Business
Bank7 Corp. Announces Q2 2022 Earnings
OKLAHOMA CITY, July 27, 2022 /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, 2022 /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, 2022. \"We are pleased to announce a strong quarter, as evidenced by record net income and earnings per share. Our dynamic geographic markets, strong loan growth and asset sensitive balance sheet, combined with our talented bankers, continues to produce outstanding results. As we move forward, we intend to continue producing exceptional results through organic growth and strategic acquisitions,\" said Thomas L. Travis, President and CEO of the Company. \n\n \n \n \n \n \n \n\n \nThree months ended June 30, 2022 compared to three months ended March 31, 2022 \nNet income of $7.0 million compared to $6.2 million, an increase of 13.5%Diluted Earnings per share of $0.76 compared to $0.67, an increase of 13.4%Total assets of $1.5 billion compared to $1.4 billion, an increase of 4.7%Total loans of $1.2 billion compared to $1.1 billion, an increase of 8.5%PPE of $9.5 million compared to $8.6 million, an increase of 12.3%Total interest income of $16.7 million compared to $14.9 million, an increase of 11.7%Both the Bank's and the Company's capital levels continue to be significantly above the minimum levels required to be designated as \"well-capitalized\" for regulatory purposes. On June 30, 2022, the Bank's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 8.97%, 11.21%, and 12.14%, respectively. On June 30, 2022, on a consolidated basis, the Company's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 8.97%, 11.20%, and 12.14%, respectively. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.\n \nBank7 Corp.\nConsolidated Balance Sheets\nJune 30, 2022(unaudited)\nDecember 31, 2021\nAssets\nCash and due from banks\n$ 123,686\n$ 195,359\nFederal funds sold\n-\n9,493\nCash and cash equivalents\n123,686\n204,852\nInterest-bearing time deposits in other banks\n1,992\n3,237\nAvailable-for-sale debt securities\n185,048\n84,808\nLoans, net of allowance for loan losses of $10,819 and\n$10,316 at June 30, 2022 and December 31, 2021, respectively\n1,1...