Company Release – 10/28/2025

GBank Financial Holdings Inc. Announces Third Quarter 2025 Financial Results

LAS VEGAS, NV, October 28, 2025 -- GBank Financial Holdings Inc. (the “Company”) (NASDAQ: GBFH), the parent company of GBank (the “Bank”), today reported net income for the quarter ended September 30, 2025 of $4.3 million, or $0.30 per diluted share. The results for the third quarter of 2025 include unusual expenses totaling $2.0 million after-tax, or $0.14 per diluted share, primarily associated with executive severance expenses and costs incurred related to the discontinuation of a third-party credit card marketing campaign. For the nine months ended September 30, 2025, net income was $13.5 million, or $0.93 per diluted share, compared to $13.4 million, or $1.02 per diluted share, for the comparable nine-month period of 2024. The net income for the nine months ended September 30, 2025 also includes unusual expenses totaling $0.20 per diluted share as detailed below.

Third Quarter 2025 Financial Highlights (Unaudited)

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Net revenue(1) of $20.2 million, a 13.5% increase compared to the second quarter of 2025

•

Gain on loan sales of $3.6 million on loans sold of $110.8 million, compared to gain on loan sales of $2.6 million on loans sold of $82.1 million for the second quarter of 2025

•

Gain on loan sales margin(1) of 3.24% compared to 3.16% for the second quarter of 2025

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Credit card transaction volume of $131.3 million and net interchange fees of $2.4 million, compared to $82.2 million and $1.5 million, respectively, for the second quarter of 2025

•

U.S. Small Business Administration (“SBA”) lending and commercial banking loan originations of $242.1 million, the second consecutive record-breaking quarter for the Company, compared to the previous record of $160.7 million for the second quarter of 2025

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Non-performing assets, excluding guaranteed portions(1), of $10.4 million as of September 30, 2025, representing 0.80% of total assets

Adjusted diluted earnings per share(1) was $0.44 for the quarter ended September 30, 2025 and $1.13 for the nine months ended September 30, 2025. Adjusted diluted earnings per share excludes certain unusual expenses presented in the table below.


($'s in 000, except per share data)
Description	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025

Form S-1 and Uplist Costs	$	30	$	1,079
CEO Resignation		900		900
Costs Incurred Related To Discontinued Credit Card Marketing Campaign		1,692		1,692
Pre-Tax Impact	$	2,622	$	3,671
After-Tax Impact at 22.75% Rate	$	2,025	$	2,836
Per Share Impact	$	0.14	$	0.20
Reported Diluted Earnings Per Share	$	0.30	$	0.93
Adjusted Diluted Earnings Per Share (1)	$	0.44	$	1.13

Form S-1 and uplist costs of $23 thousand after-tax for the quarter ended September 30, 2025 and $834 thousand after-tax for the nine months ended September 30, 2025 consist of the non-recurring legal, professional, and audit fees associated with the preparation of filings made with the U.S. Securities and Exchange Commission ("SEC") for the registration of the Company's shares of common stock and listing on the Nasdaq Capital Market. CEO resignation costs of $695 thousand after-tax for the three and nine months ended September 30, 2025 include salaries, benefits, and stock compensation expenses associated with the resignation of the Company's CEO as previously reported on Form 8-K with the SEC on September 3, 2025. The Bank terminated an early generation third-party non-gaming credit card marketing agreement which resulted in credit card promotion, credit and fraud expenses totaling $1.3 million after-tax during the quarter. All the transactions associated with this program were non-gaming transactions.

(1) See Reconciliation of Non-GAAP Financial Measures

Edward M. Nigro, Chairman and CEO of the Company, stated, “The third quarter reflects our ability to grow our core revenues quarter over quarter – Credit Card Transactions up 57% - SBA Originations up 57% - SBA Gain on Sale up 39% - Non-Interest Income up 33% - Net-Interest Income up 5%. We also executed key management changes, terminated third-party out-of-market credit card cash promotions and expenses, and as of today we are live with our new digital credit card application process that provides the latest technology to prevent application and credit fraud. We are now ready to launch our influencers with the addition of Champ Mike Tyson. Further, we anticipate growing our brick-and-mortar casino slot market with the onboarding of the BoltBetz slot programs for Distill Taverns, Terribles Gaming, and a developing pipeline.”

