OKLAHOMA
CITY, July 20, 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 June 30, 2023. "In these uncertain times,
it is comforting to report that our long-term and broad based
deposit relationships remain as loyal customers while our debt-free
and liquid balance sheet continues to be a source of strength and
stability. These strengths and our disciplined approach to
risk management and cost control once-again propelled us to both
record profits and EPS. We achieved these milestones in spite
of NIM pressure, which was partially due to our decision to carry
more liquidity. We continue to benefit from strong asset quality
and remain committed to our established fundamentals as we move
through the rest of the year," said Thomas
L. Travis, President and CEO of the Company.
For the three months ended June 30,
2023 compared to the three months ended June 30, 2022:
- Net income of $9.7 million
compared to $7.0 million, an increase
of 38.75%
- Earnings per share of $1.05
compared to $0.76, an increase of
38.16%
- Total assets of $1.7 billion
compared to $1.5 billion, an increase
of 13.03%
- Total loans of $1.3 billion
compared to $1.2 billion, an increase
of 10.37%
- PPE of $13.9 million compared to
$9.5 million, an increase of
46.35%
- Total interest income of $30.0
million compared to $16.7
million, an increase of 80.19%
Three months ended June 30, 2023
compared to three months ended March 31,
2023
- Net income of $9.7 million
compared to $9.6 million, an increase
of 1.45%
- Earnings per share of $1.05
compared to $1.04, an increase of
0.96%
- PPE of $13.9 million compared to
$13.0 million, an increase of
6.85%
- Total interest income of $30.0
million compared to $27.4
million, an increase of 9.72%
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 June 30, 2023, the Bank's Tier 1 leverage ratio,
Tier 1 risk based capital ratio, and total risk-based capital
ratios were 9.71%, 11.89%, and 13.10%, respectively. On
June 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 9.71%,
11.88%, and 13.09%, 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
|
June 30, 2023
|
|
December 31,
|
|
|
(unaudited)
|
|
2022
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
196,456
|
|
$
109,115
|
|
|
Interest-bearing time
deposits in other banks
|
10,455
|
|
5,474
|
|
|
Available-for-sale debt
securities
|
169,923
|
|
173,165
|
|
|
Loans, net of allowance
for credit losses of $16,377 and $14,734
|
|
|
|
|
|
at June 30, 2023 and
December 31, 2022, respectively
|
1,259,905
|
|
1,255,722
|
|
|
Loans held for sale, at
fair value
|
408
|
|
-
|
|
|
Premises and equipment,
net
|
14,833
|
|
13,106
|
|
|
Nonmarketable equity
securities
|
1,238
|
|
1,209
|
|
|
Core deposit
intangibles
|
1,184
|
|
1,336
|
|
|
Goodwill
|
8,458
|
|
8,603
|
|
|
Interest receivable and
other assets
|
18,445
|
|
16,439
|
|
|
|
|
|
|
|
Total assets
|
$
1,681,305
|
|
$
1,584,169
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
Noninterest-bearing
|
$
397,588
|
|
$
439,409
|
|
|
Interest-bearing
|
1,110,637
|
|
989,891
|
|
|
|
|
|
|
|
Total
deposits
|
1,508,225
|
|
1,429,300
|
|
|
|
|
|
|
|
Income taxes
payable
|
363
|
|
1,054
|
|
|
Interest payable and
other liabilities
|
10,937
|
|
9,715
|
|
|
|
|
|
|
|
Total
liabilities
|
1,519,525
|
|
1,440,069
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Common stock, $0.01 par
value; 50,000,000 shares authorized; shares
|
|
|
|
|
|
issued and outstanding:
9,154,934 and 9,131,973 at
|
92
|
|
91
|
|
|
June 30, 2023 and
December 31, 2022 respectively
|
|
|
|
|
|
|
|
|
|
|
Additional paid-in
capital
|
96,498
|
|
95,263
|
|
|
Retained
earnings
|
73,901
|
|
58,049
|
|
|
Accumulated other
comprehensive income (loss)
|
(8,711)
|
|
(9,303)
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
161,780
|
|
144,100
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
1,681,305
|
|
$
1,584,169
|
|
|
|
Unaudited as of
