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)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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
|
|
Emerging growth company ☑
|
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 January 29, 2024
|
|
|
|
|
Fourth Quarter and Full Year 2023 Investor Presentation
|
|
BANK7 CORP.
|
||
Date: January 29, 2024
|
By:
|
/s/ Kelly J. Harris
|
Kelly J. Harris
|
||
Executive Vice President and Chief Financial Officer
|
|
- |
Net income of $1.1 million compared to $8.4 million, a decrease of 87.24%
|
|
- |
Earnings per share of $0.12 compared to $0.91, a decrease of 87.36%
|
|
- |
Total assets of $1.8 billion compared to $1.6 billion, an increase of 11.84%
|
|
- |
Total loans of $1.4 billion compared to $1.3 billion, an increase of 7.11%
|
|
- |
PPE of $17.1 million compared to $13.0 million, an increase of 31.41%
|
|
- |
Total interest income of $32.4 million compared to $25.5 million, an increase of 27.25%
|
|
- |
Net income of $28.3 million compared to $29.6 million, a decrease of 4.60%
|
|
- |
Earnings per share of $3.05 compared to $3.22, a decrease of 5.22%
|
|
- |
PPE of $58.4 million compared to $43.9 million, an increase of 33.14%
|
|
- |
Total interest income of $121.5 million compared to $78.7 million, an increase of 54.34%
|
December 31,
|
||||||||
Assets
|
2023
(unaudited) |
2022
|
||||||
Cash and due from banks
|
$
|
181,042
|
$
|
109,115
|
||||
Interest-bearing time deposits in other banks
|
17,679
|
5,474
|
||||||
Available-for-sale debt securities
|
169,487
|
173,165
|
||||||
Loans, net of allowance for credit losses of $19,691 and $14,734 at December 31, 2023 and December 31, 2022, respectively
|
1,341,148
|
1,255,722
|
||||||
Loans held for sale, at fair value
|
718
|
-
|
||||||
Premises and equipment, net
|
14,942
|
13,106
|
||||||
Nonmarketable equity securities
|
1,283
|
1,209
|
||||||
Core deposit intangibles
|
1,031
|
1,336
|
||||||
Goodwill
|
8,458
|
8,603
|
||||||
Interest receivable and other assets
|
35,878
|
16,439
|
||||||
Total assets
|
$
|
1,771,666
|
$
|
1,584,169
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Deposits
|
||||||||
Noninterest-bearing
|
$
|
482,349
|
$
|
441,509
|
||||
Interest-bearing
|
1,109,042
|
989,891
|
||||||
Total deposits
|
1,591,391
|
1,431,400
|
||||||
Income taxes payable
|
302
|
1,054
|
||||||
Interest payable and other liabilities
|
9,647
|
7,615
|
||||||
Total liabilities
|
1,601,340
|
1,440,069
|
||||||
Shareholders’ equity
|
||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; shares issued and outstanding: 9,197,696 and 9,131,973 at December 31, 2023 and
December 31, 2022 respectively
|
92
|
91
|
||||||
Additional paid-in capital
|
97,415
|
95,263
|
||||||
Retained earnings
|
78,964
|
58,049
|
||||||
Accumulated other comprehensive income (loss)
|
(6,145
|
)
|
(9,303
|
)
|
||||
Total shareholders’ equity
|
170,326
|
144,100
|
||||||
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
1,771,666
|
$
|
1,584,169
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
|||||||||||||||
2023
(unaudited) |
2022
|
2023
(unaudited) |
2022
|
|||||||||||||
Interest Income
|
||||||||||||||||
Loans, including fees
|
$
|
28,727
|
$
|
23,806
|
$
|
109,843
|
$
|
74,403
|
||||||||
Interest-bearing time deposits in other banks
|
248
|
7
|
519
|
46
|
||||||||||||
Debt securities, taxable
|
685
|
688
|
2,791
|
2,313
|
||||||||||||
