|
Oklahoma
|
001-38656
|
20-0764349
|
|
(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
|
|
Common Stock, $0.01 par value
|
BSVN
|
The NASDAQ Global Select Market
|
| 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 October 26, 2022
|
||
|
Third Quarter 2022 Investor Presentation
|
||
|
BANK7 CORP.
|
||
|
Date: October 26, 2022
|
By:
|
/s/ Kelly J. Harris
|
|
Kelly J. Harris
|
||
|
Executive Vice President and Chief Financial Officer
|
||
|
|
- |
Net income of $8.04 million compared to $7.02 million, an increase of 14.48%
|
|
|
- |
Diluted earnings per share of $0.87 compared to $0.76, an increase of 14.47%
|
|
|
- |
Total assets of $1.58 billion compared to $1.49 billion, an increase of 6.28%
|
|
|
- |
Total loans of $1.23 billion compared to $1.15 billion, an increase of 7.01%
|
|
|
- |
PPE of $12.76 million compared to $9.53 million, an increase of 34.15%
|
|
|
- |
Total interest income of $21.69 million compared to $16.67 million, an increase of 30.10%
|
|
Assets
|
September 30, 2022
(unaudited) |
December 31,
2021
|
||||||
|
Cash and due from banks
|
$
|
147,241
|
$
|
195,359
|
||||
|
Federal funds sold
|
-
|
9,493
|
||||||
|
Cash and cash equivalents
|
147,241
|
204,852
|
||||||
|
Interest-bearing time deposits in other banks
|
1,494
|
3,237
|
||||||
|
Available-for-sale debt securities
|
174,534
|
84,808
|
||||||
|
Loans, net of allowance for loan losses of $13,153 and $10,316 at September 30, 2022 and December 31, 2021, respectively
|
1,219,998
|
1,018,085
|
||||||
|
Loans held for sale, at fair value
|
204
|
464
|
||||||
|
Premises and equipment, net
|
13,352
|
17,257
|
||||||
|
Nonmarketable equity securities
|
1,193
|
1,202
|
||||||
|
Core deposit intangibles
|
1,412
|
1,643
|
||||||
|
Goodwill
|
8,068
|
8,479
|
||||||
|
Interest receivable and other assets
|
13,456
|
10,522
|
||||||
|
Total assets
|
$
|
1,580,952
|
$
|
1,350,549
|
||||
|
Liabilities and Shareholders’ Equity
|
||||||||
|
Deposits
|
||||||||
|
Noninterest-bearing
|
$
|
497,768
|
$
|
366,705
|
||||
|
Interest-bearing
|
939,568
|
850,766
|
||||||
|
Total deposits
|
1,437,336
|
1,217,471
|
||||||
|
Income taxes payable
|
446
|
-
|
||||||
|
Interest payable and other liabilities
|
7,351
|
5,670
|
||||||
|
Total liabilities
|
1,445,133
|
1,223,141
|
||||||
|
Shareholders’ equity
|
||||||||
|
Common stock, $0.01 par value; 50,000,000 shares authorized; shares issued and outstanding: 9,115,739 and 9,071,417 at
September 30, 2022 and December 31, 2021 respectively
|
91
|
91
|
||||||
|
Additional paid-in capital
|
95,054
|
94,024
|
||||||
|
Retained earnings
|
51,123
|
33,149
|
||||||
|
Accumulated other comprehensive income (loss)
|
(10,449
|
)
|
144
|
|||||
|
Total shareholders’ equity
|
135,819
|
127,408
|
||||||
|
|
||||||||
|
Total liabilities and shareholders’ equity
|
$
|
1,580,952
|
$
|
1,350,549
|
||||
|
Three months ended
September 30, (unaudited) |
Nine months ended
September 30, (unaudited) |
|||||||||||||||
|
2022
|
2021
|
2022
|
2021
|
|||||||||||||
|
Interest Income
|
||||||||||||||||
|
Loans, including fees
|
$
|
20,466
|
$
|
13,927
|
$
|
50,597
|
$
|
41,377
|
||||||||
|
Interest-bearing time deposits in other banks
|
10
|
35
|
39
|
141
|
||||||||||||
|
Debt securities, taxable
|
690
|
-
|
1,625
|
-
|
||||||||||||
|
Debt securities, tax-exempt
|
90
|
-
|
273
|
-
|
||||||||||||
|
Other interest and dividend income
|
435
|
46
|
754
|
114
|
||||||||||||
|
Total interest income
|
21,691
|
14,008
|
53,288
|
41,632
|
||||||||||||
|
Interest Expense
|
||||||||||||||||
