Bank7 Corp. · NASDAQ:BSVN
Bank7 — Q1 2024 Earnings Presentation
25 slides from Bank7's earnings presentation, Apr 12, 2024
Slide 1: Q1 2024 Earnings Release
Q1 2024 Earnings Release April 12, 2024 0
Slide 2: BSVN – Corporate Overview
BSVN – Corporate Overview Earnings Release: Q1 2024 Consistently ranked by S & P Global Market Intelligence as one of the Top Performing Community Banks in the United States Q1 2024 Q1 2023 % Change Total assets $ 1,774,983 $ 1,660,539 6.9% Total loans 1,373,891 1,279,363 7.4% Total deposits 1,580,1
Slide 3: Q1 Overview
Q1 Overview Earnings Release: Q1 2024 Record Earnings & Strong Net Interest Margin Stable Quality Deposits & Liquidity Disciplined loan pricing combined with our consistent net Uninsured deposits represent 26.85% of total deposits, interest margin drove record earnings compared to 28.19% for Q4
Slide 4: Asset Sensitivity and Liquidity
Asset Sensitivity and Liquidity Earnings Release: Q1 2024 Asset Sensitivity < 1 year 1 to 2 years 2 to 3 years > 3 years Total Earning Assets: Cash and cash equivalents, and interest-bearing time deposits $ 209,652 $ 747 $ - $ - $ 210,399 (1) Gross Loans 1,072,252 111,250 71,350 121,427 1,376,279 Se
Slide 5: Deposit Growth & Composition
Deposit Growth & Composition Earnings Release: Q1 2024 CAGR since 2019: 15.0% $1,591.4 $1,580.2 $1,431.4 $1,217.5 $905.5 69.7% 71.4% $757.5 69.2% 69.9% 72.8% 71.1% 30.1% 30.7% 30.3% 28.6% 28.9% 27.2% 2019 2020 2021 2022 2023 Q1 2024 Noninterest-bearing deposits Interest-bearing deposits Deposit Comp
Slide 6: Consistent Net Interest Margin
Consistent Net Interest Margin Earnings Release: Q1 2024 ■ Net interest margin continues to show strength due to disciplined loan pricing, a healthy amount of non-interest bearing deposits, and our asset sensitive balance sheet ■ During the quarter, we benefited 24 bps by collecting $1 million of in
Slide 7: Reliable and Rapid Capital Compounder
Reliable and Rapid Capital Compounder Earnings Release: Q1 2024 Tangible Book Value Per Share Diluted Earnings Per Share CAGR since 2018: 16.0% $20.00 $18.51 $4.00 $17.49 $18.00 $3.50 $3.22 $14.69 $3.05 $16.00 $12.93 $3.00 $14.00 $2.55 $11.69 $12.00 $2.50 $9.78 $1.96 $2.05 $10.00 $8.49 $2.00 16.34%
Slide 8: Reliable Top Performer
Reliable Top Performer Earnings Release: Q1 2024 Return on Average Tangible Common Equity (1)(2) Return on Average Assets (1)(2) 5 year average: 20.5% 5 year average: 2.1% 30.00% 28.01% 27.12% 3.00% 2.58% 2.51% 2.43% 23.92% 2.50% 25.00% 2.21% 20.13% Pro 2.03% 2.02% 20.90% Forma 20.00% 19.14% 18.57%
Slide 9: Consistently Outperforming Peers
Consistently Outperforming Peers Earnings Release: Q1 2024 PPE to Average Assets vs Peers 4.00% 3.50% 3.00% 3.36% 3.44% 3.46% 3.29% 2.50% 2.99% 2.00% 1.50% 1.47% 1.51% 1.44% 1.49% 1.00% 1.17% 0.50% 0.00% 2019 2020 2021 2022 2023 Peers BSVN Income Statement as a Percentage of Average Assets 2019 2020
Slide 10: Strength in Core Earnings
Strength in Core Earnings Earnings Release: Q1 2024 PPE(1) ■ Strong PPE: $70.0 $58.4 $60.0 $50.0 $43.9 ■ Quarterly PPE of $14.88 million, an increase of $40.0 $31.2 $35.1 14.21% as compared to Q1 2023 $26.8 14.21% increase $30.0 Pro $20.0 Forma $15.1 $14.9 $15.1 $13.0 $10.0 ■ Strong PPE was driven b
Slide 11: Loan Portfolio Trends – Selected Categories
Loan Portfolio Trends – Selected Categories Earnings Release: Q1 2024 Loan Portfolio Trends CAGR Since 2019: 13.5% $1,364.0 $1,376.0 $1,400 $1,273.6 $190.5 $187.5 13.6% $1,200 $182.8 $1,031.0 $1,000 $334.6 $336.9 24.5% $116.7 $327.6 $839.1 $800 $102.0 $245.1 $708.6 $298.5 $289.1 21.0% $102.1 $244.3
Slide 12: Loan Portfolio Distribution
Loan Portfolio Distribution Earnings Release: Q1 2024 Consumer $18.7 / 1.4% Agricultural Non-Farmland PPP Loans $2.0 / 0.1% $22.7 / 1.6% Agricultural Farmland $39.4 / 2.9% Commercial and industrial Hospitality construction $336.9 / 24.5% $16.7 / 1.2% Commercial construction $67.5 / 4.9% 1-4 family c
