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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank7 Corporation | NASDAQ:BSVN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 37.13 | 14.94 | 42.49 | 0 | 09:16:02 |
|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which
registered
|
|
Item 2.02. |
Results of Operations and Financial Condition
|
Item 7.01 |
Regulation FD Disclosure
|
Item 9.01 |
Financial Statements and Exhibits
|
(d) |
Exhibits.
|
Item
|
Description
|
|
Press Release dated July 11, 2024
|
||
Second Quarter 2024 Investor Presentation
|
BANK7 CORP.
|
||
Date: July 11, 2024
|
By:
|
/s/ Kelly J. Harris
|
Kelly J. Harris
|
||
Executive Vice President and Chief Financial Officer
|
- |
Net income of $11.5 million compared to $9.7 million, an increase of 18.24%
|
- |
Earnings per share of $1.23 compared to $1.05, an increase of 17.14%
|
- |
Total assets of $1.7 billion compared to $1.7 billion, an increase of 0.10%
|
- |
Total loans of $1.4 billion compared to $1.3 billion, an increase of 5.94%
|
- |
PPE of $15.3 million compared to $13.9 million, an increase of 9.57%
|
- |
Total interest income of $32.4 million compared to $30.0 million, an increase of 7.74%
|
- |
Net income of $11.5 million compared to $11.3 million, an increase of 2.09%
|
- |
Earnings per share of $1.23 compared to $1.21, an increase of 1.65%
|
- |
Total assets of $1.7 billion compared to $1.8 billion, a decrease of 5.19%
|
- |
Total loans of $1.4 billion compared to $1.4 billion, a decrease of 1.59%
|
- |
PPE of $15.3 million compared to $14.9 million, an increase of 2.50%
|
- |
Total interest income of $32.4 million compared to $33.3 million, a decrease of 2.76%
|
For the Three Months Ended
|
||||||||||||
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
||||||||||
Calculation of Pre-Provision Pre-Tax Earnings ("PPE")
|
(Dollars in thousands)
|
|||||||||||
Net Income
|
$
|
11,524
|
$
|
11,288
|
$
|
9,746
|
||||||
Income Tax Expense
|
3,731
|
3,595
|
3,158
|
|||||||||
Pre-tax net income
|
15,255
|
14,883
|
12,904
|
|||||||||
Add back: Provision for credit losses
|
-
|
-
|
1,011
|
|||||||||
Add back: (Gain)Loss on sales/calls of AFS debt securities
|
-
|
-
|
7
|
|||||||||
Pre-provision pre-tax earnings
|
15,255
|
14,883
|
13,922
|
Assets
|
June 30, 2024
(unaudited) |
December 31, 2023
|
||||||
Cash and due from banks
|
$
|
210,105
|
$
|
181,042
|
||||
Interest-bearing time deposits in other banks
|
12,202
|
17,679
|
||||||
Available-for-sale debt securities
|
66,284
|
169,487
|
||||||
Loans, net of allowance for credit losses of $17,772 and $19,691 at June 30, 2024 and December 31, 2023, respectively
|
1,334,317
|
1,341,148
|
||||||
Loans held for sale, at fair value
|
-
|
718
|
||||||
Premises and equipment, net
|
16,736
|
14,942
|
||||||
Nonmarketable equity securities
|
1,275
|
1,283
|
||||||
Core deposit intangibles
|
938
|
1,031
|
||||||
Goodwill
|
8,458
|
8,458
|
||||||
Income taxes receivable
|
358
|
-
|
||||||
Interest receivable and other assets
|
32,240
|
35,878
|
||||||
Total assets
|
$
|
1,682,913
|
$
|
1,771,666
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Deposits
|
||||||||
Noninterest-bearing
|
$
|
350,324
|
$
|
482,349
|
||||
Interest-bearing
|
1,130,993
|
1,109,042
|
||||||
Total deposits
|
1,481,317
|
1,591,391
|
||||||
Income taxes payable
|
-
|
302
|
||||||
Interest payable and other liabilities
|
10,790
|
9,647
|
||||||
Total liabilities
|
1,492,107
|
1,601,340
|
||||||
Shareholders’ equity
|
||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; shares issued and outstanding: 9,253,038 and 9,197,696 at June 30, 2024 and December 31, 2023,
respectively
|
93
|
92
|
||||||
Additional paid-in capital
|
98,570
|
97,417
|
||||||
Retained earnings
|
97,891
|
78,962
|
||||||
Accumulated other comprehensive loss
|
(5,748
|
)
|
(6,145
|
)
|
||||
Total shareholders’ equity
|
190,806
|
170,326
|
||||||
Total liabilities and shareholders’ equity
|
$
|
1,682,913
|
$
|
1,771,666
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2024
