OKLAHOMA
CITY, Oct. 26, 2023 /PRNewswire/ -- Bank7 Corp.
(NASDAQ: BSVN) ("the Company"), the parent company of Oklahoma City-based Bank7 (the "Bank"), today
reported unaudited results for the quarter ended September 30, 2023. "We are pleased to
report another quarter of record PPE and record interest
income. Our success continues to be driven by our long-term
and broad-based deposit relationships, our debt-free and liquid
balance sheet, and our disciplined approach to cost controls.
With the exception of one large credit, we continue to benefit from
strong asset quality and remain confident that the overall
portfolio is indicative of our historical low loan loss
results," said Thomas L.
Travis, President and CEO of the Company.
For the three months ended September 30,
2023 compared to the three months ended September 30, 2022:
- Net Income of $7.9 million
compared to $8.0 million, a decrease
of 2.3%
- Earnings per share of $0.85
compared to $0.87, a decrease of
2.7%
- Total assets of $1.8 billion
compared to $1.6 billion, an increase
of 12.11%
- Total loans of $1.4 billion
compared to $1.2 billion, an increase
of 12.94%
- PPE of $14.4 million compared to
$12.8 million, an increase of
12.62%
- Total interest income of $31.7
million compared to $21.7
million, an increase of 46.24%
Nine months ended September 30,
2023 compared to nine months ended September 30, 2022
- Net Income of $27.2 million
compared to $21.2 million, an
increase of 28.03%
- Earnings per share of $2.94
compared to $2.31, an increase of
27.11%
- Total assets of $1.8 billion
compared to $1.6 billion, an increase
of 12.11%
- Total loans of $1.4 billion
compared to $1.2 billion, an increase
of 12.94%
- PPE of $41.3 million compared to
$30.9 million, an increase of
33.88%
- Total interest income of $89.1
million compared to $53.3
million, an increase of 67.29%
Both the Bank's and the Company's capital levels continue to be
significantly above the minimum levels required to be designated as
"well-capitalized" for regulatory purposes. On September 30, 2023, the Bank's Tier 1 leverage
ratio, Tier 1 risk-based capital ratio, and total risk-based
capital ratios were 9.75%, 11.39%, and 12.64%, respectively.
On September 30, 2023, on a
consolidated basis, the Company's Tier 1 leverage ratio, Tier 1
risk-based capital ratio, and total risk-based capital ratios were
9.76%, 11.39%, and 12.64%, respectively. Designation as a
well-capitalized institution under regulations does not constitute
a recommendation or endorsement by bank regulators.
|
|
|
|
|
|
Bank7
Corp.
|
|
|
Consolidated Balance
Sheets
|
|
|
|
|
|
|
Assets
|
September 30,
2023
(unaudited)
|
|
December 31,
2022
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
169,490
|
|
$
109,115
|
|
|
Interest-bearing time
deposits in other banks
|
17,182
|
|
5,474
|
|
|
Available-for-sale debt
securities
|
167,138
|
|
173,165
|
|
|
Loans, net of allowance
for credit losses of $20,649 and $14,734
|
|
|
|
|
|
at September 30, 2023
and December 31, 2022, respectively
|
1,372,128
|
|
1,255,722
|
|
|
Loans held for sale, at
fair value
|
1,143
|
|
-
|
|
|
Premises and equipment,
net
|
14,963
|
|
13,106
|
|
|
Nonmarketable equity
securities
|
1,251
|
|
1,209
|
|
|
Core deposit
intangibles
|
1,107
|
|
1,336
|
|
|
Goodwill
|
8,458
|
|
8,603
|
|
|
Interest receivable and
other assets
|
19,539
|
|
16,439
|
|
|
|
|
|
|
|
Total assets
|
$
1,772,399
|
|
$
1,584,169
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
Noninterest-bearing
|
$
480,827
|
|
$
439,409
|
|
|
Interest-bearing
|
1,112,745
|
|
989,891
|
|
|
|
|
|
|
|
Total deposits
|
1,593,572
|
|
1,429,300
|
|
|
|
|
|
|
|
Income taxes
payable
|
419
|
|
1,054
|
|
|
Interest payable and
other liabilities
|
10,501
|
|
9,715
|
|
|
|
|
|
|
|
Total liabilities
|
1,604,492
|
|
1,440,069
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Common stock, $0.01 par
value; 50,000,000 shares authorized; shares
|
|
|
|
|
|
issued and outstanding:
9,184,975 and 9,131,973 at
|
92
|
|
91
|
|
|
September 30, 2023 and
December 31, 2022 respectively
|
|
|
