GBank Financial Holdings第二季淨收入550萬美元 每股盈利0.38美元 收入創紀錄

EX-99.1
2
gbfh-ex99_1.htm
EX-99.1

 
 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
[email protected]

  

 
 

 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

  

  

  

 5,513

  

  

  

 5,513

  

  

  

 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

  

  

  

 2

  

  

  

 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

  

  

 1

  

  

  

 1

  

  

  

 1

  

  

  

 1

  

  

  

 1

  

  

  

 -

  

  

  

 0.0

 %

  

  

 -

  

  

  

 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

  

  

 14

  

  

  

 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

 )

  

  

 30

  

  

  

 52

  

  

  

 (12

 )

  

  

 (13

 )

  

  

 15

  

  

  

 (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

  

  

 86

  

  

  

 58

  

  

  

 56

  

  

  

 60

  

  

  

 54

  

  

  

 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

  

  

  

 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, 202