Bank7 Corp. Announces Q4 2024 and Full Year Earnings

About this update from Bank7 Corp.

OKLAHOMA CITY , Jan. 16, 2025 /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 December 31, 2024 . "We are pleased to announce record annual results for 2024, as we reached new milestones in net income, PPE, and earnings per share. Our properly matched balance sheet, disciplined cost controls, and excellent credit quality continues to produce outstanding performance," said Thomas L. Travis, President and CEO of the Company. For the year ended December 31, 2024 compared to the year ended December 31, 2023 : Net income of $45.7 million compared to $28.3 million , an increase of 61.62% Earnings per share of $4.84 compared to $3.05 , an increase of 58.69% Total assets of $1.7 billion compared to $1.8 billion , a decrease of 1.80% Total loans of $1.4 billion compared to $1.4 billion , an increase of 2.69% PPE of $60.4 million compared to $58.4 million , an increase of 3.38% Total interest income of $131.5 million compared to $121.5 million , an increase of 8.22% 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 December 31, 2024 , the Bank's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 12.18%, 13.99%, and 15.22%, respectively. On December 31, 2024 , on a consolidated basis, the Company's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 12.19%, 13.98%, and 15.21%, respectively. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators. Non-GAAP Financial Measures:This earnings release contains the non-GAAP financial measure pre-provision pre-tax earnings ("PPE"). The Company's management uses this non-GAAP measure in their analysis of the Company's performance. This measure adjusts GAAP performance to exclude from net income, income tax expense, provision for credit losses, and loss on sales and calls of available-for-sale debt securities. For the Year Ended 2024 2023 Calculation of Pre-Provision Pre-Tax Earnings ("PPE") (Dollars in thousands) Net Income $ 45,698 $ 28,275 Income Tax Expense 14,656 8,948 Pre-tax net income 60,354 37,223 Add back: Provision for credit losses - 21,145 Add back: (Gain)Loss on sales/calls of AFS debt securities 6 16 Pre-provision pre-tax earnings 60,360 58,384 Bank7 Corp. Consolidated Balance Sheets December 31 , Assets 2024 (unaudited) 2023 Cash and due from banks $ 234,196 $ 181,042 Interest-bearing time deposits in other banks 6,719 17,679 Available-for-sale debt securities 59,941 169,487 Loans, net of allowance for credit losses of $17,918 and $19,691 at December 31, 2024 and December 31, 2023 , respectively 1,379,465 1,341,148 Loans held for sale, at fair value - 718 Premises and equipment, net 18,137 14,942 Nonmarketable equity securities 1,283 1,283 Core deposit intangibles 878 1,031 Goodwill 8,458 8,458 Interest receivable and other assets 30,731 35,878 Total assets $ 1,739,808 $ 1,771,666 Liabilities and Shareholders' Equity Deposits Noninterest-bearing $ 313,258 $ 482,349 Interest-bearing 1,202,213 1,109,042 Total deposits 1,515,471 1,591,391 Income taxes payable 77 302 Interest payable and other liabilities 11,047 9,647 Total liabilities 1,526,595 1,601,340 Shareholders' equity Common stock, $0.01 par value; 50,000,000 shares authorized; shares issued and outstanding: 9,390,211 and 9,197,696 at December 31, 2024 and December 31, 2023 , respectively 94 92 Additional paid-in capital 101,809 97,417 Retained earnings 116,281 78,962 Accumulated other comprehensive loss (4,971) (6,145) Total shareholders' equity 213,213 170,326 Total liabilities and shareholders' equity $ 1,739,808 $ 1,771,666 Three Months Ended Twelve Months Ended December 31 , December 31 , 2024 (unaudited) 2023 (unaudited) 2024 (unaudited) 2023 Interest Income Loans, including fees $ 29,582 $ 28,727 $ 119,416 $ 109,843 Interest-bearing time deposits in other banks 110 248 785 519 Debt securities, taxable 265 685 2,531 2,791 Debt securities, tax-exempt 60 77 273 330 Other interest and dividend income 2,313 2,664 8,535 8,061 Total interest income 32,330 32,401 131,540 121,544 Interest Expense Deposits 10,593 11,104 45,345 38,998 