|
|
|
|
|
|
|
|
Additional paid-in
capital
|
97,068
|
|
95,263
|
|
|
Retained
earnings
|
79,825
|
|
58,049
|
|
|
Accumulated other
comprehensive income (loss)
|
(9,078)
|
|
(9,303)
|
|
|
|
|
|
|
|
Total shareholders' equity
|
167,907
|
|
144,100
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
$
1,772,399
|
|
$
1,584,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited as
of
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
28,880
|
|
$ 20,466
|
|
$
81,117
|
|
$ 50,597
|
|
|
Interest-bearing time
deposits in other banks
|
|
159
|
|
10
|
|
270
|
|
39
|
|
|
Debt securities,
taxable
|
|
699
|
|
690
|
|
2,106
|
|
1,625
|
|
|
Debt securities,
tax-exempt
|
|
81
|
|
90
|
|
253
|
|
273
|
|
|
Other interest and
dividend income
|
|
1,903
|
|
435
|
|
5,398
|
|
754
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
|
31,722
|
|
21,691
|
|
89,144
|
|
53,288
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
10,976
|
|
2,646
|
|
27,894
|
|
4,241
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense
|
|
10,976
|
|
2,646
|
|
27,894
|
|
4,241
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
|
20,746
|
|
19,045
|
|
61,250
|
|
49,047
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Credit
Losses
|
|
4,159
|
|
2,348
|
|
5,645
|
|
2,843
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
After Provision for Credit Losses
|
|
16,587
|
|
16,697
|
|
55,605
|
|
46,204
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
Secondary market
income
|
|
6
|
|
134
|
|
172
|
|
395
|
|
|
Total noninterest
income
|
|
(7)
|
|
(10)
|
|
(15)
|
|
(127)
|
|
|
Service charges on
deposit accounts
|
|
213
|
|
210
|
|
647
|
|
678
|
|
|
Other
|
|
795
|
|
506
|
|
1,668
|
|
1,261
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest income
|
|
1,007
|
|
840
|
|
2,472
|
|
2,207
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
4,910
|
|
3,996
|
|
14,299
|
|
12,148
|
|
|
Furniture and
equipment
|
|
254
|
|
390
|
|
755
|
|
1,134
|
|
|
Occupancy
|
|
662
|
|
614
|
|
1,980
|
|
1,736
|
|
|
Data and item
processing
|
|
424
|
|
522
|
|
1,280
|
|
1,468
|
|
|
Accounting, marketing
and legal fees
|
|
14
|
|
340
|
|
491
|
|
782
|
|
|
Regulatory
assessments
|
|
279
|
|
551
|
|
1,013
|
|
973
|
|
|
Advertsing and public
relations
|
|
74
|
|
83
|
|
273
|
|
314
|
|
|
Travel, lodging and
entertainment
|
|
85
|
|
94
|
|
255
|
|
216
|
|
|
Other
|
|
688
|
|
543
|
|
2,068
|
|
1,745
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense
|
|
7,390
|
|
7,133
|
|
22,414
|
|
20,516
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before
Taxes
|
|
10,204
|
|
10,404
|
|
35,663
|
|
27,895
|
|
|
Income tax expense
|
|
2,351
|
|
2,363
|
|
8,457
|
|
6,646
|
|
|
Net
Income
|
|
$
7,853
|
|
$
8,041
|
|
$
27,206
|
|
$ 21,249
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
|
$
0.86
|
|
$
0.88
|
|
$
2.97
|
|
$
2.34
|
|
|
Earnings per common
share - diluted
|
|
0.85
|
|
0.87
|
|
2.94
|
|
2.31
|
|
|
Weighted average common
shares outstanding - basic
|
|
9,158,027
|
|
9,100,789
|
|
9,152,788
|
|
9,095,724
|
|
|
Weighted average common
shares outstanding - diluted
|
|
9,273,595
|
|
9,209,754
|
|
9,262,003
|
|
9,194,928
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive
Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
Unrealized
gains(losses) on securities, net of (tax)tax benefit of $485 and
$1.7 million
|
|
|
|
|
|
|
|
|
|
|
for the three months
ended September 30, 2023 and 2022, respectively; ($69)
and
|
|
|
|
|
|
|
|
|
|
|
$3.2 million for the
nine months ended September 30, 2023 and 2022,
respectively
|
|
$
(372)
|
|
$
(2,674)
|
|
$
214
|
|
$ (10,691)
|
|
|
Reclassification
adjustment for realized loss included in net income
|
|
|
|
|
|
|
|
|
|
|
net of tax of $2 and $2
for the three months ended September 30, 2023 and
|
|
|
|
|
|
|
|
|
|
|
2022, respectively; $4
and $29 for the nine months ended
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 and
2022, respectively
|
|
5
|
|
8
|
|
11
|
|
98
|
|
|
Other comprehensive
income(loss)
|
|
$
(367)
|
|
$
(2,666)
|
|
$
225
|
|
$ (10,593)
|
|
|
Comprehensive
