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 July 20, 2023
|
|
|
|
Second Quarter 2023 Investor Presentation
|
|
BANK7 CORP.
|
|
Date: July 20, 2023
|
By:
|
/s/ Kelly J. Harris
|
Kelly J. Harris
|
||
Executive Vice President and Chief Financial Officer
|
||
|
- |
Net income of $9.7 million compared to $7.0 million, an increase of 38.75%
|
|
- |
Earnings per share of $1.05 compared to $0.76, an increase of 38.16%
|
|
- |
Total assets of $1.7 billion compared to $1.5 billion, an increase of 13.03%
|
|
- |
Total loans of $1.3 billion compared to $1.2 billion, an increase of 10.37%
|
|
- |
PPE of $13.9 million compared to $9.5 million, an increase of 46.35%
|
|
- |
Total interest income of $30.0 million compared to $16.7 million, an increase of 80.19%
|
|
- |
Net income of $9.7 million compared to $9.6 million, an increase of 1.45%
|
|
- |
Earnings per share of $1.05 compared to $1.04, an increase of 0.96%
|
|
- |
PPE of $13.9 million compared to $13.0 million, an increase of 6.85%
|
|
- |
Total interest income of $30.0 million compared to $27.4 million, an increase of 9.72%
|
Assets
|
June 30, 2023
(unaudited) |
December 31,
2022 |
||||||
|
||||||||
Cash and due from banks
|
$
|
196,456
|
$
|
109,115
|
||||
Interest-bearing time deposits in other banks
|
10,455
|
5,474
|
||||||
Available-for-sale debt securities
|
169,923
|
173,165
|
||||||
Loans, net of allowance for credit losses of $16,377 and $14,734 at June 30, 2023 and December 31, 2022, respectively
|
1,259,905
|
1,255,722
|
||||||
Loans held for sale, at fair value
|
408
|
-
|
||||||
Premises and equipment, net
|
14,833
|
13,106
|
||||||
Nonmarketable equity securities
|
1,238
|
1,209
|
||||||
Core deposit intangibles
|
1,184
|
1,336
|
||||||
Goodwill
|
8,458
|
8,603
|
||||||
Interest receivable and other assets
|
18,445
|
16,439
|
||||||
|
||||||||
Total assets
|
$
|
1,681,305
|
$
|
1,584,169
|
||||
|
||||||||
Liabilities and Shareholders’ Equity
|
||||||||
|
||||||||
Deposits
|
||||||||
Noninterest-bearing
|
$
|
397,588
|
$
|
439,409
|
||||
Interest-bearing
|
1,110,637
|
989,891
|
||||||
|
||||||||
Total deposits
|
1,508,225
|
1,429,300
|
||||||
|
||||||||
Income taxes payable
|
363
|
1,054
|
||||||
Interest payable and other liabilities
|
10,937
|
9,715
|
||||||
|
||||||||
Total liabilities
|
1,519,525
|
1,440,069
|
||||||
|
||||||||
Shareholders’ equity
|
||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; shares issued and outstanding: 9,154,934 and 9,131,973 at
|
92
|
91
|
||||||
June 30, 2023 and December 31, 2022 respectively
|
||||||||
|
||||||||
Additional paid-in capital
|
96,498
|
95,263
|
||||||
Retained earnings
|
73,901
|
58,049
|
||||||
Accumulated other comprehensive income (loss)
|
(8,711
|
)
|
(9,303
|
)
|
||||
|
||||||||
Total shareholders’ equity
|
161,780
|
144,100
|
||||||
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
1,681,305
|
$
|
1,584,169
|
|
Unaudited as of
|
|||||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Interest Income
|
||||||||||||||||
Loans, including fees
|
$
|
26,885
|
$
|
15,754
|
$
|
52,237
|
$
|
30,131
|
||||||||
Interest-bearing time deposits in other banks
|
62
|
13
|
111
|
29
|
||||||||||||
Debt securities, taxable
|
701
|
571
|
1,407
|
935
|
||||||||||||
Debt securities, tax-exempt
|
85
|
85
|
172
|
183
|
||||||||||||
Other interest and dividend income
|
2,309
|
249
|
3,495
|
319
|
||||||||||||
|
||||||||||||||||
Total interest income
|
30,042
|
16,672
|
57,422
|
31,597
|
||||||||||||
|