Total interest expense 10,593 11,104 45,345 38,998 Net Interest Income 21,737 21,297 86,195 82,546 Provision for Credit Losses - 15,500 - 21,145 Net Interest Income After Provision for Credit Losses 21,737 5,797 86,195 61,401 Noninterest Income Mortgage lending income 137 159 370 331 Loss on sales, prepayments, and calls of available-for-sale debt securities (3) (1) (6) (16) Service charges on deposit accounts 233 222 975 869 Other 2,034 6,389 9,915 8,058 Total noninterest income 2,401 6,769 11,254 9,242 Noninterest Expense Salaries and employee benefits 5,043 3,086 20,783 17,385 Furniture and equipment 257 241 1,070 995 Occupancy 655 708 2,640 2,689 Data and item processing 459 450 1,897 1,730 Accounting, marketing and legal fees 255 51 836 543 Regulatory assessments 211 524 1,196 1,537 Advertising and public relations 192 154 549 427 Travel, lodging and entertainment 161 118 431 374 Other 2,185 5,673 7,693 7,740 Total noninterest expense 9,418 11,005 37,095 33,420 Income Before Taxes 14,720 1,561 60,354 37,223 Income tax expense 3,611 491 14,656 8,948 Net Income $ 11,109 $ 1,070 $ 45,698 $ 28,275 Earnings per common share - basic $ 1.19 $ 0.12 $ 4.92 $ 3.09 Earnings per common share - diluted 1.16 0.12 4.84 3.05 Weighted average common shares outstanding - basic 9,366,074 9,188,888 9,290,051 9,161,565 Weighted average common shares outstanding - diluted 9,556,388 9,274,960 9,447,751 9,264,307 Other comprehensive income (loss) Unrealized gains (losses) on securities, net of tax expense (benefit) of $335 and ( $1 million ) for the years ended December 31, 2024 and 2023, respectively $ (856) $ 2,932 $ 1,169 $ 3,146 Reclassification adjustment for realized losses included in net income net of tax of $1 and $4 for the years ended December 31, 2024 and 2023, respectively 2 1 5 12 Other comprehensive income (loss) $ (854) $ 2,933 $ 1,174 $ 3,158 Comprehensive Income $ 10,255 $ 4,003 $ 46,872 $ 31,433 Net Interest Margin For the Year Ended December 31 , 2024 (unaudited) 2023 Average Balance Interest Income/ Expense Average Yield/ Rate Average Balance Interest Income/ Expense Average Yield/ Rate (Dollars in thousands) Interest-Earning Assets: Short-term investments $ 184,328 $ 9,320 5.04 % $ 174,600 $ 8,580 4.91 % Debt securities, taxable-equivalent 90,184 2,531 2.80 152,094 2,791 1.84 Debt securities, tax exempt 16,651 273 1.64 19,430 330 1.70 Loans held for sale 343 - - 158 - - Total loans(1) 1,391,552 119,416 8.56 1,315,578 109,843 8.35 Total interest-earning assets 1,683,058 131,540 7.79 1,661,860 121,544 7.31 Noninterest-earning assets 39,555 25,943 Total assets $ 1,722,613 $ 1,687,803 Funding sources: Interest-bearing liabilities: Deposits: Transaction accounts $ 882,314 33,408 3.78 % $ 825,169 28,582 3.46 % Time deposits 254,057 11,937 4.69 256,672 10,416 4.06 Total interest-bearing deposits 1,136,371 45,345 3.98 1,081,841 38,998 3.60 Total interest-bearing liabilities 1,136,371 45,345 3.98 1,081,841 38,998 3.60 Noninterest-bearing liabilities: Noninterest-bearing deposits 381,660 433,603 Other noninterest-bearing liabilities 12,419 10,423 Total noninterest-bearing liabilities 394,079 444,026 Shareholders' equity 192,163 161,936 Total liabilities and shareholders' equity $ 1,722,613 $ 1,687,803 Net interest income $ 86,195 $ 82,546 Net interest spread 3.81 % 3.71 % Net interest margin 5.11 % 4.97 % (1) Nonaccrual loans are included in total loans Net Interest Margin For the Three Months Ended December 31 , 2024 (unaudited) 2023 Average Balance Interest Income/ Expense Average Yield/ Rate Average Balance Interest Income/ Expense Average Yield/ Rate (Dollars in thousands) Interest-Earning Assets: Short-term investments $ 195,948 $ 2,423 4.91 % $ 210,710 $ 2,912 5.48 % Debt securities, taxable-equivalent 50,504 265 2.08 150,291 685 1.81 Debt securities, tax exempt 14,216 60 1.67 18,250 77 1.67 Loans held for sale 526 - - 284 - - Total loans(1) 1,422,382 29,582 8.25 1,362,533 28,727 8.36 Total interest-earning assets 1,683,576 32,330 7.62 1,742,068 32,401 7.38 Noninterest-earning assets 39,721 27,984 Total assets $ 1,723,297 $ 1,770,052 