| 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 |
|
|
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 16, 2025
|
|
|
|
Fourth Quarter and Full Year 2024 Investor Presentation
|
|
BANK7 CORP.
|
||
|
Date: January 16, 2025
|
By:
|
/s/ Kelly J. Harris
|
|
Kelly J. Harris
|
||
|
Executive Vice President and Chief Financial Officer
|
||
|
|
- |
Net income of $45.7 million compared to $28.3 million, an increase of 61.62%
|
|
|
- |
Earnings per share of $4.84 compared to $3.05, an increase of 58.69%
|
|
|
- |
Total assets of $1.7 billion compared to $1.8 billion, a decrease of 1.80%
|
|
|
- |
Total loans of $1.4 billion compared to $1.4 billion, an increase of 2.69%
|
|
|
- |
PPE of $60.4 million compared to $58.4 million, an increase of 3.38%
|
|
|
- |
Total interest income of $131.5 million compared to $121.5 million, an increase of 8.22%
|
|
For the Year Ended
|
||||||||
|
2024
|
2023
|
|||||||
|
Calculation of Pre-Provision Pre-Tax Earnings ("PPE")
|
(Dollars in thousands)
|
|||||||
|
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
|
||||||
|
December 31,
|
||||||||
|
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 and Shareholders’ Equity
|
||||||||
|
Deposits
|
||||||||
|
Noninterest-bearing
|
$
|
313,258
|
$
|
482,349
|
||||
|
Interest-bearing
|
1,202,213
|
1,109,042
|
||||||
|
|
||||||||
|
Total 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
|
||||||||
|
Common stock, $0.01 par value; 50,000,000 shares authorized; shares issued and outstanding: 9,390,211 and 9,197,696 at December 31,
2024 and December 31, 2023, respectively
|
94
|
92
|
||||||
|
Additional paid-in capital
|
101,809
|
97,417
|
||||||
|
Retained earnings
|
116,281
|
78,962
|
||||||
|
Accumulated other comprehensive loss
|
(4,971
|
)
|
(6,145
|
)
|
||||
|
|
||||||||
|
Total shareholders’ equity
|
213,213
|
170,326
|
||||||
|
|
||||||||
|
Total liabilities and shareholders’ equity
|
$
|
1,739,808
|
$
|
1,771,666
|
||||
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2024
(unaudited) |
2023
(unaudited) |
2024
(unaudited) |
2023
|
|||||||||||||
|
Interest Income
|
||||||||||||||||
|
Loans, including fees
|
$
|
29,582
|
$
|
28,727
|
$
|
119,416
|
$
|
109,843
|
||||||||
|
Interest-bearing time deposits in other banks
|
110
|
248
|
785
|
519
|
||||||||||||
|
Debt securities, taxable
|
265
|
685
|
2,531
|
2,791
|
||||||||||||
|
Debt securities, tax-exempt
|
60
|
77
|
273
|
330
|
||||||||||||
|
Other interest and dividend income
|
2,313
|
2,664
|
8,535
|
8,061
|
||||||||||||
|
|
||||||||||||||||
|
Total interest income
|
32,330
|
32,401
|
131,540
|
121,544
|
||||||||||||
|
Interest Expense
|
||||||||||||||||
|
Deposits
|
10,593
|
11,104
|
45,345
|
38,998
|
||||||||||||
|
Total interest expense
|
10,593
|
11,104
|
45,345
|
38,998
|
||||||||||||
|
Net Interest Income
|
21,737
|
21,297
|
86,195
|
82,546
|
||||||||||||
|
Provision for Credit Losses
|
-
|
15,500
|
-
|
21,145
|
||||||||||||
|
Net Interest Income After Provision for Credit Losses
|
21,737
|
5,797
|
86,195
|
61,401
|
||||||||||||
|
Noninterest Income
|
||||||||||||||||
|
Mortgage lending income
|
137
|
