Business
Bank7 Corp. Announces Q2 2023 Earnings
OKLAHOMA CITY, July 20, 2023 /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 20, 2023 /PRNewswire/ -- Bank7 Corp. (NASDAQ: BSVN) (\"the Company\"), the parent company of Oklahoma City-based Bank7 (the \"Bank\"), today reported unaudited results for the quarter ended June 30, 2023. \"In these uncertain times, it is comforting to report that our long-term and broad based deposit relationships remain as loyal customers while our debt-free and liquid balance sheet continues to be a source of strength and stability. These strengths and our disciplined approach to risk management and cost control once-again propelled us to both record profits and EPS. We achieved these milestones in spite of NIM pressure, which was partially due to our decision to carry more liquidity. We continue to benefit from strong asset quality and remain committed to our established fundamentals as we move through the rest of the year,\" said Thomas L. Travis, President and CEO of the Company. \n\n \n \n \n \n \n \n\n \nFor the three months ended June 30, 2023 compared to the three months ended June 30, 2022:\nNet income of $9.7 million compared to $7.0 million, an increase of 38.75%Earnings per share of $1.05 compared to $0.76, an increase of 38.16%Total assets of $1.7 billion compared to $1.5 billion, an increase of 13.03%Total loans of $1.3 billion compared to $1.2 billion, an increase of 10.37%PPE of $13.9 million compared to $9.5 million, an increase of 46.35%Total interest income of $30.0 million compared to $16.7 million, an increase of 80.19%Three months ended June 30, 2023 compared to three months ended March 31, 2023\nNet income of $9.7 million compared to $9.6 million, an increase of 1.45%Earnings per share of $1.05 compared to $1.04, an increase of 0.96%PPE of $13.9 million compared to $13.0 million, an increase of 6.85%Total interest income of $30.0 million compared to $27.4 million, an increase of 9.72%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, 2023, the Bank's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 9.71%, 11.89%, and 13.10%, respectively. On June 30, 2023, on a consolidated basis, the Company's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 9.71%, 11.8...