GBank Financial Holdings Inc. (OTCMKTS:GBFH) in a range after reporting its quarterly and year-to-date earnings of $3.2 million or $0.25 per share.
On Friday, GBFH stock fell 0.18% to $11.25 with 30K shares, compared to its average volume of 6K shares. The stock moved within a range of $10.82 – 11.27 after opening trade at $11.27.
The Bank of George’s earnings represents a YoY increase of 216% relative to $1 million or 0.08 per share for the quarter ended March 31, 2021. The quarter’s earnings were boosted by a sustained robust increase in loan sales. Sales revenue climbed by 180 % YoY from $1.8 million to $5.1 million a year ago. Since the start of the year, Net revenues were up 63%, from $6.3 million in 2021 to $10.3 million.
On a quarter-over-quarter basis, net income dropped 18% to $3.2 million relative to $4 million in Q4 2021. Earnings per share were $0.25 relative to $0.31 per share in the fourth quarter of 2021. Total net revenues dropped 9% from $111.4 million in Q4 2021 to $10.3 million in the first quarter of 2022. Therefore, in the coming days, investors should watch GBFH.
Edward M. Nigro, GBank Executive Chairman, stated “This record first quarter earnings, combined with anticipated FOMC rate increases, reinforce our expectations for continued strong growth in 2022.”
GBFH stock is trading above the 20-Day and 50-Day Moving averages of $11.14 and $11.0338 respectively. Moreover, the stock is trading above the 200-Day moving average of $10.44.