Financial Results

Income Statement

Net interest income totaled $13.0 million for the third quarter of 2025, reflecting an increase of $610 thousand, or 4.9%, compared to $12.4 million for the second quarter of 2025, and an increase of $739 thousand, or 6.0%, compared to the third quarter of 2024.

The increase in net interest income when compared to the second quarter of 2025 was primarily driven by higher average balances of interest earning assets partially offset by volume-driven increases in deposit interest expense, as the growth in earning assets was primarily funded by interest bearing demand and certificates of deposit growth. The cost of interest-bearing liabilities continued to trend downward from 4.07% during the second quarter of 2025 to 4.02% for the quarter ended September 30, 2025.

The increase in net interest income during the third quarter of 2025 when compared to the third quarter of 2024 was primarily volume driven, as higher interest income from growth in average loan and interest-bearing cash balances more than offset increases in interest expense resulting from higher average balances of interest-bearing deposits.

The yield on investment securities was 4.62% for the third quarter of 2025, compared to 4.73% for the second quarter of 2025 and 5.06% for the third quarter of 2024. The decrease in the yield when compared to the previous quarter and the same quarter of 2024 was the result of a reduction in yield on certain variable rate securities due to lower long-term interest rates.

The Company’s net interest margin for the third quarter of 2025 was 4.35%, compared to 4.31% for the second quarter of 2025 and 5.00% for the third quarter of 2024. The increase in net interest margin during the third quarter of 2025 when compared to the previous quarter was attributable to both (i) slightly higher loan yields, and (ii) a favorable decrease in the cost of funds. The decrease in net interest margin when compared to the third quarter of 2024 is reflective of the 100 basis point decrease in the target federal funds rate during the second half of 2024 by the Federal Reserve.

The Company recorded a provision for credit losses on loans of $2.2 million for the third quarter of 2025, an increase of $1.1 million compared to $1.1 million during the second quarter of 2025, and an increase of $1.6 million when compared to the third quarter of 2024. The provision for credit losses on loans recorded in the third quarter of 2025 reflects quarterly organic growth in non-guaranteed loans of $58.7 million, $707 thousand of specific reserves assigned to credit card balances, and the replenishment of reserves to offset $836 thousand of net charge-offs during the period.

Non-interest income was $7.2 million for the third quarter of 2025, compared to $5.4 million for the second quarter of 2025, and $3.9 million for the third quarter of 2024. The $1.8 million increase in non-interest income during the third quarter of 2025 when compared to the second quarter of 2025 was primarily due to a $1.0 million increase in gain on loan sale revenue and an $871 thousand increase in net interchange fees. The $3.3 million increase in non-interest income during the third quarter of 2025 when compared to the third quarter of 2024 was driven by favorable increases across all categories of other income, including (i) an increase in credit card net interchange fees of $2.1 million as credit card transaction volume increased from $22 million during the nine months ended September 30, 2024 to $321 million for the same period in 2025, (ii) an increase in gain on sale of loans of $754 thousand , and (iii) a $196 thousand increase in loan servicing income.

Net revenue totaled $20.2 million for the third quarter of 2025, representing an increase of $2.4 million, or 13.5%, compared to $17.8 million for the second quarter of 2025. Net revenue for the third quarter of 2025 increased $4.0 million, or 24.8%, when compared to $16.2 million for the third quarter of 2024.

(1) See Reconciliation of Non-GAAP Financial Measures

Non-interest expense was $12.3 million during the third quarter of 2025, compared to $10.4 million for the second quarter of 2025 and $9.1 million for the third quarter of 2024. The quarter-over-quarter increase in non-interest expense was due to the previously mentioned unusual expenses incurred during the quarter of salaries and employee benefits expense and other expenses. The Company’s efficiency ratio was 61.1% for the third quarter of 2025, compared to 58.5% for the second quarter of 2025 and 56.0% for the third quarter of 2024.

