Oklahoma
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001-38656
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20-0764349
|
||
(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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☐ |
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
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.01 par value
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BSVN
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The NASDAQ Global Select Market
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Item 2.02. |
Results of Operations and Financial Condition
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Item 7.01 |
Regulation FD Disclosure
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Item 9.01 |
Financial Statements and Exhibits
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(d) |
Exhibits.
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Item
|
Description
|
|
Press Release dated April 12, 2024
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||
First Quarter 2024 Investor Presentation
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BANK7 CORP.
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||
Date: April 12, 2024
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By:
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/s/ Kelly J. Harris
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Kelly J. Harris
|
||
Executive Vice President and Chief Financial Officer
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|
- |
Net income of $11.3 million compared to $9.6 million, an increase of 17.50%
|
|
- |
Earnings per share of $1.21 compared to $1.04, an increase of 16.35%
|
|
- |
Total assets of $1.8 billion compared to $1.7 billion, an increase of 6.89%
|
|
- |
Total loans of $1.4 billion compared to $1.3 billion, an increase of 7.39%
|
|
- |
PPE of $14.9 million compared to $13.0 million, an increase of 14.22%
|
|
- |
Total interest income of $33.3 million compared to $27.4 million, an increase of 21.57%
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For the Three Months Ended
|
||||||||
Mar 31, 2024
|
Mar 31, 2023
|
|||||||
Calculation of Pre-Provision Pre-Tax Earnings ("PPE")
|
(Dollars in thousands)
|
|||||||
Net Income
|
$
|
3,595
|
$
|
2,947
|
||||
Income Tax Expense
|
14,883
|
12,554
|
||||||
Pre-tax net income
|
14,883
|
12,554
|
||||||
Add back: Provision for credit losses
|
-
|
1
|
||||||
Add back: (Gain)Loss on sales/calls of AFS debt securities
|
14,883
|
13,030
|
||||||
Pre-provision pre-tax earnings
|
14,883
|
13,030
|
Assets
|
March 31, 2024
(unaudited) |
December 31, 2023
|
||||||
Cash and due from banks
|
$
|
193,218
|
$
|
181,042
|
||||
Interest-bearing time deposits in other banks
|
17,181
|
17,679
|
||||||
Available-for-sale debt securities
|
151,872
|
169,487
|
||||||
Loans, net of allowance for credit losses of $19,696 and $19,691 at March 31, 2024 and December 31, 2023, respectively
|
1,354,195
|
1,341,148
|
||||||
Loans held for sale, at fair value
|
-
|
718
|
||||||
Premises and equipment, net
|
15,376
|
14,942
|
||||||
Nonmarketable equity securities
|
1,278
|
1,283
|
||||||
Core deposit intangibles
|
970
|
1,031
|
||||||
Goodwill
|
8,458
|
8,458
|
||||||
Interest receivable and other assets
|
32,435
|
35,878
|
||||||
Total assets
|
$
|
1,774,983
|
$
|
1,771,666
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Deposits
|
||||||||
Noninterest-bearing
|
$
|
452,326
|
$
|
482,349
|
||||
Interest-bearing
|
1,127,846
|
1,109,042
|
||||||
Total deposits
|
1,580,172
|
1,591,391
|
||||||
Income taxes payable
|
3,946
|
302
|
||||||
Interest payable and other liabilities
|
10,483
|
9,647
|
||||||
Total liabilities
|
1,594,601
|
1,601,340
|
||||||
Shareholders’ equity
|
||||||||
|
||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; share issued and outstanding: 9,238,206 and 9,197,696 at March 31, 2024 and December 31, 2023, respectively
|
92
|
92
|
||||||
Additional paid-in capital
|
97,669
|
97,417
|
||||||
Retained earnings
|
88,310
|
78,962
|
||||||
Accumulated other comprehensive loss
|
(5,689
|
)
|
(6,145
|
)
|
||||
Total shareholders’ equity
|
180,382
|
170,326
|
||||||
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
1,774,983
|
$
|
1,771,666
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2024
