Business
Bank7 Corp. Announces 2Q 2020 Earnings
OKLAHOMA CITY, July 27, 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, July 27, 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 June 30, 2020. \"We are happy to report strong second quarter earnings reflected by (i) record pre-tax, pre-provision earnings and (ii) net income substantially in line with previous quarters. Clearly, the future is uncertain and we are adding loan loss reserves to make sure we are prepared for possible exposures; nonetheless, we continue to have confidence in our overall loan portfolio. In addition, our team continues to perform at a high level and because of that we expect to be able to navigate through these difficult times,\" said Thomas L. Travis, President and CEO of the Company. \n\n \n \n \n \n \n \n\n \nThree months ended June 30, 2020 compared to three months ended June 30, 2019:\nPre-tax, pre-provision earnings of $8.1 million, an increase of 18.70% Interest income on loans, including loan fee income, totaled $13.4 million, an increase of 10.61% Total assets of $1.0 billion, an increase of 25.75% Total loans of $837.9 million, an increase of 32.70% Total deposits of $894.2 million, an increase of 28.47%Six months ended June 30, 2020 compared to six months ended June 30, 2019:\nPre-tax, pre-provision earnings of $15.5 million, an increase of 13.66% Interest income on loans, including loan fee income, totaled $26.5 million, an increase of 11.67% Efficiency ratio of 35.3%, compared to 36.3%Additional Highlights\nFor the six months ended June 30, 2020 compared to six months ended June 30, 2019:\nCost of funds was 0.91%, a decrease of 35.48% Average loans of $786.9 million, an increase of 31.11% Core deposits of $802.8 million, an increase of 30.4%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 June 30, 2020 the Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 10.30%, 13.09%, and 14.34% respectively for the Bank. At June 30, 2020 the Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 10.29%, 13.08%, and 14.33% respectively for the Company on a consolidated basis. Designation as a well-ca...