159
|
370
|
331
|
||||||||||||
|
Loss on sales, prepayments, and calls of available-for-sale debt securities
|
(3
|
)
|
(1
|
)
|
(6
|
)
|
(16
|
)
|
||||||||
|
Service charges on deposit accounts
|
233
|
222
|
975
|
869
|
||||||||||||
|
Other
|
2,034
|
6,389
|
9,915
|
8,058
|
||||||||||||
|
Total noninterest income
|
2,401
|
6,769
|
11,254
|
9,242
|
||||||||||||
|
Noninterest Expense
|
||||||||||||||||
|
Salaries and employee benefits
|
5,043
|
3,086
|
20,783
|
17,385
|
||||||||||||
|
Furniture and equipment
|
257
|
241
|
1,070
|
995
|
||||||||||||
|
Occupancy
|
655
|
708
|
2,640
|
2,689
|
||||||||||||
|
Data and item processing
|
459
|
450
|
1,897
|
1,730
|
||||||||||||
|
Accounting, marketing and legal fees
|
255
|
51
|
836
|
543
|
||||||||||||
|
Regulatory assessments
|
211
|
524
|
1,196
|
1,537
|
||||||||||||
|
Advertsing and public relations
|
192
|
154
|
549
|
427
|
||||||||||||
|
Travel, lodging and entertainment
|
161
|
118
|
431
|
374
|
||||||||||||
|
Other
|
2,185
|
5,673
|
7,693
|
7,740
|
||||||||||||
|
Total noninterest expense
|
9,418
|
11,005
|
37,095
|
33,420
|
||||||||||||
|
Income Before Taxes
|
14,720
|
1,561
|
60,354
|
37,223
|
||||||||||||
|
Income tax expense
|
3,611
|
491
|
14,656
|
8,948
|
||||||||||||
|
Net Income
|
$
|
11,109
|
$
|
1,070
|
$
|
45,698
|
$
|
28,275
|
||||||||
|
Earnings per common share - basic
|
$
|
1.19
|
$
|
0.12
|
$
|
4.92
|
$
|
3.09
|
||||||||
|
Earnings per common share - diluted
|
1.16
|
0.12
|
4.84
|
3.05
|
||||||||||||
|
Weighted average common shares outstanding - basic
|
9,366,074
|
9,188,888
|
9,290,051
|
9,161,565
|
||||||||||||
|
Weighted average common shares outstanding - diluted
|
9,556,388
|
9,274,960
|
9,447,751
|
9,264,307
|
||||||||||||
|
Other comprehensive income (loss)
|
||||||||||||||||
|
|
||||||||||||||||
|
Unrealized gains (losses) on securities, net of tax expense (benefit) of $335 and ($1 million) for the years ended December 31, 2024 and 2023, respectively
|
$
|
(856
|
)
|
$
|
2,932
|
$
|
1,169
|
$
|
3,146
|
|||||||
|
Reclassification adjustment for realized losses included in net income net of tax of $1 and $4 for the years ended December 31, 2024 and 2023, respectively
|
2
|
1
|
5
|
12
|
||||||||||||
|
Other comprehensive income (loss)
|
$
|
(854
|
)
|
$
|
2,933
|
$
|
1,174
|
$
|
3,158
|
|||||||
|
Comprehensive Income
|
$
|
10,255
|
$
|
4,003
|
$
|
46,872
|
$
|
31,433
|
||||||||
|
|
Net Interest Margin
|
|||||||||||||||||||||||
|
|
For the Year Ended December 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
|
$
|
184,328
|
$
|
9,320
|
5.04
|
%
|
$
|
174,600
|
$
|
8,580
|
4.91
|
%
|
||||||||||||
|
Debt securities, taxable-equivalent
|
90,184
|
2,531
|
2.80
|
152,094
|
2,791
|
1.84
|
||||||||||||||||||
|
Debt securities, tax exempt
|
16,651
|
273
|
1.64
|
19,430
|
330
|
1.70
|
||||||||||||||||||
|
Loans held for sale
|
343
|
-
|
-
|
158
|
-
|
-
|
||||||||||||||||||
|
Total loans(1)
|
1,391,552
|
119,416
|
8.56
|
1,315,578
|
109,843
|
8.35
|
||||||||||||||||||
|
Total interest-earning assets
|
1,683,058
|
131,540
|
7.79
|
1,661,860
|
121,544
|
7.31
|
||||||||||||||||||
|
Noninterest-earning assets