Income tax expense was $1.3 million for the quarter ended September 30, 2025, compared to $1.5 million for the second quarter of 2025, and $1.5 million for the third quarter of 2024. The Company’s effective tax rate was 22.7% for the quarter ended September 30, 2025, compared to 19.1% for the quarter ended June 30, 2025, and 23.1% for the quarter ended September 30, 2024. The fluctuations in the effective tax rate are largely driven by the timing and volume of certain stock-based compensation transactions resulting in tax benefits to the Company, as well as the timing and volume of state tax adjustments.

Net income was $4.3 million for the third quarter of 2025, a decrease of $447 thousand from $4.8 million for the second quarter of 2025, and a decrease of $707 thousand from $5.0 million during the third quarter of 2024. Diluted earnings per share were $0.30 for the third quarter of 2025, compared to $0.33 for the second quarter of 2025 and $0.38 for the third quarter of 2024. Earnings per share and other share-based metrics have been impacted by the shares issued in the previously disclosed private placement of shares of common stock completed in October 2024.

The Company had 187 full-time equivalent employees as of September 30, 2025, compared to 188 full-time equivalent employees as of June 30, 2025, and 159 full-time equivalent employees as of September 30, 2024.

Balance Sheet

Total assets increased 5.6% to $1.3 billion as of September 30, 2025, from $1.2 billion as of June 30, 2025, and increased 24.2% from $1.0 billion as of September 30, 2024. The increase in total assets from June 30, 2025 was primarily driven by higher loan balances as well as an increase in other assets primarily due to a bank owned life insurance investment of $15 million during the third quarter of 2025. The increase in total assets from September 30, 2024 was primarily driven by increases in loans, interest bearing deposits with banks, investment securities, and all other assets. Total assets, including $970 million of sold loans for which servicing is retained, totaled $2.3 billion as of September 30, 2025.

Total loans, net of deferred fees and costs, were $940.6 million as of September 30, 2025, compared to $871.6 million as of June 30, 2025, and $781.0 million as of September 30, 2024. Loans, net of deferred fees and costs increased $69.0 million during the third quarter of 2025 primarily due to increases in commercial real estate, commercial and industrial, and consumer loans, primarily due to credit cards, and partially offset by decreases in construction, multifamily and residential loans. The increase in loans, net of deferred fees and costs, of $159.6 million from September 30, 2024, was primarily driven by increases of $145.8 million in commercial real estate loans. Total guaranteed loans as a percentage of loans(1) were 20.6% as of September 30, 2025, compared to 22.1% as of June 30, 2025, and 26.0% as of September 30, 2024.

The Company’s allowance for credit losses totaled $10.6 million as of September 30, 2025, compared to $9.2 million as of June 30, 2025, and $7.9 million as of September 30, 2024. The allowance for credit losses as a percentage of total loans was 1.12% as of September 30, 2025, compared to 1.06% as of June 30, 2025, and 1.02% as of September 30, 2024. The allowance for credit losses as a percentage of total loans, excluding guaranteed portions(1), was 1.42% as of September 30, 2025, compared to 1.36% as of June 30, 2025, and 1.37% as of September 30, 2024.

Deposits totaled $1.1 billion as of September 30, 2025, an increase of $59.7 million from $1.032 billion as of June 30, 2025, and an increase of $208.7 million from $883.5 million as of September 30, 2024. By deposit type, the increase from the prior quarter was driven by an increase of $82.3 million in certificates of deposit and a $6.5 million increase in interest bearing demand deposits. Noninterest-bearing deposits totaled $227.9 million as of September 30, 2025, a decrease of $992 thousand from $228.9 million as of June 30, 2025, and a decrease of $2.0 million from $229.9 million as of September 30, 2024.

The Company’s ratio of loans to deposits was 86.1% as of September 30, 2025, compared to 84.4% as of June 30, 2025, and 88.4% as of September 30, 2024.

The Company held no short-term borrowings as of September 30, 2025, June 30, 2025, or September 30, 2024. As of September 30, 2025, the Company had approximately $503.8 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 $26.1 million as of September 30, 2025, June 30, 2025 and September 30, 2024.