Income
|
|
$
7,486
|
|
$
5,375
|
|
$
27,431
|
|
$ 10,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin
|
|
|
|
For the Nine Months
Ended September 30,
|
|
|
|
2023
(unaudited)
|
|
2022
|
|
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate
|
|
|
|
(Dollars in
thousands)
|
|
|
Interest-Earning
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
|
$
162,432
|
|
$
5,668
|
|
4.67 %
|
|
$
139,133
|
|
$
793
|
|
0.76 %
|
|
|
Debt securities,
taxable-equivalent
|
|
152,702
|
|
2,106
|
|
1.84
|
|
142,913
|
|
1,625
|
|
1.52
|
|
|
Debt securities, tax
exempt
|
|
19,828
|
|
253
|
|
1.71
|
|
22,087
|
|
273
|
|
1.65
|
|
|
Loans held for
sale
|
|
115
|
|
-
|
|
-
|
|
686
|
|
-
|
|
-
|
|
|
Total
loans(1)
|
|
1,299,754
|
|
81,117
|
|
8.34
|
|
1,103,114
|
|
50,597
|
|
6.13
|
|
|
Total interest-earning
assets
|
|
1,634,831
|
|
89,144
|
|
7.29
|
|
1,407,933
|
|
53,288
|
|
5.06
|
|
|
Noninterest-earning
assets
|
|
22,560
|
|
|
|
|
|
24,069
|
|
|
|
|
|
|
Total assets
|
|
$
1,657,391
|
|
|
|
|
|
$
1,432,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funding
sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction
accounts
|
|
$
823,331
|
|
20,346
|
|
3.35 %
|
|
$
699,670
|
|
3,351
|
|
0.64 %
|
|
|
Time
deposits
|
|
292,235
|
|
7,548
|
|
3.92
|
|
168,608
|
|
890
|
|
0.71
|
|
|
Total interest-bearing
deposits
|
|
1,115,566
|
|
27,894
|
|
3.48
|
|
868,278
|
|
4,241
|
|
0.65
|
|
|
Total interest-bearing
liabilities
|
|
1,115,566
|
|
27,894
|
|
3.48
|
|
868,278
|
|
4,241
|
|
0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
422,691
|
|
|
|
|
|
424,720
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
11,649
|
|
|
|
|
|
7,128
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
434,340
|
|
|
|
|
|
431,848
|
|
|
|
|
|
|
Shareholders'
equity
|
|
107,485
|
|
|
|
|
|
131,876
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
1,657,391
|
|
|
|
|
|
$
1,432,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$ 61,250
|
|
|
|
|
|
$ 49,047
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
3.81 %
|
|
|
|
|
|
4.41 %
|
|
|
Net interest
margin
|
|
|
|
|
|
5.01 %
|
|
|
|
|
|
4.66 %
|
|
|
(1)
Nonaccrual
loans are included in total loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin
|
|
|
|
For the Three Months
Ended September 30,
|
|
|
|
2023
(unaudited)
|
|
2022
|
|
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate
|
|
|
|
(Dollars in
thousands)
|
|
|
Interest-Earning
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
|
$
176,589
|
|
$
2,062
|
|
4.63 %
|
|
$
99,751
|
|
$
445
|
|
1.77 %
|
|
|
Debt securities,
taxable-equivalent
|
|
151,174
|
|
699
|
|
1.83
|
|
163,699
|
|
690
|
|
1.67
|
|
|
Debt securities, tax
exempt
|
|
19,430
|
|
81
|
|
1.65
|
|
21,811
|
|
90
|
|
1.64
|
|
|
Loans held for
sale
|
|
232
|
|
-
|
|
-
|
|
1,281
|
|
-
|
|
-
|
|
|
Total
loans(1)
|
|
1,344,038
|
|
28,880
|
|
8.52
|
|
1,213,080
|
|
20,466
|
|
6.69
|
|
|
Total interest-earning
assets
|
|
1,691,463
|
|
31,722
|
|
7.44
|
|
1,499,622
|
|
21,691
|
|
5.74
|
|
|
Noninterest-earning
assets
|
|
23,407
|
|
|
|
|
|
23,197
|
|
|
|
|
|
|
Total assets
|
|
$
1,714,870
|
|
|
|
|
|
$
1,522,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funding
sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction
accounts
|
|
$
823,331
|
|
7,733
|
|
3.73 %
|
|
$
761,927
|
|
2,338
|
|
1.22 %
|
|
|
Time
deposits
|
|
292,235
|
|
3,243
|
|
4.40
|
|
152,910
|
|
308
|
|
0.80
|
|
|
Total interest-bearing
deposits
|
|
1,115,566
|
|
10,976
|
|
3.90
|
|
914,837
|
|
2,646
|
|
1.15
|
|
|
Total interest-bearing
liabilities
|
|
$
1,115,566
|
|
10,976
|
|
3.90
|
|
$
914,837
|
|
2,646
|
|
1.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
422,691
|
|
|
|
|
|
$
463,882
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
11,649
|
|
|
|
|
|
8,132
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
434,340
|
|
|
|
|
|
472,014
|
|
|
|
|
|
|
Shareholders'
equity
|
|
164,964
|
|
|
|
|
|
135,968
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
1,714,870
|
|
|
|
|
|
$
1,522,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$ 20,746
