Business
Bank7 Corp. Announces Q3 2022 Earnings
OKLAHOMA CITY, Oct. 26, 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, Oct. 26, 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 September 30, 2022. \"We are pleased to announce another excellent quarter, as evidenced by the Company's record net income and earnings per share. In addition to our talented bankers, our position in dynamic geographic markets, strong loan growth, and asset sensitive balance sheet, continues to produce outstanding results. Moving forward, we are focused on maintaining such 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 September 30, 2022 compared to three months ended June 30, 2022\nNet income of $8.04 million compared to $7.02 million, an increase of 14.48%Diluted earnings per share of $0.87 compared to $0.76, an increase of 14.47%Total assets of $1.58 billion compared to $1.49 billion, an increase of 6.28%Total loans of $1.23 billion compared to $1.15 billion, an increase of 7.01%PPE of $12.76 million compared to $9.53 million, an increase of 34.15%Total interest income of $21.69 million compared to $16.67 million, an increase of 30.10%Both the Bank's and the Company's capital levels continue to be significantly above the minimum levels required to be designated as \"well-capitalized\" for regulatory purposes. On September 30, 2022, the Bank's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 9.01%, 11.04%, and 12.10%, respectively. On September 30, 2022, on a consolidated basis, the Company's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 9.01%, 11.03%, and 12.09%, respectively. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.\nBank7 Corp.\nConsolidated Balance Sheets\nSeptember 30, 2022(unaudited)\nDecember 31, 2021\nAssets\nCash and due from banks\n$ 147,241\n$ 195,359\nFederal funds sold\n-\n9,493\n Cash and cash equivalents\n147,241\n204,852\nInterest-bearing time deposits in other banks\n1,494\n3,237\nAvailable-for-sale debt securities\n174,534\n84,808\nLoans, net of allowance for loan losses of $13,153 and\n $1...