Business
Bank7 Corp. Announces 1Q 2020 Earnings
OKLAHOMA CITY, April 30, 2020 /PRNewswire/ -- Bank7 Corp. (NASDAQ: BSVN) ("the Company"), the parent company of Oklahoma City-based Bank7 (the "Bank"), today
About this update from Bank7 Corp.
[{"type":"text","content":"OKLAHOMA CITY, April 30, 2020 /PRNewswire/ -- Bank7 Corp. (NASDAQ: BSVN) (\"the Company\"), the parent company of Oklahoma City-based Bank7 (the \"Bank\"), today reported unaudited results for the fiscal quarter ended March 31, 2020. \"Our first quarter financial results were very good, but before moving into the data, we start by acknowledging the current pandemic-induced environment and its terrible effect on all aspects of our lives. We are especially mindful and grateful to our Bank7 teammates, and will continue to work together to support each other, our customers, and our communities. Working together, we will overcome this. Regarding our financial results, you can see that we benefited from robust loan growth, and our ability to maintain a strong net interest margin, especially considering the collapse in interest rates,\" said Thomas L. Travis, President and CEO of the Company. \n\n \n \n \n \n \n \n\n \nThree months ended March 31, 2020 compared to three months ended March 31, 2019:\nPre-tax, pre-provision income of $7.4 million, an increase of 8.62% Interest income on loans, including loan fee income, totaled $13.1 million, an increase of 12.78% Total assets of $974.4 million, an increase of 23.77% Total loans of $785.7 million, an increase of 33.94% Total deposits of $871.0 million, an increase of 26.84%Additional Highlights\nFor the three months ended March 31, 2020 compared to three months ended March 31, 2019:\nCost of funds was 1.09%, a decrease of 21.17% Average loans of $747.8 million, an increase of 27.52% Core deposits of $757.7 million, an increase of 23.83%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. At March 31, 2020 the Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 10.97%, 12.45%, and 13.56% respectively for the Bank. At March 31, 2020 the Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 10.86%, 12.30%, and 13.41% respectively for the Company on a consolidated basis. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.\nPre-tax, pre-provision net income is defined as income before taxes and provis...