1. Bank7 achieved record net income of $45,698, significantly up from $28,275. 2. Capital ratios remain well above regulatory minimums, indicating robust financial health. 3. Net interest income increased to $86,195, reflecting improved lending performance. 4. Loans increased by $38,317, showing continued growth in lending activities. 5. Pre-provision pre-tax earnings of $60,360 indicate strong operational performance.
Record results and strong capital position typically boost investor confidence, as seen with other banks' earnings surges leading to stock price increases.
The significant increase in financial performance directly correlates with potential growth in BSVN's stock market presence, making this report impactful.
Sustained performance and financial health likely lead to consistent investor sentiment, similar to past trends in the banking sector.
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.
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.
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.
| Calculation of Pre-Provision Pre-Tax Earnings ("PPE") | 2024 | 2023 |
|---|---|---|
| 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 |
| 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 | 2024 | 2023 |
|---|---|---|
| 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 | $ 213,213 | $ 170,326 |
| Total liabilities and shareholders' equity | $ 1,739,808 | $ 1,771,666 |
| Interest Income | 2024 (unaudited) | 2023 (unaudited) |
|---|---|---|
| Loans, including fees | $ 29,582 | $ 28,727 |
| Interest-bearing time deposits in other banks | 110 | 248 |
| Total interest income | 32,330 | 32,401 |
Net Interest Income: $ 21,737 (2024) | $ 21,297 (2023)
Net Income: $ 11,109 (2024) | $ 1,070 (2023)
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 pursuing strategic acquisitions.
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 this link. For those not able to participate in the live call, an archive of the webcast will be available at this link shortly after the call for 1 year.
This communication contains a number of forward-looking statements that 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. You are cautioned not to place undue reliance on forward-looking statements.
Thomas Travis
President & CEO
(405) 810-8600
SOURCE Bank7 Corp.