||||||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
9,544
|
878
|
16,918
|
1,595
|
||||||||||||
|
||||||||||||||||
Total interest expense
|
9,544
|
878
|
16,918
|
1,595
|
||||||||||||
|
||||||||||||||||
Net Interest Income
|
20,498
|
15,794
|
40,504
|
30,002
|
||||||||||||
|
||||||||||||||||
Provision for Credit Losses
|
1,011
|
219
|
1,485
|
495
|
||||||||||||
|
||||||||||||||||
Net Interest Income After Provision for Credit Losses
|
19,487
|
15,575
|
39,019
|
29,507
|
||||||||||||
|
||||||||||||||||
Noninterest Income
|
||||||||||||||||
Secondary market income
|
112
|
95
|
166
|
261
|
||||||||||||
Gain (Loss) on sales, prepayments, and calls of available-for-sale debt securities
|
(7
|
)
|
10
|
(8
|
)
|
(117
|
)
|
|||||||||
Service charges on deposit accounts
|
199
|
219
|
434
|
468
|
||||||||||||
Other
|
490
|
368
|
874
|
755
|
||||||||||||
|
||||||||||||||||
Total noninterest income
|
794
|
692
|
1,466
|
1,367
|
||||||||||||
|
||||||||||||||||
Noninterest Expense
|
||||||||||||||||
Salaries and employee benefits
|
4,709
|
4,126
|
9,389
|
8,152
|
||||||||||||
Furniture and equipment
|
251
|
386
|
500
|
744
|
||||||||||||
Occupancy
|
599
|
571
|
1,318
|
1,122
|
||||||||||||
Data and item processing
|
469
|
559
|
856
|
946
|
||||||||||||
Accounting, marketing and legal fees
|
179
|
209
|
478
|
442
|
||||||||||||
Regulatory assessments
|
339
|
226
|
734
|
422
|
||||||||||||
Advertsing and public relations
|
52
|
121
|
200
|
231
|
||||||||||||
Travel, lodging and entertainment
|
110
|
74
|
171
|
122
|
||||||||||||
Other
|
669
|
691
|
1,381
|
1,202
|
||||||||||||
|
||||||||||||||||
Total noninterest expense
|
7,377
|
6,963
|
15,027
|
13,383
|
||||||||||||
|
||||||||||||||||
Income Before Taxes
|
12,904
|
9,304
|
25,458
|
17,491
|
||||||||||||
Income tax expense
|
3,158
|
2,280
|
6,105
|
4,283
|
||||||||||||
Net Income
|
$
|
9,746
|
$
|
7,024
|
$
|
19,353
|
$
|
13,208
|
||||||||
|
||||||||||||||||
Earnings per common share - basic
|
$
|
1.06
|
$
|
0.77
|
$
|
2.12
|
$
|
1.45
|
||||||||
Earnings per common share - diluted
|
1.05
|
0.76
|
2.09
|
1.44
|
||||||||||||
Weighted average common shares outstanding - basic
|
9,153,077
|
9,097,280
|
9,150,022
|
9,093,150
|
||||||||||||
Weighted average common shares outstanding - diluted
|
9,247,101
|
9,194,923
|
9,256,450
|
9,187,637
|
||||||||||||
|
||||||||||||||||
Other Comprehensive Income (Loss)
|
||||||||||||||||
Unrealized gains(losses) on securities, net of tax benefit of $0 and $1.5 million for the three months ended June 30, 2023
and 2022, respectively; $0 and $0 for the six months ended June 30, 2023 and 2022, respectively
|
$
|
(1,169
|
)
|
$
|
(3,778
|
)
|
$
|
586
|
$
|
(8,017
|
)
|
|||||
Reclassification adjustment for realized (gain)loss included in net income net of tax of $2 and $0 for the three months
ended June 30, 2023 and 2022, respectively; $2 and $17 for the six months ended June 30, 2023 and 2022, respectively
|
5
|
(10
|
)
|
6
|
90
|
|||||||||||
Other comprehensive income(loss)
|
$
|
(1,164
|
)
|
$
|
(3,788
|
)
|
$
|
592
|
$
|
(7,927
|
)
|
|||||
Comprehensive Income
|
$
|
8,582
|
$
|
3,236
|
$
|
19,945
|
$
|
5,281
|
|
Net Interest Margin
|
|||||||||||||||||||||||
|
For the Six Months Ended June 30,
|
|||||||||||||||||||||||
|
2023
(unaudited) |
2022
|
||||||||||||||||||||||
|
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
|
$
|
154,896
|
$
|
3,606
|
4.69
|
%
|
$
|
159,157
|
$
|
348
|
0.44
|
%
|
||||||||||||
Investment securities, taxable
|
153,478
|
1,407
|
1.85
|
