$	171,696		$	131,420		$	189,851		$	106,744		$	207,683		$	492,967		$	469,290
SBA Loans Sold	$	84,454		$	110,075		$	79,036		$	92,258		$	110,820		$	273,565		$	261,680
Gain on Loan Sales Margin⁽²⁾		5.57	%		5.04	%		4.79	%		3.93	%		3.24	%		5.13	%		3.33	%

Asset Quality
Total nonaccrual loans	$	42,891		$	51,648		$	39,736		$	32,141		$	34,608		$	42,891		$	34,608
Loans past due 90 days and still accruing		417			868			-			854			184			417			184
Other real estate owned		10,927			5,663			4,401			4,401			2,684			10,927			2,684
Total non-performing assets	$	54,235		$	58,179		$	44,137		$	37,396		$	37,476		$	54,235		$	37,476
Non-performing assets: guaranteed portion	$	25,469		$	36,876		$	34,340		$	28,240		$	27,112		$	25,469		$	27,112
Non-performing assets: non-guaranteed portion	$	28,766		$	21,303		$	9,797		$	9,156		$	10,364		$	28,766		$	10,364

Non-performing assets to total assets		3.72	%		4.06	%		3.17	%		2.75	%		2.88	%		3.72	%		2.88	%
Non-performing assets, excluding guaranteed, to total assets⁽²⁾		1.97	%		1.49	%		0.70	%		0.67	%		0.80	%		1.97	%		0.80	%
Net charge-offs	$	1,100		$	1,167		$	1,457		$	557		$	836		$	3,724		$	2,534

Loans past due 30-89 days and accruing	$	1,998		$	12,202		$	6,255		$	9,843		$	3,595		$	1,998		$	3,595
Loans past due 30-89 days and accruing: guaranteed portion	$	-		$	2,491		$	2,474		$	4,574		$	2,351		$	-		$	2,351
Loans past due 30-89 days and accruing: non-guaranteed portion	$	1,998		$	9,710		$	3,781		$	5,269		$	1,244		$	1,998		$	1,244

Allowance for credit losses (ACL)	$	13,935		$	12,418		$	10,755		$	9,890		$	10,577		$	13,935		$	10,577
Nonaccrual loans	$	42,891		$	51,648		$	39,736		$	32,141		$	34,608		$	42,891		$	34,608
ACL to nonaccrual loans		32	%		24	%		27	%		31	%		31	%		32	%		31	%
ACL to nonaccrual loans, excluding guaranteed⁽²⁾		80	%		65	%		122	%		136	%		141	%		80	%		141	%
ACL to loans		1.30	%		1.19	%		1.05	%		1.03	%		1.12	%		1.30	%		1.12	%
ACL to loans, excluding guaranteed⁽²⁾		1.54	%		1.42	%		1.27	%		1.28	%		1.42	%		1.54	%		1.42	%

Book Value
Stockholders’ Equity	$	175,379		$	172,810		$	167,622		$	165,755		$	158,193		$	175,379		$	158,193
Common shares outstanding		14,520			14,470			14,470			14,385			14,288			14,520			14,288
Book value per common share	$	12.08		$	11.94		$	11.58		$	11.52		$	11.07		$	12.08		$	11.07
Full-Time Equivalent Employees		179			189			189			184			187			179			187

⁽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 Nine Months Ended
($'s in 000, except per share data)	Sep 30, 2026			Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Sep 30, 2026			Sep 30, 2025

Pre-Provision Net Revenue⁽¹⁾
Net Interest Income	$	13,614		$	12,801		$	12,191		$	13,455		$	12,998		$	38,606		$	37,280
Non-Interest Income		6,726			9,149			7,454			7,263			7,177			23,329			18,023
Net Revenue	$	20,340		$	21,950		$	19,645		$	20,718		$	20,175		$	61,935		$	55,303
Non-Interest Expense		12,821			11,998			15,876			11,460			12,317			40,695			33,619
Pre-Provision Net Revenue	$	7,519		$	9,952		$	3,769		$	9,258		$	7,858		$	21,240		$	21,684
Less:
(Provision) Net Benefit for Credit Losses		(2,646	)		(2,844	)		(2,293	)		182			(2,219	)		(7,783	)		(4,032	)
Provision For Income Taxes		(1,008	)		(1,625	)		(139	)		(2,026	)		(1,282	)		(2,772	)		(3,992	)
Net Loss Attributable to Equity Investment		(12	)		(21	)		(22	)		(18	)		(49	)		(55	)		(127	)
Net Income	$	3,853		$	5,462		$	1,315		$	7,396		$	4,308		$	10,630		$	13,533

