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