(unaudited) |
2023
|
2024
(unaudited) |
2023
|
|||||||||||||
Interest Income
|
||||||||||||||||
Loans, including fees
|
$
|
28,926
|
$
|
26,885
|
$
|
59,043
|
$
|
52,237
|
||||||||
Interest-bearing time deposits in other banks
|
246
|
62
|
499
|
111
|
||||||||||||
Debt securities, taxable
|
951
|
701
|
1,963
|
1,407
|
||||||||||||
Debt securities, tax-exempt
|
71
|
85
|
144
|
172
|
||||||||||||
Other interest and dividend income
|
2,242
|
2,309
|
4,074
|
3,495
|
||||||||||||
Total interest income
|
32,436
|
30,042
|
65,723
|
57,422
|
||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
11,204
|
9,544
|
22,481
|
16,918
|
||||||||||||
Total interest expense
|
11,204
|
9,544
|
22,481
|
16,918
|
||||||||||||
Net Interest Income
|
21,232
|
20,498
|
43,242
|
40,504
|
||||||||||||
Provision for Credit Losses
|
-
|
1,011
|
-
|
1,485
|
||||||||||||
Net Interest Income After Provision for Credit Losses
|
21,232
|
19,487
|
43,242
|
39,019
|
||||||||||||
Noninterest Income
|
||||||||||||||||
Mortgage lending income
|
78
|
112
|
129
|
166
|
||||||||||||
Loss on sales, prepayments, and calls of available-for-sale debt securities
|
-
|
(7
|
)
|
-
|
(8
|
)
|
||||||||||
Service charges on deposit accounts
|
260
|
199
|
509
|
434
|
||||||||||||
Other
|
2,827
|
490
|
4,536
|
874
|
||||||||||||
Total noninterest income
|
3,165
|
794
|
5,174
|
1,466
|
||||||||||||
Noninterest Expense
|
||||||||||||||||
Salaries and employee benefits
|
5,118
|
4,709
|
10,407
|
9,389
|
||||||||||||
Furniture and equipment
|
324
|
251
|
554
|
500
|
||||||||||||
Occupancy
|
613
|
599
|
1,273
|
1,318
|
||||||||||||
Data and item processing
|
481
|
469
|
939
|
856
|
||||||||||||
Accounting, marketing and legal fees
|
264
|
179
|
364
|
478
|
||||||||||||
Regulatory assessments
|
336
|
339
|
723
|
734
|
||||||||||||
Advertsing and public relations
|
83
|
52
|
229
|
200
|
||||||||||||
Travel, lodging and entertainment
|
131
|
110
|
183
|
171
|
||||||||||||
Other
|
1,792
|
669
|
3,606
|
1,381
|
||||||||||||
Total noninterest expense
|
9,142
|
7,377
|
18,278
|
15,027
|
||||||||||||
Income Before Taxes
|
15,255
|
12,904
|
30,138
|
25,458
|
||||||||||||
Income tax expense
|
3,731
|
3,158
|
7,326
|
6,105
|
||||||||||||
Net Income
|
$
|
11,524
|
$
|
9,746
|
$
|
22,812
|
$
|
19,353
|
||||||||
Earnings per common share - basic
|
$
|
1.25
|
$
|
1.06
|
$
|
2.47
|
$
|
2.12
|
||||||||
Earnings per common share - diluted
|
1.23
|
1.05
|
2.44
|
2.09
|
||||||||||||
Weighted average common shares outstanding - basic
|
9,250,332
|
9,153,077
|
9,235,176
|
9,150,022
|
||||||||||||
Weighted average common shares outstanding - diluted
|
9,367,247
|
9,247,101
|
9,337,918
|
9,256,450
|
||||||||||||
Other Comprehensive Income
|
||||||||||||||||
Unrealized gains (losses) on securities, net of tax expense of $123 and tax benefit $0 for the three months ended June 30, 2024 and 2023, respectively; net of
tax expense of $123 and tax benefit of $554 for the six months ended June 30, 2024 and 2023, respectively
|
$ |
(59
|
|
$
|
(1,169
|
) |
$ | 397 |
$ |
586
|
||||||
Reclassification adjustment for realized losses included in net income net of tax of $0 and $2 for the three months ended June 30, 2024 and 2023,
respectively; $0 and $2 for the six months ended June 30, 2024 and 2023, respectively
|
-
|
5
|
-
|
6
|
||||||||||||
Other comprehensive income (loss)
|
$
|
(59
|
)
|
$
|
(1,164
|
)
|
$
|
397
|
$
|
592
|
||||||
Comprehensive Income
|
$
|
11,465
|
$
|
8,582
|
$
|
23,209
|
$
|
19,945
|
Net Interest Margin
|
||||||||||||||||||||||||
For the Six Months Ended June 30,
|
||||||||||||||||||||||||
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
|
$
|
174,787
|
$
|
4,573
|
5.25
|
%
|
$
|
154,896
|
$
|
3,606
|
4.69
|
%
|
||||||||||||
Debt securities, taxable-equivalent
|
129,963
|
1,963
|
3.03
|
153,478
|
1,407
|
1.85
|
||||||||||||||||||
Debt securities, tax exempt
|
17,761
|
144
|
1.63
|
20,030
|
172
|
1.73
|
||||||||||||||||||
Loans held for sale
|
297
|
-
|
-
|
56
|
-
|
-
|
||||||||||||||||||