|
Deposits
|
2,646
|
729
|
4,241
|
2,376
|
||||||||||||
|
Total interest expense
|
2,646
|
729
|
4,241
|
2,376
|
||||||||||||
|
Net Interest Income
|
19,045
|
13,279
|
49,047
|
39,256
|
||||||||||||
|
Provision for Loan Losses
|
2,348
|
750
|
2,843
|
3,325
|
||||||||||||
|
Net Interest Income After Provision for Loan Losses
|
16,697
|
12,529
|
46,204
|
35,931
|
||||||||||||
|
Noninterest Income
|
||||||||||||||||
|
Secondary market income
|
134
|
161
|
395
|
253
|
||||||||||||
|
Gain (Loss) on sales, maturities, prepayments and calls of available-for-sale debt securities
|
(10
|
)
|
-
|
(127
|
)
|
-
|
||||||||||
|
Service charges on deposit accounts
|
210
|
141
|
678
|
380
|
||||||||||||
|
Other
|
506
|
275
|
1,261
|
860
|
||||||||||||
|
Total noninterest income
|
840
|
577
|
2,207
|
1,493
|
||||||||||||
|
Noninterest Expense
|
||||||||||||||||
|
Salaries and employee benefits
|
3,996
|
2,946
|
12,148
|
8,685
|
||||||||||||
|
Furniture and equipment
|
390
|
218
|
1,134
|
651
|
||||||||||||
|
Occupancy
|
614
|
461
|
1,736
|
1,391
|
||||||||||||
|
Data and item processing
|
522
|
292
|
1,468
|
857
|
||||||||||||
|
Accounting, marketing and legal fees
|
340
|
150
|
782
|
447
|
||||||||||||
|
Regulatory assessments
|
551
|
162
|
973
|
464
|
||||||||||||
|
Advertsing and public relations
|
83
|
76
|
314
|
181
|
||||||||||||
|
Travel, lodging and entertainment
|
94
|
102
|
216
|
309
|
||||||||||||
|
Other
|
543
|
372
|
1,745
|
1,213
|
||||||||||||
|
Total noninterest expense
|
7,133
|
4,779
|
20,516
|
14,198
|
||||||||||||
|
Income Before Taxes
|
10,404
|
8,327
|
27,895
|
23,226
|
||||||||||||
|
Income tax expense
|
2,363
|
2,063
|
6,646
|
5,753
|
||||||||||||
|
Net Income
|
$
|
8,041
|
$
|
6,264
|
$
|
21,249
|
$
|
17,473
|
||||||||
|
Earnings per common share - basic
|
$
|
0.88
|
$
|
0.69
|
$
|
2.34
|
$
|
1.93
|
||||||||
|
Earnings per common share - diluted
|
0.87
|
0.69
|
2.31
|
1.92
|
||||||||||||
|
Weighted average common shares outstanding - basic
|
9,100,789
|
9,052,718
|
9,095,724
|
9,051,112
|
||||||||||||
|
Weighted average common shares outstanding - diluted
|
9,208,850
|
9,105,255
|
9,194,586
|
9,078,671
|
||||||||||||
|
Other Comprehensive Income (Loss)
|
||||||||||||||||
|
Unrealized losses on securities, net of tax benefit of $1.7 million and $0 for the three months ended September 30, 2022 and 2021, respectively; $3.2 million and $0 for the nine months ended
September 30, 2022 and 2021, respectively
|
$
|
(2,674
|
)
|
$
|
-
|
$
|
(10,691
|
)
|
$
|
-
|
||||||
|
Reclassification adjustment for realized (gain)loss included in net income, net of tax of $2 and $0 for the three months ended September 30, 2022 and 2021, respectively; $29 and $0 for the
nine months ended September 30, 2022 and 2021, respectively
|
8
|
-
|
98
|
-
|
||||||||||||
|
Other comprehensive loss, net of tax benefit of $1.7 million and $0 for the three months ended September 30, 2022 and 2021, respectively; $3.2 million and $0 for the nine months ended
September 30, 2022 and 2021, respectively
|
$
|
(2,666
|
)
|
$
|
-
|
$
|
(10,593
|
)
|
$
|
-
|
||||||
|
Comprehensive Income (Loss)
|
$
|
5,375
|
$
|
6,264
|
$
|
10,656
|
$
|
17,473
|
||||||||
|
Net Interest Margin
|
||||||||||||||||||||||||
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
2022
(unaudited) |
2021
|
|||||||||||||||||||||||
|
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
|
$
|
139,133
|
$
|
793
|
0.76
|
%
|
$
|
124,801
|
$
|
236
|
0.25
|
%
|
||||||||||||
|
Investment securities, taxable
|
150,180
