Bank7 Corp. Announces Q3 2024 Earnings
OKLAHOMA CITY, Oct. 11, 2024 /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 September 30, 2024. "We are pleased to announce another record quarter of net income and EPS. Our properly matched balance sheet, disciplined approach to cost controls, and excellent credit quality continues to produce outstanding results" said Thomas L. Travis, President and CEO of the Company."
For the three months ended September 30, 2024 compared to the three months ended September 30, 2023:
Net income of $11.8 million compared to $7.9 million, an increase of 49.97%
Earnings per share of $1.24 compared to $0.85, an increase of 45.88%
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 3.21%
PPE of $15.5 million compared to $14.4 million, an increase of 7.86%
Total interest income of $33.5 million compared to $31.7 million, an increase of 5.57%
Three months ended September 30, 2024 compared to three months ended June 30, 2024
Net income of $11.8 million compared to $11.5 million, an increase of 2.20%
Earnings per share of $1.24 compared to $1.23, an increase of 0.81%
Total assets of $1.7 billion compared to $1.7 billion, an increase of 3.42%
Total loans of $1.4 billion compared to $1.4 billion, an increase of 6.32%
PPE of $15.5 million compared to $15.3 million, an increase of 1.61%
Total interest income of $33.5 million compared to $32.4 million, an increase of 3.24%
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, 2024, the Bank's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 11.64%, 12.93%, and 14.12%, respectively. On September 30, 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 11.64%, 12.92%, and 14.11%, 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 Three Months Ended
September 30, 2024
June 30, 2024
September 30, 2023
Calculation of Pre-Provision Pre-Tax Earnings ("PPE")
(Dollars in thousands)
Net Income
$ 11,777
$ 11,524
$ 7,853
Income Tax Expense
3,719
3,731
2,351
Pre-tax net income
15,496
15,255
10,204
Add back: Provision for credit losses
-
-
4,159
Add back: (Gain)Loss on sales/calls of AFS debt securities
4
-
7
Pre-provision pre-tax earnings
15,500
15,255
14,370
Bank7 Corp.
Consolidated Balance Sheets
Assets
September 30, 2024(unaudited)
December 31, 2023
Cash and due from banks
$ 186,720
$ 181,042
Interest-bearing time deposits in other banks
8,715
17,679
Available-for-sale debt securities
65,160
169,487
Loans, net of allowance for credit losses of $17,873 and
$19,691 at September 30, 2024 and December 31, 2023, respectively
1,419,671
1,341,148
Loans held for sale, at fair value
-
718
Premises and equipment, net
17,126
14,942
Nonmarketable equity securities
1,278
1,283
Core deposit intangibles
907
1,031
Goodwill
8,458
8,458
Interest receivable and other assets
32,407
35,878
Total assets
$ 1,740,442
$ 1,771,666
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing
$ 322,480
$ 482,349
Interest-bearing
1,201,736
1,109,042
Total deposits
1,524,216
1,591,391
Income taxes payable
427
302
Interest payable and other liabilities
11,637
9,647
Total liabilities
1,536,280
1,601,340
Shareholders' equity
Common stock, $0.01 par value; 50,000,000 shares authorized; shares
issued and outstanding: 9,341,267 and 9,197,696 at September 30, 2024
and December 31, 2023, respectively
93
92
Additional paid-in capital
100,760
97,417
Retained earnings
107,426
78,962
Accumulated other comprehensive loss
(4,117)
(6,145)
Total shareholders' equity
204,162
170,326
Total liabilities and shareholders' equity
$ 1,740,442
$ 1,771,666
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024(unaudited)
2023
2024(unaudited)
2023
Interest Income
Loans, including fees
$ 30,791
$ 28,880
$ 89,834
$ 81,117
Interest-bearing time deposits in other banks
177
159
675
270
Debt securities, taxable
303
699
2,266
2,106
Debt securities, tax-exempt
69
81
214
253
Other interest and dividend income
2,148
1,903
6,221
5,398
Total interest income
33,488
31,722
99,210
89,144
Interest Expense
Deposits
12,271
10,976
34,752
27,894
Total interest expense
12,271
10,976
34,752
27,894
Net Interest Income
21,217
20,746
64,458
61,250
Provision for Credit Losses
-
4,159
-
5,645
Net Interest Income After Provision for Credit Losses
21,217
16,587
64,458
55,605