132,086
|
935
|
1.43
|
||||||||||||||||||
Debt securities, tax exempt
|
20,030
|
172
|
1.73
|
22,487
|
183
|
1.64
|
||||||||||||||||||
Loans held for sale
|
56
|
-
|
-
|
383
|
-
|
-
|
||||||||||||||||||
Total loans(1)
|
1,277,245
|
52,237
|
8.25
|
1,047,220
|
30,131
|
5.80
|
||||||||||||||||||
Total interest-earning assets
|
1,605,705
|
57,422
|
7.21
|
1,361,333
|
31,597
|
4.68
|
||||||||||||||||||
Noninterest-earning assets
|
24,299
|
24,506
|
||||||||||||||||||||||
Total assets
|
$
|
1,630,004
|
$
|
1,385,839
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
810,736
|
12,612
|
3.14
|
%
|
$
|
667,159
|
1,012
|
0.31
|
%
|
||||||||||||||
Time deposits
|
239,720
|
4,306
|
3.62
|
176,587
|
583
|
0.67
|
||||||||||||||||||
Total interest-bearing deposits
|
1,050,456
|
16,918
|
3.25
|
843,746
|
1,595
|
0.38
|
||||||||||||||||||
Total interest-bearing liabilities
|
1,050,456
|
16,918
|
3.25
|
843,746
|
1,595
|
0.38
|
||||||||||||||||||
|
||||||||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
414,383
|
405,674
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
11,659
|
6,615
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
426,042
|
412,289
|
||||||||||||||||||||||
Shareholders' equity
|
153,506
|
129,804
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,630,004
|
$
|
1,385,839
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income
|
$
|
40,504
|
$
|
30,002
|
||||||||||||||||||||
Net interest spread
|
3.96
|
%
|
4.30
|
%
|
||||||||||||||||||||
Net interest margin
|
5.09
|
%
|
4.44
|
%
|
(1)
|
Nonaccrual loans are included in total loans
|
|
For the Three Months Ended June 30,
|
|||||||||||||||||||||||
|
2023
(unaudited) |
2022
|
||||||||||||||||||||||
|
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
|
$
|
174,920
|
$
|
2,371
|
5.44
|
%
|
$
|
130,961
|
$
|
262
|
0.81
|
%
|
||||||||||||
Debt securities, taxable-equivalent
|
153,424
|
701
|
1.83
|
174,583
|
571
|
1.31
|
||||||||||||||||||
Debt securities, tax exempt
|
19,744
|
85
|
1.73
|
22,244
|
85
|
1.53
|
||||||||||||||||||
Loans held for sale
|
68
|
-
|
-
|
279
|
-
|
-
|
||||||||||||||||||
Total loans(1)
|
1,283,341
|
26,885
|
8.40
|
1,090,053
|
15,754
|
5.80
|
||||||||||||||||||
Total interest-earning assets
|
1,631,497
|
30,042
|
7.39
|
1,418,120
|
16,672
|
4.72
|
||||||||||||||||||
Noninterest-earning assets
|
25,050
|
25,341
|
||||||||||||||||||||||
Total assets
|
$
|
1,656,547
|
$
|
1,443,461
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
817,819
|
6,860
|
3.36
|
%
|
$
|
693,619
|
555
|
0.32
|
%
|
||||||||||||||
Time deposits
|
265,396
|
2,684
|
4.06
|
183,494
|
323
|
0.71
|
||||||||||||||||||
Total interest-bearing deposits
|
1,083,215
|
9,544
|
3.53
|
877,113
|
878
|
0.40
|
||||||||||||||||||
Total interest-bearing liabilities
|
$
|
1,083,215
|
9,544
|
3.53
|
$
|
877,113
|
878
|
0.40
|
||||||||||||||||
|
||||||||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
403,207
|
$
|
429,388
|
||||||||||||||||||||
Other noninterest-bearing liabilities
|
12,180
|
6,925
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
415,387
|
436,313
|
||||||||||||||||||||||
Shareholders' equity
|
157,945
|
130,035
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,656,547
|
$
|
1,443,461
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income
|
$
|
20,498
|
$
|
15,794
|
||||||||||||||||||||
Net interest spread
|
3.85
|
%
|
4.32
|
%
|
||||||||||||||||||||
Net interest margin
|
5.04
|
%
|
4.47
|
%
|
(1)
|
Nonaccrual loans are included in total loans
|