Slide 13: Diverse CRE Portfolio
Diverse CRE Portfolio Earnings Release: Q1 2024 1-4 Family - Commercial $113.0 / 14.7% Multifamily $19.1 / 2.5% ■ Diverse commercial real estate lending activity in Texas and Oklahoma with an Retail $67.6 / 8.8% emphasis in the DFW, Oklahoma City, and Tulsa metros Office $21.1 / 2.7% ■ Minimal offic
Slide 14: Hospitality Loan Portfolio Detail
Hospitality Loan Portfolio Detail Earnings Release: Q1 2024 Hotel Portfolio by Class ■ No historical NCOs in the hospitality segment Midscale ■ Blue collar portfolio that is well-protected by the $145.56 / 50.3% Upper Midscale “cycle-down” effect of a recession $70.92 / 24.5% ■ Geographically concen
Slide 15: Strategic Growth in Dynamic Markets
Strategic Growth in Dynamic Markets Earnings Release: Q1 2024 Total Assets CAGR Since 2014: 15.2% $1,771.7 $1,775.0 $1,800.0 $1,584.2 $1,600.0 $1,400.0 $1,350.5 $1,200.0 $1,016.7 $1,000.0 $866.4 $770.5 $800.0 $703.6 $613.8 $600.0 $563.5 $479.5 $400.0 $200.0 $- 2014 2015 2016 2017 2018 2019 2020 2021
Slide 16: Earnings-driven Capital Shock-absorption
Earnings-driven Capital Shock-absorption Earnings Release: Q1 2024 Earnings-driven cushion far exceeds regulatory capital minimums as illustrated over a two-year period, consistent with DFAST parameters(1) Total Shock Absorption Regulatory Minimum Q1 2024 Capital Excess Capital to Target Excess Capi
Slide 17: Appendix
Appendix 16
Slide 18: Bank7 Corp. Financials
Bank7 Corp. Financials Earnings Release: Q1 2024 For the Three Months Ended For the Year Ended December 31 Mar 31, 2024 Mar 31, 2023 2023 2022 2021 2020 2019 2019 (Do llars in tho usands, except per share data) Pro Forma(3) INCOME STATEMENT DATA Total interest income $ 33,287 $ 27,380 $ 121,544 $ 78
Slide 19: Bank7 Corp. Performance Ratios
Bank7 Corp. Performance Ratios Earnings Release: Q1 2024 For the Three Months Ended For the Year Ended December 31 Mar 31, 2024 Mar 31, 2023 2023 2022 2021 2020 2019 2019 (Do llars in tho usands, except per share data) Pro Forma(5) RETURN ON AVERAGE(1) Assets 2.58% 2.43% 1.68% 2.02% 2.21% 2.03% 1.03
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Earnings Release: Q1 2024 For the Three Months Ended For the Year Ended December 31 Mar 31, 2024 Mar 31, 2023 2023 2022 2021 2020 2019 (Do llars in tho usands, except per share data) TANGIBLE SHAREHOLDERS' EQUITY Total shareholders equity $ 180,382 $ 154,006 $ 170,326 $ 144,
Slide 21: Non-GAAP Reconciliations -- Continued
Non-GAAP Reconciliations -- Continued Earnings Release: Q1 2024 Mar 31, 2024 Mar 31, 2023 2023 2022 2021 2020 2019 (Do llars in tho usands, except per share data) PRE-PROVISION PRE-TAX EARNINGS Net Income $ 11,288 $ 9,607 $ 28,275 $ 29,638 $ 23,159 $ 19,266 $ 8,225 Income Tax Expense 3,595 2,947 8,9
Slide 22: Investment Portfolio
Investment Portfolio Earnings Release: Q1 2024 Available-for-Sale Securities Portfolio Corporate $4.38 / 2.9% Municipal - Taxable U.S. Federal Agencies $7.26 / 4.8% $0.09 / 0.1% Municipal - Tax Exempt $17.44 / 11.5% Mortgage Backed Securities $33.08 / 21.8% ■ Weighted Average Duration: 2.1 Years ■ B
Slide 23: 2019 Pro Forma Net Income Reconciliation
2019 Pro Forma Net Income Reconciliation Earnings Release: Q1 2024 On September 5, 2019, the largest shareholders, Haines Family Trusts, contributed approximately 6.5% of their shares (656,925 For the Year shares) to the Company. Subsequently, the Company Ended: immediately issued those shares to ce
Slide 24: Legal Information and Distribution
Legal Information and Distribution Earnings Release: Q1 2024 This presentation and oral statements made regarding the subject of this presentation contain forward-looking statements. These forward-looking statements are subject to significant uncertainties because they are based upon: the amount and
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