Business
Bank7 Corp. Announces 3Q 2020 Earnings
OKLAHOMA CITY, Oct. 29, 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, Oct. 29, 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 September 30, 2020. \"We are pleased with our third quarter results. Clearly, the pandemic and election dynamics continue to create extreme uncertainty and that is why we continue to increase our loan loss reserves. With that being said, we have a high degree of confidence in our asset quality, and we know our strong PPE will carry us through the few potential issues we might encounter,\" said Thomas L. Travis, President and CEO of the Company. \n\n \n \n \n \n \n \n\n \nThree months ended September 30, 2020 compared to three months ended September 30, 2019:\nPre-tax, pre-provision earnings of $7.4 million, an increase of 7.57%, excluding the one-time, non-cash executive stock transaction expense in Q3 2019. Interest income on loans, including loan fee income, totaled $12.8 million, an increase of 4.91% Total assets of $973.4 million, an increase of 17.72% Total loans of $869.4 million, an increase of 30.40% Total deposits of $863.7 million, an increase of 14.02%Nine months ended September 30, 2020 compared to nine months ended September 30, 2019:\nPre-tax, pre-provision earnings of $22.9 million, an increase of 11.63%, excluding the one-time, non-cash executive stock transaction expense in Q3 2019. Interest income on loans, including loan fee income, totaled $39.3 million, an increase of 9.38% Cost of funds was 0.81%, a decrease of 42.56% Average loans of $807.1 million, an increase of 30.73% Core deposits of $820.3 million, an increase of 27.87%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 September 30, 2020 the Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 10.72%, 12.85%, and 14.10% respectively for the Bank. At September 30, 2020 the Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 10.72%, 12.84%, and 14.09% 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...