Business
Bank7 Corp. Announces Q3 2021 Earnings
OKLAHOMA CITY, Oct. 21, 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":"\n \n \n\n \n OKLAHOMA CITY, Oct. 21, 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 ended September 30, 2021. \"Our company continues to perform at a very high level, we are pleased to report another record quarter of net income for BSVN. While we are proud of our earnings, capital, and liquidity strength, we also pause to acknowledge the 3-year anniversary of our IPO, and how we had confidence in our team to perform at a high level and we've exceeded those expectations.\" said Thomas L. Travis, President and CEO of the Company. \n\n \n \n \n \n \n \n\n \n\n Three months ended September 30, 2021 compared to three months ended September 30, 2020:\n \n\n \n \n \n Pre-tax, pre-provision earnings of $9.1 million compared to $7.4 million, an increase of 23.5% \n \n \n Net income of $6.3 million compared to $4.4 million, an increase of 41.1% \n \n \n Total assets of $1.1 billion compared to $973.4 million, an increase of 17.8% \n \n \n Total deposits of $1.0 billion compared to $863.7 million, an increase of 17.9% \n \n \n Tangible book value per share of $13.34 compared to $11.21, an increase of 19.0% \n \n \n Average cost of funds of 0.33% compared to 0.57%, a decrease of 42.1% \n \n \n Earnings per share of $0.69 compared to $0.48, an increase of 43.8% \n \n \n ROAA of 2.36% compared to 1.83%, an increase of 28.9% \n \n \n ROATCE of 21.12% compared to 17.44%, an increase of 21.1%\n \n \n \n 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 September 30, 2021, the Bank's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 11.51%, 13.76%, and 14.82%, respectively. On September 30, 2021, on a consolidated basis, the Company's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 11.50%, 13.74%, and 14.80%, respectively. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.\n \n\n \n Pre-tax, pre-provision earnings is defined as income before taxes and provision for loan losses. We believe the most dir...