(unaudited) |
2023
|
|||||||
Interest Income
|
||||||||
Loans, including fees
|
$
|
30,117
|
$
|
25,352
|
||||
Interest-bearing time deposits in other banks
|
253
|
49
|
||||||
Debt securities, taxable
|
1,012
|
706
|
||||||
Debt securities, tax-exempt
|
73
|
87
|
||||||
Other interest and dividend income
|
1,832
|
1,186
|
||||||
Total interest income
|
33,287
|
27,380
|
||||||
Interest Expense
|
||||||||
Deposits
|
11,277
|
7,374
|
||||||
Total interest expense
|
11,277
|
7,374
|
||||||
Net Interest Income
|
22,010
|
20,006
|
||||||
Provision for Credit Losses
|
-
|
475
|
||||||
Net Interest Income After Provision for Credit Losses
|
22,010
|
19,531
|
||||||
Noninterest Income
|
||||||||
Mortgage lending income
|
51
|
54
|
||||||
Loss on sales, prepayments, and calls of available-for-sale debt securities
|
-
|
(1
|
)
|
|||||
Service charges on deposit accounts
|
249
|
235
|
||||||
Other
|
1,708
|
384
|
||||||
Total noninterest income
|
2,008
|
672
|
||||||
Noninterest Expense
|
||||||||
Salaries and employee benefits
|
5,289
|
4,680
|
||||||
Furniture and equipment
|
230
|
249
|
||||||
Occupancy
|
661
|
719
|
||||||
Data and item processing
|
458
|
386
|
||||||
Accounting, marketing and legal fees
|
99
|
298
|
||||||
Regulatory assessments
|
386
|
394
|
||||||
Advertsing and public relations
|
145
|
148
|
||||||
Travel, lodging and entertainment
|
51
|
61
|
||||||
Other
|
1,816
|
714
|
||||||
Total noninterest expense
|
9,135
|
7,649
|
||||||
Income Before Taxes
|
14,883
|
12,554
|
||||||
Income tax expense
|
3,595
|
2,947
|
||||||
Net Income
|
$
|
11,288
|
$
|
9,607
|
||||
Earnings per common share - basic
|
$
|
1.22
|
$
|
1.05
|
||||
Earnings per common share - diluted
|
1.21
|
1.04
|
||||||
Weighted average common shares outstanding - basic
|
9,220,154
|
9,146,932
|
||||||
Weighted average common shares outstanding - diluted
|
9,317,813
|
9,264,247
|
||||||
Other Comprehensive Income
|
||||||||
Unrealized gains on securities, net of tax expense of $0 and $554 for the three months ended March 31, 2024 and 2023, respectively
|
$
|
456
|
$
|
1,755
|
||||
Reclassification adjustment for realized losses included in net income net of tax of $0 and $0 for the three months ended March 31, 2024 and 2023, respectively
|
-
|
1
|
||||||
Other comprehensive income
|
$
|
456
|
$
|
1,756
|
||||
Comprehensive Income
|
$
|
11,744
|
$
|
11,363
|
Net Interest Margin
|
||||||||||||||||||||||||
For the Three Months Ended March 31,
|
||||||||||||||||||||||||
2024
(unaudited) |
2023
|
|||||||||||||||||||||||
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
|
$
|
176,072
|
$
|
2,085
|
4.75
|
%
|
$
|
134,650
|
$
|
1,235
|
3.72
|
%
|
||||||||||||
Debt securities, taxable-equivalent
|
153,468
|
1,012
|
2.64
|
153,533
|
706
|
1.86
|
||||||||||||||||||
Debt securities, tax exempt
|
18,269
|
73
|
1.60
|
20,318
|
87
|
1.74
|
||||||||||||||||||
Loans held for sale
|
238
|
-
|
-
|
43
|
-
|
-
|
||||||||||||||||||
Total loans(1)
|
1,369,692
|
30,117
|
8.82
|
1,271,081
|
25,352
|
8.09
|
||||||||||||||||||
Total interest-earning assets
|
1,717,739
|
33,287
|
7.77
|
1,579,625
|
27,380
|
7.03
|
||||||||||||||||||
Noninterest-earning assets
|
39,769
|
23,542
|
||||||||||||||||||||||
Total assets
|
$
|
1,757,508
|
$
|
1,603,167
|
||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
845,129
|
8,196
|
3.89
|
%
|
$
|
803,618
|
5,753
|
2.90
|
%
|
||||||||||||||
Time deposits
|
264,973
|
3,081
|
4.66
|
213,760
|
1,621
|
3.08
|
||||||||||||||||||
Total interest-bearing deposits
|
1,110,102
|
11,277
|
4.07
|
1,017,378
|
7,374
|
2.94
|
||||||||||||||||||
Total interest-bearing liabilities
|
$
|
1,110,102
|
11,277
|
4.07
|
$
|
1,017,378
|
7,374
|
2.94
|
||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
460,028
|
$
|
425,640
|
||||||||||||||||||||
Other noninterest-bearing liabilities
|
10,970
|
11,131
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
470,998
|
436,771
|
||||||||||||||||||||||
Shareholders' equity
|
176,408
|
149,018
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,757,508
|
$
|
1,603,167
|
||||||||||||||||||||
Net interest income
|
$
|
22,010
|
$
|
20,006
|
||||||||||||||||||||
Net interest spread
|
3.70
|
%
|
4.10
|
%
|
||||||||||||||||||||
Net interest margin
|
5.14
|
%
|
5.14
|
%
|
(1) |
Nonaccrual loans are included in total loans
|