Adjusted Diluted Earnings Per Share⁽²⁾
Net Income	$	3,853		$	5,462		$	1,315		$	7,396		$	4,308		$	10,630		$	13,533
Non-core Items:
Form S-1 and Uplift Costs		-			-			-			-			30			-			1,079
Severance Related Expenses		520			-			-			257			900			520			900
Credit Card Fraud Losses		(23	)		52			4,213			-			-			4,242
Costs Incurred Related to Discontinued Credit Card Marketing Campaign		-			-			-			416			1,692			-			1,692
Net Gain on Sales of Investment Securities		-			-			-			(426	)		-			-			-
Third-party Fraud Loss		100															100
Tax Effect of Non-core Items^(a)		(124	)		(12	)		(963	)		(55	)		(597	)		(1,099	)		(835	)
Net Income Excluding Non-core Items	$	4,326		$	5,502		$	4,565		$	7,588		$	6,333		$	14,393		$	16,369

Weighted average diluted shares outstanding		14,532			14,544			14,506			14,555			14,525			14,513			14,510

Diluted Earnings Per Share	$	0.27		$	0.38		$	0.09		$	0.51		$	0.30		$	0.73		$	0.93
Adjusted Diluted Earnings Per Share	$	0.30		$	0.38		$	0.31		$	0.52		$	0.44		$	0.99		$	1.13

Gain on Loan Sales Margin⁽¹⁾
Gain on Sale of Loans	$	4,701		$	5,544		$	3,790		$	3,625		$	3,592		$	14,035		$	8,722
Loans Sold		84,454			110,075			79,036			92,258			110,820			273,565			261,680
Gain on Loan Sales Margin		5.57	%		5.04	%		4.79	%		3.93	%		3.24	%		5.13	%		3.33	%

Guaranteed Loans as a Percent of Loans⁽³⁾
SBA and USDA Guaranteed Loans	$	164,497		$	174,971		$	177,617		$	183,739		$	193,688		$	164,497		$	193,688
Loans, Net of Deferred Fees and Costs		1,071,830			1,047,352			1,025,136			959,269			940,591			1,071,830			940,591
Guaranteed Loans as a % of Loans		15.3	%		16.7	%		17.3	%		19.2	%		20.6	%		15.3	%		20.6	%

Non-performing assets, excluding guaranteed, to total assets⁽³⁾
Non-performing assets	$	54,235		$	58,179		$	44,137		$	37,396		$	37,476		$	54,235		$	37,476
Less: SBA and USDA guaranteed portions of non-performing assets		25,469			36,876			34,340			28,240			27,112			25,469			27,112
Non-performing assets, excluding guaranteed portions		28,766			21,303			9,797			9,156			10,364			28,766			10,364
Total assets		1,456,591			1,431,702			1,393,812			1,359,491			1,301,378			1,456,591			1,301,378
Non-performing assets, excluding guaranteed, to total assets		1.97	%		1.49	%		0.70	%		0.67	%		0.80	%		1.97	%		0.80	%

Allowance for credit losses (ACL) to nonaccrual loans, excluding guaranteed⁽³⁾
Nonaccrual loans	$	42,891		$	51,648		$	39,736		$	32,141		$	34,608		$	42,891		$	34,608
Less: SBA and USDA guaranteed portions of nonaccrual loans		25,469			32,481			30,949			24,849			27,111			25,469			27,111
Nonaccrual loans, excluding guaranteed portions		17,422			19,167			8,787			7,292			7,497			17,422			7,497
ACL to nonaccrual loans, excluding guaranteed		80	%		65	%		122	%		136	%		141	%		80	%		141	%

ACL to loans, excluding guaranteed⁽³⁾
Loans, net of deferred fees and costs	$	1,071,830		$	1,047,352		$	1,025,136		$	959,269		$	940,591		$	1,071,830		$	940,591
Less: SBA and USDA guaranteed portions of loans		164,497			174,971			177,617			183,739			193,688			164,497			193,688
Loans, excluding guaranteed		907,333			872,381			847,519			775,530			746,903			907,333			746,903
ACL to loans, excluding guaranteed		1.54	%		1.42	%		1.27	%		1.28	%		1.42	%		1.54	%		1.42	%

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 non-core 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.

Source: GBank Financial Holdings Inc.

Released October 28, 2026

GBank Financial Holdings Inc. Announces Third Quarter 2026 Financial Results

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