Business
Bank7 Corp. Announces 4Q and Full Year 2020 Earnings
OKLAHOMA CITY, Jan. 29, 2021 /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. 29, 2021 /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, 2020. \"We are pleased to report continued strength in our asset quality and liquidity components, and also to report a record level of PPE for our Company. Strong PPE enabled us to make meaningful increases to our ALLL, repurchase shares at a discount to book value, and increase our cash dividend, all while maintaining higher levels of capital compared to the industry mean. We benefit from the strong economy in our region, and feel positive about our future; nonetheless, there is still much uncertainty and business activity is somewhat muted, therefore we will continue to use caution moving forward,\" said Thomas L. Travis, President and CEO of the Company. \n\n \n \n \n \n \n \n\n \nThree months ended December 31, 2020 compared to three months ended December 31, 2019:\nPre-tax, pre-provision earnings of $8.4 million, an increase of 31.60% Interest income on loans, including loan fee income, totaled $13.2 million, an increase of 7.18% Cost of funds of 0.51%, a decrease of 59.53% Efficiency ratio of 35.13%, compared to 41.74%For the year ended December 31, 2020 compared to the year ended December 31, 2019:\nPre-tax, pre-provision earnings of $31.2 million, an increase of 16.25%, excluding the one-time, non-cash executive stock transaction expense in Q3 2019. Interest income on loans, including loan fee income, totaled $52.4 million, an increase of 8.82% Cost of funds of 0.73%, a decrease of 46.71% Total assets of $1.0 billion, an increase of 17.35% Total loans of $824.1 million, an increase of 18.23% Total deposits of $905.5 million, an increase of 19.54%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 December 31, 2020, the Bank's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 10.78%, 13.51%, and 14.75% respectively. On December 31, 2020, on a consolidated basis, the Company's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 10.77%, 13.50%, and 14.73% respectively. De...