(1) See Reconciliation of Non-GAAP Financial Measures

Stockholders’ equity was $158.2 million as of September 30, 2025, compared to $151.7 million as of June 30, 2025, and $116.4 million as of September 30, 2024. The increase in stockholders’ equity from June 30, 2025 is attributable to increases in retained earnings resulting from net income earned during the quarter. The increase in stockholders’ equity since September 30, 2024 was the result of the previously disclosed private placement of shares of common stock completed in October 2024 and net income earned over the previous twelve months.

The Company’s ratio of common equity to total assets was 12.2% as of September 30, 2025, compared to 12.3% as of June 30, 2025, and 11.1% as of September 30, 2024. The Bank’s Tier 1 leverage ratio was 13.7% as of September 30, 2025, compared to 13.8% as of June 30, 2025, and 13.1% as of September 30, 2024. The increase in the Bank’s Tier 1 leverage ratio since September 30, 2024 was impacted by the downstream of $15.0 million in additional capital from the Company to the Bank during the first quarter of 2025. The Company’s book value per share was $11.07 as of September 30, 2025, an increase of 4.1% from $10.63 as of June 30, 2025, and an increase of 24.3% from $8.91 as of September 30, 2024.

Asset Quality

The provision for credit losses for loans totaled $2.2 million for the third quarter of 2025, compared to $1.1 million for the second quarter of 2025 and $570 thousand for the third quarter of 2024. Net loan charge-offs in the third quarter of 2025 totaled $836 thousand, or 0.35% of average net loans (annualized), compared to net loan charge-offs of $870 thousand, or 0.38% of average net loans (annualized) in the second quarter of 2025 and $22 thousand of net loan recoveries, or 0.01% of average net loans (annualized) during the third quarter of 2024. Net loan charge-offs in the third quarter of 2025 were attributable to certain commercial real estate loans, commercial and industrial loans, and credit card relationships.

Nonaccrual loans increased $16.4 million during the quarter to $34.6 million as of September 30, 2025, and increased $29.2 million from $5.4 million as of September 30, 2024. The guaranteed portion of nonaccrual loans totaled $27.1 million as of June 30, 2025. Loans past due 90 days and accruing interest totaled $184 thousand as of September 30, 2025, compared to $146 thousand as of June 30, 2025, and $27 thousand as of September 30, 2024. The balance of loans past due 90 days and accruing of $184 thousand at September 30, 2025 was comprised entirely of credit card balances which are non-guaranteed.

The Company held $2.7 million of other real estate owned as of September 30, 2025. The Company held no other real estate owned as of June 30, 2025 or September 30, 2024.

Non-performing assets totaled $37.5 million as of September 30, 2025, an increase of $19.1 million from $18.4 million as of June 30, 2025, and an increase of $32.1 million from $5.4 million as of September 30, 2024. Non-performing assets, excluding guaranteed portions, totaled $10.4 million as of September 30, 2025, an increase of $5.8 million from $4.6 million as of June 30, 2025 and an increase of $8.8 million from $1.6 million as of September 30, 2024. The increase in non-performing assets during the third quarter of 2025 was the result of both (i) the transfer of $16.6 million of commercial real estate and commercial and industrial loans from accrual to nonaccrual status during the quarter, and (ii) $2.7 million of other real estate properties assumed during the quarter.

While the quarter over quarter percentage increase in non-performing assets seems significant when viewed alone, the financial risk is seen to be well contained with a reasonable non-performing asset risk ratio to total assets of 0.80% when removing the guaranteed portion of each non-performing asset. Further, it is important to consider the process we undertake when a collateralized SBA non-performing asset requires collection efforts. We repurchase the sold portion of the guaranteed loan to affect the foreclosure and resale of the property. This process immediately increases the non-performing asset balance on our balance sheet to include the guaranteed portion – thus the importance of always adjusting for the guaranteed portion of the non-performing assets as well as considering our “off balance sheet” assets consisting of the sold portion of SBA guaranteed loans of $970 million that increase our total assets under management to $2.3 billion.

Loans past due between 30 and 89 days and accruing interest totaled $3.6 million as of September 30, 2025, a decrease of $4.6 million from $8.2 million as of June 30, 2025, and a decrease of $8.8 million from $12.4 million as of September 30, 2024. The guaranteed portion of loans past due between 30 and 89 days and accruing interest was $2.4 million as of September 30, 2025.