Funding sources: Interest-bearing liabilities: Deposits: Transaction accounts $ 911,978 7,683 3.34 % $ 848,990 8,237 3.85 % Time deposits 250,209 2,910 4.61 254,460 2,867 4.47 Total interest-bearing deposits 1,162,187 10,593 3.62 1,103,450 11,104 3.99 Total interest-bearing liabilities $ 1,162,187 10,593 3.62 $ 1,103,450 11,104 3.99 Noninterest-bearing liabilities: Noninterest-bearing deposits $ 338,645 $ 485,312 Other noninterest-bearing liabilities 13,014 12,235 Total noninterest-bearing liabilities 351,659 497,547 Shareholders' equity 209,451 169,055 Total liabilities and shareholders' equity $ 1,723,297 $ 1,770,052 Net interest income $ 21,737 $ 21,297 Net interest spread 4.00 % 3.39 % Net interest margin 5.12 % 4.85 % (1) Nonaccrual loans are included in total loans About Bank7 Corp. We are Bank7 Corp. , a bank holding company headquartered in Oklahoma City, Oklahoma . Through our wholly-owned subsidiary, Bank7 , we operate twelve locations in Oklahoma , the Dallas/Fort Worth, Texas metropolitan area and Kansas . We are focused on serving business owners and entrepreneurs by delivering fast, consistent and well-designed loan and deposit products to meet their financing needs. We intend to grow organically by selectively opening additional branches in our target markets as well as pursue strategic acquisitions. Conference Call Bank7 Corp. has scheduled a conference call to discuss its third quarter results, which will be broadcast live over the Internet, on Thursday, January 16, 2025 at 10:00 a.m. central standard time . To participate in the call, dial 1-888-348-6421, or access it live over the Internet at https://app.webinar.net/Gvl7ABbAdkV . For those not able to participate in the live call, an archive of the webcast will be available at https://app.webinar.net/Gvl7ABbAdkV shortly after the call for 1 year. Cautionary Statements Regarding Forward-Looking Information This communication contains a number of forward-looking statements. These forward-looking statements reflect Bank7 Corp.'s current views with respect to, among other things, future events and Bank7 Corp.'s financial performance. Any statements about Bank7 Corp.'s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends" and similar words or phrases. Any or all of the forward-looking statements in (or conveyed orally regarding) this presentation may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this presentation should not be regarded as a representation by Bank7 Corp. or any other person that the future plans, estimates or expectations contemplated by Bank7 Corp. will be achieved. These forward-looking statements are subject to significant uncertainties because they are based upon: the amount and timing of future changes in interest rates, market behavior, and other economic conditions; future laws, regulations, and accounting principles; changes in regulatory standards and examination policies, and a variety of other matters. These other matters include, among other things, the impact the direct and indirect effect of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators. Bank7 Corp. has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that Bank7 Corp. believes may affect its financial condition, results of operations, business strategy and financial needs. Bank7 Corp.'s actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. If one or more events related to these or other risks or uncertainties materialize, or if Bank7 Corp.'s underlying assumptions prove to be incorrect, actual results may differ materially from what Bank7 Corp. anticipates. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made and Bank7 Corp. undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as may be required by law. All forward-looking statements herein are qualified by these cautionary statements. Contact: Thomas Travis President & CEO(405) 810-8600 View original content to download multimedia: https://www.prnewswire.com/news-releases/bank7-corp-announces-q4-2024-and-full-year-earnings-302352740.html SOURCE Bank7 Corp.

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