|
|
|
|
|
|
$ 19,045
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
3.54 %
|
|
|
|
|
|
4.60 %
|
|
|
Net interest
margin
|
|
|
|
|
|
4.87 %
|
|
|
|
|
|
5.04 %
|
|
|
(1)
Nonaccrual
loans are included in total loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About Bank7 Corp.
We are Bank7 Corp., a bank holding company headquartered in
Oklahoma City, Oklahoma. Through
our wholly-owned subsidiary, Bank7, we operate twelve locations in
Oklahoma, the Dallas/Fort Worth, Texas metropolitan area and
Kansas. We are focused on serving
business owners and entrepreneurs by delivering fast, consistent
and well-designed loan and deposit products to meet their financing
needs. We intend to grow organically by selectively opening
additional branches in our target markets as well as pursue
strategic acquisitions.
Conference Call
Bank7 Corp. has scheduled a conference call to discuss its third
quarter results, which will be broadcast live over the Internet, on
Thursday, October 26, 2023 at
9:00 a.m. central standard time. To
participate in the call, dial 1-888-348-6421, or access it live
over the Internet at https://app.webinar.net/o0Oqylxyz5k. For those
not able to participate in the live call, an archive of the webcast
will be available at https://app.webinar.net/o0Oqylxyz5k shortly
after the call for 1 year.
Cautionary Statements Regarding Forward-Looking
Information
This communication contains a number of forward-looking
statements. These forward-looking statements reflect Bank7 Corp.'s
current views with respect to, among other things, future events
and Bank7 Corp.'s financial performance. Any statements about Bank7
Corp.'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. Any or all of the forward-looking
statements in (or conveyed orally regarding) this presentation may
turn out to be inaccurate. The inclusion of or reference to
forward-looking information in this presentation should not be
regarded as a representation by Bank7 Corp. or any other person
that the future plans, estimates or expectations contemplated by
Bank7 Corp. will be achieved.
These forward-looking statements are subject to significant
uncertainties because they are based upon: the amount and
timing of future changes in interest rates, market behavior, and
other economic conditions; future laws, regulations, and accounting
principles; changes in regulatory standards and examination
policies, and a variety of other matters. These other matters
include, among other things, the impact of COVID-19 on the United States economy and our operations,
the direct and indirect effect of economic conditions on interest
rates, credit quality, loan demand, liquidity, and monetary and
supervisory policies of banking regulators. Bank7 Corp. has
based these forward-looking statements largely on its current
expectations and projections about future events and financial
trends that Bank7 Corp. believes may affect its financial
condition, results of operations, business strategy and financial
needs. Bank7 Corp.'s actual results could differ materially from
those anticipated in such forward-looking statements as a result of
risks, uncertainties and assumptions that are difficult to predict.
If one or more events related to these or other risks or
uncertainties materialize, or if Bank7 Corp.'s underlying
assumptions prove to be incorrect, actual results may differ
materially from what Bank7 Corp. anticipates. You are cautioned not
to place undue reliance on forward-looking statements. Further, any
forward-looking statement speaks only as of the date on which it is
made and Bank7 Corp. undertakes no obligation to update or revise
any forward-looking statement to reflect events or circumstances
after the date on which the statement is made or to reflect the
occurrence of unanticipated events, except as may be required by
law. All forward-looking statements herein are qualified by these
cautionary statements.
Contact:
Thomas Travis
President & CEO
(405) 810-8600
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SOURCE Bank7 Corp.