|
1,625
|
1.45
|
1,182
|
19
|
2.15
|
||||||||||||||||||
|
Debt securities, tax exempt
|
14,820
|
273
|
2.46
|
-
|
-
|
-
|
||||||||||||||||||
|
Loans held for sale
|
686
|
-
|
-
|
501
|
-
|
-
|
||||||||||||||||||
|
Total loans(1)
|
1,103,114
|
50,597
|
6.13
|
887,353
|
41,377
|
6.23
|
||||||||||||||||||
|
Total interest-earning assets
|
1,407,933
|
53,288
|
5.06
|
1,013,837
|
41,632
|
5.49
|
||||||||||||||||||
|
Noninterest-earning assets
|
24,069
|
5,927
|
||||||||||||||||||||||
|
Total assets
|
$
|
1,432,002
|
$
|
1,019,764
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
699,670
|
3,351
|
0.64
|
%
|
$
|
410,299
|
1,024
|
0.33
|
%
|
||||||||||||||
|
Time deposits
|
168,608
|
890
|
0.71
|
212,706
|
1,352
|
0.85
|
||||||||||||||||||
|
Total interest-bearing deposits
|
868,278
|
4,241
|
0.65
|
623,005
|
2,376
|
0.51
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
868,278
|
4,241
|
0.65
|
623,005
|
2,376
|
0.51
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
424,720
|
277,308
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
7,128
|
5,634
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
431,848
|
282,942
|
||||||||||||||||||||||
|
Shareholders’ equity
|
131,876
|
113,817
|
||||||||||||||||||||||
|
Total liabilities and shareholders’ equity
|
$
|
1,432,002
|
$
|
1,019,764
|
||||||||||||||||||||
|
Net interest income
|
$
|
49,047
|
$
|
39,256
|
||||||||||||||||||||
|
Net interest spread
|
4.41
|
%
|
4.98
|
%
|
||||||||||||||||||||
|
Net interest margin
|
4.66
|
%
|
5.18
|
%
|
||||||||||||||||||||
|
(1)
|
Nonaccrual loans are included in total loans
|
|
For the Three Months Ended September 30,
|
||||||||||||||||||||||||
|
2022
(unaudited) |
2021
|
|||||||||||||||||||||||
|
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
|
$
|
99,751
|
$
|
445
|
1.77
|
%
|
$
|
120,078
|
$
|
79
|
0.26
|
%
|
||||||||||||
|
Debt securities, taxable-equivalent
|
163,699
|
690
|
1.67
|
1,187
|
2
|
0.67
|
||||||||||||||||||
|
Debt securities, tax exempt
|
21,811
|
90
|
1.64
|
-
|
-
|
-
|
||||||||||||||||||
|
Loans held for sale
|
1,281
|
-
|
-
|
610
|
-
|
-
|
||||||||||||||||||
|
Total loans(1)
|
1,213,080
|
20,466
|
6.69
|
924,391
|
13,927
|
5.98
|
||||||||||||||||||
|
Total interest-earning assets
|
1,499,622
|
21,691
|
5.74
|
1,046,266
|
14,008
|
5.31
|
||||||||||||||||||
|
Noninterest-earning assets
|
23,197
|
5,607
|
||||||||||||||||||||||
|
Total assets
|
$
|
1,522,819
|
$
|
1,051,873
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
761,927
|
2,338
|
1.22
|
%
|
$
|
401,843
|
332
|
0.33
|
%
|
||||||||||||||
|
Time deposits
|
152,910
|
308
|
0.80
|
220,189
|
397
|
0.72
|
||||||||||||||||||
|
Total interest-bearing deposits
|
914,837
|
2,646
|
1.15
|
622,032
|
729
|
0.46
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
$
|
914,837
|
2,646
|
1.15
|
$
|
622,032
|
729
|
0.46
|
||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
$
|
463,882
|
$
|
304,063
|
||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
8,132
|
6,633
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
472,014
|
310,696
|
||||||||||||||||||||||
|
Shareholders’ equity
|
135,968
|
119,145
|
||||||||||||||||||||||
|
Total liabilities and shareholders’ equity
|
$
|
1,522,819
|
$
|
1,051,873
|
||||||||||||||||||||
|
Net interest income
|
$
|
19,045
|
$
|
13,279
|
||||||||||||||||||||
|
Net interest spread
|
4.99
|
%
|
4.85
|
%
|
||||||||||||||||||||
|
Net interest margin
|
5.04
|
%
|
5.04
|
%
|
||||||||||||||||||||
|
(1)
|
Nonaccrual loans are included in total loans
|