The ratio of total non-performing assets to total assets was 2.88% as of September 30, 2025, compared to 1.49% as of June 30, 2025, and 0.52% as of September 30, 2024. The ratio of non-performing assets, excluding guaranteed portions, to total assets(1) was 0.80% as of September 30, 2025, compared to 0.37% as of June 30, 2025, and 0.15% as of September 30, 2024.

The Company continues to closely monitor credit quality in light of the ongoing economic uncertainty caused by, among other factors, continued uncertainty regarding U.S. trade and tariff policy and the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas. Accordingly, additional provisions for credit losses may be necessary in future periods.

(1) See Reconciliation of Non-GAAP Financial Measures

Other Financial Highlights

SBA Lending and Commercial Banking

SBA lending and commercial banking loan originations totaled $242.1 million during the third quarter of 2025, including a record of $92 million in the month of September, compared to $160.5 million for the second quarter of 2025 and $156.4 million for the third quarter of 2024. Loan sale volume increased to $110.8 million during the third quarter of 2025, compared to $82.1 million for the second quarter of 2025, and $71.4 million for the third quarter of 2024. Gain on sale of loans increased 38.5% to $3.6 million, compared to $2.6 million for the second quarter of 2025, and increased 26.6% from $2.8 million for the third quarter of 2024. The average pretax gain on sale of loans margin was 3.24% for the third quarter of 2025, compared to 3.16% for the second quarter of 2025 and 3.98% for the third quarter of 2024.

Gaming FinTech

Our Gaming Payments Operations in the third quarter of 2025 focused upon redirecting all credit card marketing to our gaming consumers; concluding and subsequently terminating a third party non-gaming direct mail market agreement; onboarding BoltBetz with Distill and Terrible Gaming slots; enhancing our influencer marketing with the engagement of Champ Mike Tyson; and, concluding the development and launch of our digital credit card application platform with the most advanced KYC and fraud protections. This new application platform will enable our influencers to support the growth of GBank's credit card gaming customers.

Our initial efforts to “patch” the existing application platform were not successful and required that we halt applications when we were faced with identification fraud. This pause stopped the fraud applications but also resulted in limiting the growth in the number of gaming cardholders. Despite this, credit card transaction volumes increased almost 60% sequentially to more than $131 million during the third quarter of 2025.

The Prepaid Access/Slot program involving BoltBetz is continuing to make significant progress with Distill Taverns and Terribles Gaming onboarding over 2,500 slot machines. BoltBetz is in the final process of Gaming Laboratories International (“GLI”) testing by the Nevada Gaming Control Board. This is the final process required to launch which is now anticipated in November 2025.

The Pooled Player (“PPA™”) pipeline continues to develop new payments agreements with both the Prepaid Access accounts and virtual ATM providers which are expected to launch in the coming quarters following the receipt of final regulatory approvals.

Including BoltBetz, BankCard Services LLC (“BCS”) and GBank now have sixteen active payment and PPA™ and Pooled Consumer (“PCA™”) Program clients. Currently, BCS and GBank are conducting due diligence for five new clients, with anticipated onboarding in future quarters. Gaming FinTech deposits averaged $37.3 million for the third quarter of 2025, compared to $39.5 million for the second quarter of 2025. We anticipate deposit growth from BoltBetz Casino clients to commence in the second quarter of 2026.

(1) See Reconciliation of Non-GAAP Financial Measures

Earnings Call

The Company will host its third quarter 2025 earnings call on Wednesday October 29, 2025, at 10:00 a.m., PST. Interested parties can participate remotely via Internet connectivity. There will be no physical location for attendance.

Interested parties may join online, via the ZOOM app on their smartphones, or by telephone:

•

ZOOM Webinar ID 873 1389 3095

•

Passcode: 468468

Joining by ZOOM Webinar (audio only):

https://us02web.zoom.us/j/87313893095?pwd=YmbAmd09zQhXfDQHNSTFXM79DU8Vma.1

or use the ZOOM app on your smartphone.

Joining by Telephone

Dial (408) 638-0968. The conference ID is 873 1389 3095. Passcode: 468468.

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.