Debt securities, tax-exempt
|
77
|
87
|
330
|
360
|
||||||||||||
Other interest and dividend income
|
2,664
|
874
|
8,061
|
1,627
|
||||||||||||
Total interest income
|
32,401
|
25,462
|
121,544
|
78,749
|
||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
11,104
|
5,081
|
38,998
|
9,322
|
||||||||||||
Total interest expense
|
11,104
|
5,081
|
38,998
|
9,322
|
||||||||||||
Net Interest Income
|
21,297
|
20,381
|
82,546
|
69,427
|
||||||||||||
Provision for Credit Losses
|
15,500
|
1,625
|
21,145
|
4,468
|
||||||||||||
Net Interest Income After Provision for Credit Losses
|
5,797
|
18,756
|
61,401
|
64,959
|
||||||||||||
Noninterest Income
|
||||||||||||||||
Mortgage lending income
|
159
|
91
|
331
|
486
|
||||||||||||
Loss on sales, prepayments, and calls of available-for-sale debt securities
|
(1
|
)
|
-
|
(16
|
)
|
(127
|
)
|
|||||||||
Service charges on deposit accounts
|
222
|
222
|
869
|
900
|
||||||||||||
Other
|
6,389
|
419
|
8,058
|
1,680
|
||||||||||||
Total noninterest income
|
6,769
|
732
|
9,242
|
2,939
|
||||||||||||
Noninterest Expense
|
||||||||||||||||
Salaries and employee benefits
|
3,086
|
4,892
|
17,385
|
17,040
|
||||||||||||
Furniture and equipment
|
241
|
334
|
995
|
1,468
|
||||||||||||
Occupancy
|
708
|
593
|
2,689
|
2,329
|
||||||||||||
Data and item processing
|
450
|
600
|
1,730
|
2,068
|
||||||||||||
Accounting, marketing and legal fees
|
51
|
203
|
543
|
984
|
||||||||||||
Regulatory assessments
|
524
|
371
|
1,537
|
1,344
|
||||||||||||
Advertsing and public relations
|
154
|
164
|
427
|
477
|
||||||||||||
Travel, lodging and entertainment
|
118
|
147
|
374
|
363
|
||||||||||||
Other
|
5,673
|
825
|
7,740
|
2,568
|
||||||||||||
Total noninterest expense
|
11,005
|
8,129
|
33,420
|
28,641
|
Income Before Taxes
|
1,561
|
11,359
|
37,223
|
39,257
|
||||||||||||
Income tax expense
|
491
|
2,973
|
8,948
|
9,619
|
||||||||||||
Net Income
|
$
|
1,070
|
$
|
8,386
|
$
|
28,275
|
$
|
29,638
|
||||||||
Earnings per common share - basic
|
$
|
0.12
|
$
|
0.92
|
$
|
3.09
|
$
|
3.26
|
||||||||
Earnings per common share - diluted
|
0.12
|
0.91
|
3.05
|
3.22
|
||||||||||||
Weighted average common shares outstanding - basic
|
9,188,888
|
9,118,728
|
9,161,565
|
9,101,523
|
||||||||||||
Weighted average common shares outstanding - diluted
|
9,274,960
|
9,232,333
|
9,264,307
|
9,204,716
|
||||||||||||
Other Comprehensive Income (Loss)
|
||||||||||||||||
Unrealized gains(losses) on securities, net of (tax expense)tax benefit of ($1.9 million), $2.8 million, and $0 for the years ended December 31, 2023, 2022, and 2021, respectively
|
$
|
2,933
|
$
|
1,146
|
$
|
3,146
|
$
|
(9,543
|
)
|
|||||||
Reclassification adjustment for realized loss included in net income net of tax of $4, $31, and $0 for the years ended 2023, 2022, and 2021,
respectively
|
1
|
-
|
12
|
96
|
||||||||||||
Other comprehensive income(loss)
|
$
|
2,934
|
$
|
1,146
|
$
|
3,158
|
$
|
(9,447
|
)
|
|||||||
Comprehensive Income
|
$
|
4,004
|
$
|
9,532
|
$
|
31,433
|
$
|
20,191
|
|
Net Interest Margin
|
|||||||||||||||||||||||
|
For the Twelve Months Ended
|
|||||||||||||||||||||||
|
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
|
$
|
174,600
|
$
|
8,580
|
4.91
|
%
|
$
|
129,624
|
$
|
1,673
|
1.29
|
%
|
||||||||||||
Debt securities, taxable-equivalent
|
152,094
|
2,791
|
1.84
|
145,915
|
2,313
|
1.59
|
||||||||||||||||||
Debt securities, tax exempt
|
19,430
|
330
|
1.70
