Business
Bank7 Corp. Announces 4Q and Full Year 2019 Earnings
OKLAHOMA CITY, Jan. 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, Jan. 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 and year ended December 31, 2019. \"The fourth quarter was another good quarter for Bank7 and we are particularly pleased with our robust loan growth, the continuation of excellent credit quality, and our ability to maintain a strong net interest margin, especially in a declining interest rate environment,\" said Thomas L. Travis, President and CEO of the Company. \"Additionally, for the full year, we are very pleased that our pro forma pre-tax income increased by $1 million, or 4.05%. This was achieved in spite of incurring costs associated with launching into two new markets and modernizing our Oklahoma City branch and headquarters.\"\n\n \n \n\n \nOn September 5, 2019, our largest shareholders, the Haines Family Trusts, contributed approximately 6.5% of their shares to the Company. Subsequently, the Company immediately issued those shares to certain executive officers, which was charged as compensation expense through the income statement of the Company. This previously announced transaction was recorded as a one-time, non-cash expense; however, because the shares were simultaneously contributed to the Company by the Haines Family Trusts, the transaction had a virtual net-zero impact to shareholders' equity.\nExcluding the one-time, extraordinary expense related to the stock transfer outlined above, net income would have been $20.0 million and for the year ending December 31, 2019. Illustrated below is a reconciliation of pro forma net income through the year ended December 31, 2019.\nFor the Year Ended \nDecember 31,\n2019\n2018\n$ Change\n% Change\n(Dollars in thousands)\nPro Forma Net Income\nTotal Interest Income\n$\n51,709\n$\n46,800\n$\n4,909\n10.49\n%\nTotal Interest Expense\n9,516\n7,169\n2,347\n32.73\n%\nNet Interest Margin\n42,193\n39,631\n2,562\n6.47\n%\nProvision for Loan Losses\n$\n-\n$\n200\n$\n(200)\nTotal Noninterest Income\n$\n1,284\n$\n1,331\n$\n(47)\n(3.51)\n%\nTotal Noninterest Expense\n$\n28,432\n$\n14,966\n$\n13,466\n89.98\n%\nStock Transfer Compensation Expense (1)\n(11,796)\n-\n(11,796)\nPro Forma Noninterest Expense\n16,636\n14,966\n1,670\n11.16\n%\nPro Forma Pre-Tax Income\n$\n26,842\n$\n25,79...