Notice Regarding Disclosures and Forward-Looking Statements

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. 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) potential costs related to the impacts of climate change; (xix) current or future litigation, regulatory examinations or other legal and/or regulatory actions; and (xx) 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 most recent filings with SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents the Company files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. 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. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

For Further Information, Contact:

GBank Financial Holdings Inc.

Edward 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
																9/30/25 vs. 6/30/25						9/30/25 vs. 9/30/24
($’s in 000, except per share data)	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			$ Var			% Var			$ Var			% Var
Assets
Cash and Due From Banks	$	4,988		$	11,877		$	6,701		$	9,262		$	5,798		$	(6,889	)		-58.0	%	$	(810	)		-14.0	%
Interest-Bearing Deposits With Other Financial Institutions		98,402			131,352			140,270			114,860			65,160			(32,950	)		-25.1	%		33,242			51.0	%
Total Cash and Cash Equivalents		103,390			143,229			146,971			124,122			70,958			(39,839	)		-27.8	%		32,432			45.7	%

Investment Securities:
Available For Sale, at Fair Value		85,774			82,886			71,468			65,609			39,381			2,888			3.5	%		46,393			117.8	%
Held to Maturity, at Amortized Cost		38,578			39,515			39,903			40,569			46,043			(937	)		-2.4	%		(7,465	)		-16.2	%

Loans Held For Sale		66,791			45,242			41,313			32,649			68,317			21,549			47.6	%		(1,526	)		-2.2	%
Loans, Net of Deferred Fees and Costs:
Commercial and Industrial		66,226			59,021			56,885			64,000			53,490			7,205			12.2	%		12,736			23.8	%
Commercial Real Estate - Non-owner Occupied		743,084			682,021			672,379			630,551			607,864			61,063			9.0	%		135,220			22.2	%
Commercial Real Estate - Owner Occupied		97,396			96,526			81,768			88,802			86,785			870			0.9	%		10,611			12.2	%
Construction and Land Development		2,115			4,371			3,201			2,934			2,161			(2,256	)		-51.6	%		(46	)		-2.1	%
Multifamily		18,979			18,987			19,011			17,374			17,398			(8	)		0.0	%		1,581			9.1	%
Residential		3,828			6,810			7,619			10,584			12,025			(2,982	)		-43.8	%		(8,197	)		-68.2	%
Consumer		8,963			3,894			2,502			1,713			1,276			5,069			130.2	%		7,687			602.4	%
Total Loans, Net of Deferred Fees and Costs		940,591			871,630			843,365			815,958			780,999			68,961			7.9	%		159,592			20.4	%
Less: Allowance for Credit Losses		(10,577	)		(9,205	)		(8,997	)		(9,114	)		(7,934	)		(1,372	)		14.9	%		(2,643	)		33.3	%
Total Net Loans		930,014			862,425			834,368			806,844			773,065			67,589			7.8	%		156,949			20.3	%

Loan Servicing Asset		10,621			9,736			9,231			8,976			8,046			885			9.1	%		2,575			32.0	%
Restricted Investment in Bank Stock		5,513			5,513			4,652			4,652			4,652			-			0.0	%		861			18.5	%
All Other Assets		60,697			43,878			42,106			38,943			37,540			16,819			38.3	%		23,157			61.7	%
Total Assets	$	1,301,378		$	1,232,424		$	1,190,012		$	1,122,364		$	1,048,002		$	68,954			5.6	%	$	253,376			24.2	%
Liabilities
Non-Interest Bearing Demand	$	227,921		$	228,913		$	242,650		$	239,672		$	229,875		$	(992	)		-0.4	%	$	(1,954	)		-0.9	%
Interest Bearing Demand		63,741			57,254			62,035			68,132			65,623			6,487			11.3	%		(1,882	)		-2.9	%
Savings and Money Market		281,435			309,559			280,056			256,724			244,091			(28,124	)		-9.1	%		37,344			15.3	%
Certificates of Deposit		519,080			436,738			411,201			370,552			343,931			82,342			18.9	%		175,149			50.9	%
Total Deposits		1,092,177			1,032,464			995,942			935,080			883,520			59,713			5.8	%		208,657			23.6	%

