GBank Financial plunges after Q2 profit miss
GBFH•Shares fall after quarterly profit misses estimates
Community lender GBank Financial's GBFH.O shares fell 27% to $21.94.
GBFH late Wednesday reported second-quarter profit below Wall Street estimates, as elevated nonperforming assets and weaker margins weighed.
"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," GBank executive chairman and CEO Ed Nigro said.
Brokerage Raymond James trimmed EPS estimates to reflect lower near-term NIM and a more cautious view on credit costs.
As of the last close, GBFH stock was down 11.4% year to date.