|
21,635
|
360
|
1.66
|
||||||||||||||||||
Loans held for sale
|
158
|
-
|
-
|
586
|
-
|
-
|
||||||||||||||||||
Total loans(1)
|
1,315,578
|
109,843
|
8.35
|
1,143,380
|
74,403
|
6.51
|
||||||||||||||||||
Total interest-earning assets
|
1,661,860
|
121,544
|
7.31
|
1,441,140
|
78,749
|
5.46
|
||||||||||||||||||
Noninterest-earning assets
|
21,236
|
23,532
|
||||||||||||||||||||||
Total assets
|
$
|
1,683,096
|
$
|
1,464,672
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
825,169
|
28,582
|
3.46
|
%
|
$
|
724,617
|
7,842
|
1.08
|
%
|
||||||||||||||
Time deposits
|
256,672
|
10,416
|
4.06
|
165,735
|
1,480
|
0.89
|
||||||||||||||||||
Total interest-bearing deposits
|
1,081,841
|
38,998
|
3.60
|
890,352
|
9,322
|
1.05
|
||||||||||||||||||
Total interest-bearing liabilities
|
1,081,841
|
38,998
|
3.60
|
890,352
|
9,322
|
1.05
|
||||||||||||||||||
|
||||||||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
433,603
|
432,901
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
11,101
|
7,520
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
444,704
|
440,421
|
||||||||||||||||||||||
Shareholders’ equity
|
156,551
|
133,899
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
1,683,096
|
$
|
1,464,672
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income
|
$
|
82,546
|
$
|
69,427
|
||||||||||||||||||||
Net interest spread
|
3.71
|
%
|
4.42
|
%
|
||||||||||||||||||||
Net interest margin
|
4.97
|
%
|
4.82
|
%
|
(1) |
Nonaccrual loans are included in total loans
|
|
Net Interest Margin
|
|||||||||||||||||||||||
|
For the Three Months Ended
|
|||||||||||||||||||||||
|
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
|
$
|
210,710
|
$
|
2,912
|
5.48
|
%
|
$
|
101,427
|
$
|
881
|
3.45
|
%
|
||||||||||||
Debt securities, taxable-equivalent
|
150,291
|
685
|
1.81
|
154,869
|
688
|
0.76
|
||||||||||||||||||
Debt securities, tax exempt
|
18,250
|
77
|
1.67
|
20,247
|
87
|
1.70
|
||||||||||||||||||
Loans held for sale
|
284
|
-
|
-
|
291
|
-
|
-
|
||||||||||||||||||
Total loans(1)
|
1,362,533
|
28,727
|
8.36
|
1,262,864
|
23,806
|
7.48
|
||||||||||||||||||
Total interest-earning assets
|
1,742,068
|
32,401
|
7.38
|
1,539,698
|
25,462
|
6.56
|
||||||||||||||||||
Noninterest-earning assets
|
17,308
|
21,937
|
||||||||||||||||||||||
Total assets
|
$
|
1,759,376
|
$
|
1,561,635
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
848,990
|
8,237
|
3.85
|
%
|
$
|
798,073
|
4,491
|
2.23
|
%
|
||||||||||||||
Time deposits
|
254,460
|
2,867
|
4.47
|
157,211
|
590
|
1.49
|
||||||||||||||||||
Total interest-bearing deposits
|
1,103,450
|
11,104
|
3.99
|
955,284
|
5,081
|
2.11
|
||||||||||||||||||
Total interest-bearing liabilities
|
$
|
1,103,450
|
11,104
|
3.99
|
$
|
955,284
|
5,081
|
2.11
|
||||||||||||||||
|
||||||||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
485,312
|
$
|
457,753
|
||||||||||||||||||||
Other noninterest-bearing liabilities
|
12,895
|
8,683
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
498,207
|
466,436
|
||||||||||||||||||||||
Shareholders’ equity
|
157,719
|
139,915
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
1,759,376
|
$
|
1,561,635
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income
|
$
|
21,297
|
$
|
20,381
|
||||||||||||||||||||
Net interest spread
|
3.39
|
%
|
4.45
|
%
|
||||||||||||||||||||
Net interest margin
|
4.85
|
%
|
5.25
|
%
|
(1)
|
Nonaccrual loans are included in total loans
|