Subordinated Debt		26,144			26,126			26,107			26,088			26,070			18			0.1	%		74			0.3	%
Operating Lease Liability		5,942			6,121			6,299			4,839			5,032			(179	)		-2.9	%		910			18.1	%
Other Liabilities		18,922			15,964			15,048			15,657			16,997			2,958			18.5	%		1,925			11.3	%
Total Liabilities		1,143,185			1,080,675			1,043,396			981,664			931,619			62,510			5.8	%		211,566			22.7	%

Equity
Common Stock		1			1			1			1			1			-			0.0	%		-			0.0	%
Additional Paid-in Capital		80,016			79,291			78,718			77,571			57,287			725			0.9	%		22,729			39.7	%
Retained Earnings		77,970			73,662			68,906			64,437			59,192			4,308			5.8	%		18,778			31.7	%
Accumulated Other Comprehensive Income (Loss)		206			(1,205	)		(1,009	)		(1,309	)		(97	)		1,411			-117.1	%		303			-312.4	%
Total Stockholders’ Equity		158,193			151,749			146,616			140,700			116,383			6,444			4.2	%		41,810			35.9	%
Total Liabilities & Stockholders’ Equity	$	1,301,378		$	1,232,424		$	1,190,012		$	1,122,364		$	1,048,002		$	68,954			5.6	%	$	253,376			24.2	%

Book Value Per Common Share	$	11.07		$	10.63		$	10.27		$	9.87		$	8.91		$	0.44			4.1	%	$	2.16			24.3	%

GBank Financial Holdings Inc.

Condensed Consolidated Income Statements

(Unaudited)


	Three Months Ended															Nine Months Ended
($’s in 000, except per share data)	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Sep 30, 2025			Sep 30, 2024
Interest Income
Loans	$	18,919		$	17,659		$	16,836		$	17,231		$	17,347		$	53,413		$	49,036
Deposits With Other Financial Institutions		1,160			1,365			1,192			1,099			1,367			3,718			3,505
Investment Securities		1,421			1,414			1,281			1,177			924			4,117			2,806
Other Interest Bearing Balances		122			117			100			103			102			338			272
Total Interest Income		21,622			20,555			19,409			19,610			19,740			61,586			55,619

Interest Expense
Deposits		8,339			7,905			7,230			7,535			7,194			23,473			20,240
Short-term Borrowings and Subordinated Debt		285			262			285			286			287			833			969
Total Interest Expense		8,624			8,167			7,515			7,821			7,481			24,306			21,209

Net Interest Income		12,998			12,388			11,894			11,789			12,259			37,280			34,410
Provision for Credit Losses - Loans		(2,207	)		(1,079	)		(710	)		(1,337	)		(570	)		(3,996	)		(853	)
Provision for Credit Losses - Unfunded Commitments		(12	)		(13	)		(11	)		(13	)		(8	)		(36	)		(40	)
Net Interest Income after Provision for Credit Losses		10,779			11,296			11,173			10,439			11,681			33,248			33,517

Non-Interest Income
Gain on Sales of Loans		3,592			2,593			2,537			3,998			2,838			8,722			8,084
Loan Servicing Income		762			750			703			597			566			2,215			1,160
Service Charges and Fees		60			54			56			54			48			171			130
Net Interchange Fees		2,406			1,535			2,003			947			284			5,944			451
Other Income		357			452			164			168			166			971			649
Total Non-Interest Income		7,177			5,384			5,463			5,764			3,902			18,023			10,474

Non-Interest Expenses
Salaries and Employee Benefits		6,589			6,235			6,400			5,813			5,495			19,224			16,537
Occupancy Expenses		418			400			392			398			404			1,210			1,269
Other Expenses		5,310			3,761			4,115			3,509			3,156			13,185			8,758
Total Non-Interest Expenses		12,317			10,396			10,907			9,720			9,055			33,619			26,564

Income Before Provision For Income Taxes		5,639			6,284			5,729			6,483			6,528			17,652			17,427
Provision For Income Taxes		(1,282	)		(1,486	)		(1,224	)		(1,239	)		(1,513	)		(3,992	)		(4,035	)
Net Income Before Equity Investment Loss		4,357			4,798			4,505			5,244			5,015			13,660			13,392
Net Loss Attributable to Equity Investment		(49	)		(43	)		(35	)		-			-			(127	)		-
Net Income	$	4,308		$	4,755		$	4,470		$	5,244		$	5,015		$	13,533		$	13,392

