Gateway Bank Narrows Q2 Loss to $171K as Loan Growth Surges 35%
GWBK has more than doubled off its 52-week low of $0.049 on light trading volume (0.2× avg).
Summary
Gateway Bank reported a Q2 net loss of $171,000, a sharp improvement from $827,000 a year ago, driven by 35% loan growth and net interest margin expansion to 3.05%. Net interest income jumped 81% year-over-year to $2.15 million, though the margin benefited from a one-time nonaccrual interest recovery that won't repeat. The new construction lending team is already contributing, with a robust pipeline expected to fund through year-end. While still unprofitable, the trend toward breakeven is accelerating, and the loan book is growing rapidly. The bank remains small with a $27 million market cap, so these improvements are material.
At the time of this announcement, GWBK was trading at $0.10 on OTC in the Finance sector, with a market capitalization of approximately $27M. The 52-week trading range was $0.05 to $0.70. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.