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
26,885
|
|
$
15,754
|
|
$
52,237
|
|
$
30,131
|
|
Interest-bearing time
deposits in other banks
|
|
62
|
|
13
|
|
111
|
|
29
|
|
Debt securities,
taxable
|
|
701
|
|
571
|
|
1,407
|
|
935
|
|
Debt securities,
tax-exempt
|
|
85
|
|
85
|
|
172
|
|
183
|
|
Other interest and
dividend income
|
|
2,309
|
|
249
|
|
3,495
|
|
319
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
30,042
|
|
16,672
|
|
57,422
|
|
31,597
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
9,544
|
|
878
|
|
16,918
|
|
1,595
|
|
|
|
|
|
|
|
|
|
|
Total interest
expense
|
|
9,544
|
|
878
|
|
16,918
|
|
1,595
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
20,498
|
|
15,794
|
|
40,504
|
|
30,002
|
|
|
|
|
|
|
|
|
|
|
Provision for Credit Losses
|
|
1,011
|
|
219
|
|
1,485
|
|
495
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income After Provision for Credit
Losses
|
|
19,487
|
|
15,575
|
|
39,019
|
|
29,507
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
Secondary market
income
|
|
112
|
|
95
|
|
166
|
|
261
|
|
Gain (Loss) on sales,
prepayments, and calls of available-for-sale debt
securities
|
(7)
|
|
10
|
|
(8)
|
|
(117)
|
|
Service charges on
deposit accounts
|
|
199
|
|
219
|
|
434
|
|
468
|
|
Other
|
|
490
|
|
368
|
|
874
|
|
755
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
|
794
|
|
692
|
|
1,466
|
|
1,367
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
4,709
|
|
4,126
|
|
9,389
|
|
8,152
|
|
Furniture and
equipment
|
|
251
|
|
386
|
|
500
|
|
744
|
|
Occupancy
|
|
599
|
|
571
|
|
1,318
|
|
1,122
|
|
Data and item
processing
|
|
469
|
|
559
|
|
856
|
|
946
|
|
Accounting, marketing
and legal fees
|
|
179
|
|
209
|
|
478
|
|
442
|
|
Regulatory
assessments
|
|
339
|
|
226
|
|
734
|
|
422
|
|
Advertsing and public
relations
|
|
52
|
|
121
|
|
200
|
|
231
|
|
Travel, lodging and
entertainment
|
|
110
|
|
74
|
|
171
|
|
122
|
|
Other
|
|
669
|
|
691
|
|
1,381
|
|
1,202
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
7,377
|
|
6,963
|
|
15,027
|
|
13,383
|
|
|
|
|
|
|
|
|
|
|
Income Before Taxes
|
|
12,904
|
|
9,304
|
|
25,458
|
|
17,491
|
|
Income tax
expense
|
|
3,158
|
|
2,280
|
|
6,105
|
|
4,283
|
|
Net Income
|
|
$
9,746
|
|
$
7,024
|
|
$
19,353
|
|
$
13,208
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
|
$
1.06
|
|
$
0.77
|
|
$
2.12
|
|
$
1.45
|
|
Earnings per common
share - diluted
|
|
1.05
|
|
0.76
|
|
2.09
|
|
1.44
|
|
Weighted average common
shares outstanding - basic
|
|
9,153,077
|
|
9,097,280
|
|
9,150,022
|
|
9,093,150
|
|
Weighted average common
shares outstanding - diluted
|
|
9,247,101
|
|
9,194,923
|
|
9,256,450
|
|
9,187,637
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive Income
(Loss)
|
|
|
|
|
|
|
|
|
|
Unrealized
gains(losses) on securities, net of tax benefit of $0 and $1.5
million
|
|
|
|
|
|
|
|
|
|
for the three months
ended June 30, 2023 and 2022, respectively; $0 and
|
|
|
|
|
|
|
|
|
|
$0 for the six months
ended June 30, 2023 and 2022, respectively
|
|
$
(1,169)
|
|
$
(3,778)
|
|
$
586
|
|
$
(8,017)
|
|
Reclassification
adjustment for realized (gain)loss included in net
income
|
|
|
|
|
|
|
|
|
|
net of tax of $2 and $0
for the three months ended June 30, 2023 and
|
|
|
|
|
|
|
|
|
|
2022, respectively; $2
and $17 for the six months ended
|
|
|
|
|
|
|
|
|
|
June 30, 2023 and 2022,
respectively
|
|
5
|
|
(10)
|
|
6
|
|
90
|
|
Other comprehensive
income(loss)
|
|
$
(1,164)
|
|
$
(3,788)
|
|
$
592
|
|
$
(7,927)
|
|
Comprehensive Income
|
|
$
8,582
|
|
$
3,236
|
|
$
19,945
|
|
$
5,281
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
|
|
|
For the Six Months Ended June
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
|
|
$
154,896
|
|
$
3,606
|
|
4.69 %
|
|
$
159,157
|
|
$
348
|
|
0.44 %
|
|
Investment securities,
taxable
|
|
153,478
|
|
1,407
|
|
1.85
|
|
132,086
|
|
935
|
|
1.43
|
|
Debt securities, tax
exempt
|