Total loans(1)
|
1,362,339
|
59,043
|
8.69
|
1,277,245
|
52,237
|
8.25
|
||||||||||||||||||
Total interest-earning assets
|
1,685,147
|
65,723
|
7.82
|
1,605,705
|
57,422
|
7.21
|
||||||||||||||||||
Noninterest-earning assets
|
39,246
|
24,299
|
||||||||||||||||||||||
Total assets
|
$
|
1,724,393
|
$
|
1,630,004
|
||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
848,764
|
16,489
|
3.90
|
%
|
$
|
810,736
|
12,612
|
3.14
|
%
|
||||||||||||||
Time deposits
|
256,212
|
5,992
|
4.69
|
239,720
|
4,306
|
3.62
|
||||||||||||||||||
Total interest-bearing deposits
|
1,104,976
|
22,481
|
4.08
|
1,050,456
|
16,918
|
3.25
|
||||||||||||||||||
Total interest-bearing liabilities
|
1,104,976
|
22,481
|
4.08
|
1,050,456
|
16,918
|
3.25
|
||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
426,696
|
414,383
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
12,218
|
11,659
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
438,914
|
426,042
|
||||||||||||||||||||||
Shareholders' equity
|
180,503
|
153,506
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,724,393
|
$
|
1,630,004
|
||||||||||||||||||||
Net interest income
|
$
|
43,242
|
$
|
40,504
|
||||||||||||||||||||
Net interest spread
|
3.74
|
%
|
3.96
|
%
|
||||||||||||||||||||
Net interest margin
|
5.15
|
%
|
5.09
|
%
|
(1)
|
Nonaccrual loans are included in total loans
|
Net Interest Margin
|
||||||||||||||||||||||||
For the Three Months Ended June 30,
|
||||||||||||||||||||||||
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
|
$
|
173,502
|
$
|
2,488
|
5.75
|
%
|
$
|
174,920
|
$
|
2,371
|
5.44
|
%
|
||||||||||||
Debt securities, taxable-equivalent
|
106,457
|
951
|
3.58
|
153,424
|
701
|
1.83
|
||||||||||||||||||
Debt securities, tax exempt
|
17,252
|
71
|
1.65
|
19,744
|
85
|
1.73
|
||||||||||||||||||
Loans held for sale
|
355
|
-
|
-
|
68
|
-
|
-
|
||||||||||||||||||
Total loans(1)
|
1,354,985
|
28,926
|
8.56
|
1,283,341
|
26,885
|
84.00
|
||||||||||||||||||
Total interest-earning assets
|
1,652,551
|
32,436
|
7.87
|
1,631,497
|
30,042
|
7.39
|
||||||||||||||||||
Noninterest-earning assets
|
38,722
|
25,050
|
||||||||||||||||||||||
Total assets
|
$
|
1,691,273
|
$
|
1,656,547
|
||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
851,751
|
8,293
|
3.91
|
%
|
$
|
817,819
|
6,860
|
3.36
|
%
|
||||||||||||||
Time deposits
|
247,452
|
2,911
|
4.72
|
265,396
|
2,684
|
4.06
|
||||||||||||||||||
Total interest-bearing deposits
|
1,099,203
|
11,204
|
4.09
|
1,083,215
|
9,544
|
3.53
|
||||||||||||||||||
Total interest-bearing liabilities
|
$
|
1,099,203
|
11,204
|
4.09
|
$
|
1,083,215
|
9,544
|
3.53
|
||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
394,010
|
$
|
403,207
|
||||||||||||||||||||
Other noninterest-bearing liabilities
|
12,778
|
12,180
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
406,788
|
415,387
|
||||||||||||||||||||||
Shareholders' equity
|
185,282
|
157,945
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,691,273
|
$
|
1,656,547
|
||||||||||||||||||||
Net interest income
|
$
|
21,232
|
$
|
20,498
|
||||||||||||||||||||
Net interest spread
|
3.78
|
%
|
3.85
|
%
|
||||||||||||||||||||
Net interest margin
|
5.15
|
%
|
5.04
|
%
|
(1)
|
Nonaccrual loans are included in total loans
|
Document and Entity Information |
Jul. 11, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 11, 2024 |
Entity File Number | 001-38656 |
Entity Registrant Name | Bank7 Corp. |
Entity Central Index Key | 0001746129 |
Entity Incorporation, State or Country Code | OK |
Entity Tax Identification Number | 20-0764349 |
Entity Address, Address Line One | 1039 N.W. 63rd Street |
Entity Address, City or Town | Oklahoma City |
Entity Address, State or Province | OK |
Entity Address, Postal Zip Code | 73116 |
City Area Code | 405 |
Local Phone Number | 810-8600 |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | BSVN |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Bank7 Chart |
1 Month Bank7 Chart |
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