|
39,555
|
25,943
|
||||||||||||||||||||||
|
Total assets
|
$
|
1,722,613
|
$
|
1,687,803
|
||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
882,314
|
33,408
|
3.78
|
%
|
$
|
825,169
|
28,582
|
3.46
|
%
|
||||||||||||||
|
Time deposits
|
254,057
|
11,937
|
4.69
|
256,672
|
10,416
|
4.06
|
||||||||||||||||||
|
Total interest-bearing deposits
|
1,136,371
|
45,345
|
3.98
|
1,081,841
|
38,998
|
3.60
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
1,136,371
|
45,345
|
3.98
|
1,081,841
|
38,998
|
3.60
|
||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
381,660
|
433,603
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
12,419
|
10,423
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
394,079
|
444,026
|
||||||||||||||||||||||
|
Shareholders' equity
|
192,163
|
161,936
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
1,722,613
|
$
|
1,687,803
|
||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Net interest income
|
$
|
86,195
|
$
|
82,546
|
||||||||||||||||||||
|
Net interest spread
|
3.81
|
%
|
3.71
|
%
|
||||||||||||||||||||
|
Net interest margin
|
5.11
|
%
|
4.97
|
%
|
||||||||||||||||||||
|
(1)
|
Nonaccrual loans are included in total loans
|
|
Net Interest Margin
|
||||||||||||||||||||||||
|
For the Three Months Ended December 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
|
$
|
195,948
|
$
|
2,423
|
4.91
|
%
|
$
|
210,710
|
$
|
2,912
|
5.48
|
%
|
||||||||||||
|
Debt securities, taxable-equivalent
|
50,504
|
265
|
2.08
|
150,291
|
685
|
1.81
|
||||||||||||||||||
|
Debt securities, tax exempt
|
14,216
|
60
|
1.67
|
18,250
|
77
|
1.67
|
||||||||||||||||||
|
Loans held for sale
|
526
|
-
|
-
|
284
|
-
|
-
|
||||||||||||||||||
|
Total loans(1)
|
1,422,382
|
29,582
|
8.25
|
1,362,533
|
28,727
|
8.36
|
||||||||||||||||||
|
Total interest-earning assets
|
1,683,576
|
32,330
|
7.62
|
1,742,068
|
32,401
|
7.38
|
||||||||||||||||||
|
Noninterest-earning assets
|
39,721
|
27,984
|
||||||||||||||||||||||
|
Total assets
|
$
|
1,723,297
|
$
|
1,770,052
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
911,978
|
7,683
|
3.34
|
%
|
$
|
848,990
|
8,237
|
3.85
|
%
|
||||||||||||||
|
Time deposits
|
250,209
|
2,910
|
4.61
|
254,460
|
2,867
|
4.47
|
||||||||||||||||||
|
Total interest-bearing deposits
|
1,162,187
|
10,593
|
3.62
|
1,103,450
|
11,104
|
3.99
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
$
|
1,162,187
|
10,593
|
3.62
|
$
|
1,103,450
|
11,104
|
3.99
|
||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
$
|
338,645
|
$
|
485,312
|
||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
13,014
|
12,235
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
351,659
|
497,547
|
||||||||||||||||||||||
|
Shareholders' equity
|
209,451
|
169,055
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
1,723,297
|
$
|
1,770,052
|
||||||||||||||||||||
|
Net interest income
|
$
|
21,737
|
$
|
21,297
|
||||||||||||||||||||
|
Net interest spread
|
4.00
|
%
|
3.39
|
%
|
||||||||||||||||||||
|
Net interest margin
|
5.12
|
%
|
4.85
|
%
|
||||||||||||||||||||
|
(1)
|
Nonaccrual loans are included in total loans
|