|
20,030
|
|
172
|
|
1.73
|
|
22,487
|
|
183
|
|
1.64
|
|
Loans held for
sale
|
|
56
|
|
-
|
|
-
|
|
383
|
|
-
|
|
-
|
|
Total
loans(1)
|
|
1,277,245
|
|
52,237
|
|
8.25
|
|
1,047,220
|
|
30,131
|
|
5.80
|
|
Total interest-earning
assets
|
|
1,605,705
|
|
57,422
|
|
7.21
|
|
1,361,333
|
|
31,597
|
|
4.68
|
|
Noninterest-earning
assets
|
|
24,299
|
|
|
|
|
|
24,506
|
|
|
|
|
|
Total assets
|
|
$ 1,630,004
|
|
|
|
|
|
$ 1,385,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funding
sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction
accounts
|
|
$
810,736
|
|
12,612
|
|
3.14 %
|
|
$
667,159
|
|
1,012
|
|
0.31 %
|
|
Time
deposits
|
|
239,720
|
|
4,306
|
|
3.62
|
|
176,587
|
|
583
|
|
0.67
|
|
Total interest-bearing
deposits
|
|
1,050,456
|
|
16,918
|
|
3.25
|
|
843,746
|
|
1,595
|
|
0.38
|
|
Total interest-bearing
liabilities
|
|
1,050,456
|
|
16,918
|
|
3.25
|
|
843,746
|
|
1,595
|
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
414,383
|
|
|
|
|
|
405,674
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
11,659
|
|
|
|
|
|
6,615
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
426,042
|
|
|
|
|
|
412,289
|
|
|
|
|
|
Shareholders'
equity
|
|
153,506
|
|
|
|
|
|
129,804
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$ 1,630,004
|
|
|
|
|
|
$ 1,385,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
40,504
|
|
|
|
|
|
$
30,002
|
|
|
|
Net interest
spread
|
|
|
|
|
|
3.96 %
|
|
|
|
|
|
4.30 %
|
|
Net interest
margin
|
|
|
|
|
|
5.09 %
|
|
|
|
|
|
4.44 %
|
|
|
(1)
Nonaccrual
loans are included in total loans
|
|
|
For the Three Months Ended June
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
|
|
$
174,920
|
|
$
2,371
|
|
5.44 %
|
|
$
130,961
|
|
$
262
|
|
0.81 %
|
|
Debt securities,
taxable-equivalent
|
|
153,424
|
|
701
|
|
1.83
|
|
174,583
|
|
571
|
|
1.31
|
|
Debt securities, tax
exempt
|
|
19,744
|
|
85
|
|
1.73
|
|
22,244
|
|
85
|
|
1.53
|
|
Loans held for
sale
|
|
68
|
|
-
|
|
-
|
|
279
|
|
-
|
|
-
|
|
Total
loans(1)
|
|
1,283,341
|
|
26,885
|
|
8.40
|
|
1,090,053
|
|
15,754
|
|
5.80
|
|
Total interest-earning
assets
|
|
1,631,497
|
|
30,042
|
|
7.39
|
|
1,418,120
|
|
16,672
|
|
4.72
|
|
Noninterest-earning
assets
|
|
25,050
|
|
|
|
|
|
25,341
|
|
|
|
|
|
Total assets
|
|
$ 1,656,547
|
|
|
|
|
|
$ 1,443,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funding
sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction
accounts
|
|
$
817,819
|
|
6,860
|
|
3.36 %
|
|
$
693,619
|
|
555
|
|
0.32 %
|
|
Time
deposits
|
|
265,396
|
|
2,684
|
|
4.06
|
|
183,494
|
|
323
|
|
0.71
|
|
Total interest-bearing
deposits
|
|
1,083,215
|
|
9,544
|
|
3.53
|
|
877,113
|
|
878
|
|
0.40
|
|
Total interest-bearing
liabilities
|
|
$ 1,083,215
|
|
9,544
|
|
3.53
|
|
$
877,113
|
|
878
|
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
403,207
|
|
|
|
|
|
$
429,388
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
12,180
|
|
|
|
|
|
6,925
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
415,387
|
|
|
|
|
|
436,313
|
|
|
|
|
|
Shareholders'
equity
|
|
157,945
|
|
|
|
|
|
130,035
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$ 1,656,547
|
|
|
|
|
|
$ 1,443,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$ 20,498
|
|
|
|
|
|
$ 15,794
|
|
|
|
Net interest
spread
|
|
|
|
|
|
3.85 %
|
|
|
|
|
|
4.32 %
|
|
Net interest
margin
|
|
|
|
|
|
5.04 %
|
|
|
|
|
|
4.47 %
|
|
|
(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
second quarter results, which will be broadcast live over the
Internet, on Thursday, July 20, 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/pODMrqAr9XJ. For those
not able to participate in the live call, an archive of the webcast
will be available at https://app.webinar.net/pODMrqAr9XJ 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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bank7-corp-announces-q2-2023-earnings-301881786.html
SOURCE Bank7 Corp.