Earnings Per Share	$	0.30		$	0.33		$	0.31		$	0.37		$	0.38		$	0.95		$	1.04
Earnings Per Share (Diluted)	$	0.30		$	0.33		$	0.31		$	0.37		$	0.38		$	0.93		$	1.02
Average Common Shares Outstanding		14,280			14,274			14,256			14,095			13,067			14,270			12,897
Diluted Average Common Shares Outstanding		14,525			14,551			14,549			14,327			13,236			14,510			13,075

GBank Financial Holdings Inc.

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

(Unaudited)


	For the Three Months Ended
	September 30, 2025							June 30, 2025							September 30, 2024
(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	$	97,822	$	1,160		4.70	%	$	115,974	$	1,365		4.72	%	$	94,147	$	1,367		5.78	%
Investment Securities:
Taxable		122,158		1,421		4.62	%		119,880		1,414		4.73	%		72,705		924		5.06	%
Loans and Loans Held For Sale		960,679		18,919		7.81	%		911,028		17,659		7.77	%		804,824		17,347		8.57	%
Restricted Investment in Bank Stock		5,513		122		8.78	%		5,362		117		8.75	%		4,652		102		8.72	%
Total Earning Assets		1,186,172		21,622		7.23	%		1,152,244		20,555		7.16	%		976,328		19,740		8.04	%

Cash and Due From Banks		7,050							6,782							5,997
Other Assets		54,801							41,894							37,330
Total Assets	$	1,248,023						$	1,200,920						$	1,019,655

LIABILITIES & STOCKHOLDERS’ EQUITY
Deposits:
Interest-bearing Demand	$	60,404		320		2.10	%	$	60,320		316		2.10	%	$	66,317		420		2.52	%
Money Market and Savings		307,322		2,938		3.79	%		303,814		2,929		3.87	%		237,142		2,405		4.03	%
Certificates of Deposit		456,611		5,081		4.41	%		413,940		4,660		4.52	%		332,204		4,369		5.23	%
Total Interest-Bearing Deposits		824,337		8,339		4.01	%		778,074		7,905		4.08	%		635,663		7,194		4.50	%

Short-Term Borrowings		-		-		0.00	%		-		-		0.00	%		125		2		6.37	%
Subordinated Debt		26,132		285		4.33	%		26,113		262		4.02	%		26,057		285		4.35	%
Total Interest-Bearing Liabilities		850,469		8,624		4.02	%		804,187		8,167		4.07	%		661,845		7,481		4.50	%

Noninterest-bearing Deposits		217,547							223,201							221,121
Other Liabilities		23,115							22,404							21,270
Stockholders’ Equity		156,892							151,128							115,419
Total Liabilities & Stockholders’ Equity	$	1,248,023						$	1,200,920						$	1,019,655

Net Interest Income			$	12,998						$	12,388						$	12,259

Total Yield on Earning Assets						7.23	%						7.16	%						8.04	%
Cost on Interest-Bearing Liabilities						4.02	%						4.07	%						4.50	%
Average Interest Spread						3.21	%						3.08	%						3.54	%
Net Interest Margin						4.35	%						4.31	%						5.00	%

(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, 2025							September 30, 2024
(Dollars in thousands)	Average				Yield/			Average				Yield/
	Balance		Interest		Rate(1)			Balance		Interest		Rate(1)
ASSETS:
Interest Bearing Deposits	$	105,457	$	3,718		4.71	%	$	80,155	$	3,505		5.84	%
Investment Securities:
Taxable		115,815		4,117		4.75	%		81,463		2,806		4.60	%
Loans and Loans Held For Sale		913,143		53,413		7.82	%		774,154		49,036		8.46	%
Restricted Investment in Bank Stock		5,179		338		8.73	%		4,094		272		8.87	%
Total Earning Assets		1,139,594		61,586		7.23	%		939,866		55,619		7.90	%

Cash and Due From Banks		6,686

GBank Financial Holdings Inc. 8-K