| Oklahoma |
001-38656
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20-0764349 |
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(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 |
The NASDAQ Global Select Market
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| |
Emerging growth company ☐ |
| 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)
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Exhibits.
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BANK7 CORP.
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Date: April 10, 2025
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By:
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/s/ Kelly J. Harris
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Kelly J. Harris
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Executive Vice President and Chief Financial Officer
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- |
Net income of $10.3 million compared to $11.3 million, a decrease of 8.43%
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- |
Earnings per share of $1.08 compared to $1.21, a decrease of 10.74%
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- |
Total assets of $1.8 billion compared to $1.8 billion, an increase of 0.59%
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- |
Total loans of $1.4 billion compared to $1.4 billion, an increase of 3.63%
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- |
PPE of $13.7 million compared to $14.9 million, a decrease of 7.86%
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- |
Total interest income of $30.4 million compared to $33.3 million, a decrease of 8.56%
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For the Three Months Ended
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||||||||
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March 31,
2025
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March 31,
2024
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|||||||
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Calculation of Pre-Provision Pre-Tax Earnings ("PPE")
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(Dollars in thousands)
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|||||||
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Net Income
|
$
|
10,336
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$
|
11,288
|
||||
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Income Tax Expense
|
3,377
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3,595 | ||||||
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Pre-tax net income
|
13,713
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14,883
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||||||
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Add back: Provision for credit losses
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-
|
- | ||||||
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Add back: (Gain)Loss on sales/calls of AFS debt securities
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- | - | ||||||
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Pre-provision pre-tax earnings
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13,713 |
14,883
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||||||
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Assets
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March 31, 2025
(unaudited) |
December 31,
2024
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||||||
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|
||||||||
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Cash and due from banks
|
$
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240,570
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$
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234,196
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||||
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Interest-bearing time deposits in other banks
|
12,947
|
6,719
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||||||
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Available-for-sale debt securities
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59,616
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59,941
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||||||
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Loans, net of allowance for credit losses of $18,162 and $17,918 at March 31, 2025 and December 31, 2024, respectively
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1,405,649
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1,379,465
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||||||
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Loans held for sale, at fair value
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2,068
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-
|
||||||
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Premises and equipment, net
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20,721
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18,137
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||||||
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Nonmarketable equity securities
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1,318
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1,283
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||||||
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Core deposit intangibles
|
846
|
878
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||||||
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Goodwill
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11,208
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8,458
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||||||
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Interest receivable and other assets
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30,531
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30,731
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||||||
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||||||||
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Total assets
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$
|
1,785,474
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$
|
1,739,808
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||||
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||||||||
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Liabilities and Shareholders’ Equity
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||||||||
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||||||||
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Deposits
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||||||||
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Noninterest-bearing
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$
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327,522
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$
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313,258
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||||
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Interest-bearing
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1,223,768
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1,202,213
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||||||
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||||||||
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Total deposits
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1,551,290
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1,515,471
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||||||
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||||||||
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Income taxes payable
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3,565
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77
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||||||
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Interest payable and other liabilities
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8,959
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11,047
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||||||
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||||||||
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Total liabilities
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1,563,814
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1,526,595
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||||||
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||||||||
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Shareholders’ equity
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||||||||
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Common stock, $0.01 par value; 50,000,000 shares authorized; shares issued and outstanding: 9,448,237 and 9,390,211 at March 31, 2025 and
December 31, 2024, respectively
|
94
|
94
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||||||
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Additional paid-in capital
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101,546
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101,809
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||||||
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Retained earnings
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124,349
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116,281
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||||||
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Accumulated other comprehensive loss
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(4,329
|
)
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(4,971
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)
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||||
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|
||||||||
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Total shareholders’ equity
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221,660
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213,213
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||||||
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||||||||
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Total liabilities and shareholders’ equity
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$
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1,785,474
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$
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1,739,808
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||||
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Three Months Ended
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|||||||
|
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March 31,
|
|||||||
|
|
2025
(unaudited) |
2024
(unaudited) |
||||||
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Interest Income
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||||||||
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Loans, including fees
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$
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27,324
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$
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30,117
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||||
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Interest-bearing time deposits in other banks
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101
|
253
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||||||
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Debt securities, taxable
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283
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1,012
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||||||
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Debt securities, tax-exempt
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63
|
73
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||||||
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Other interest and dividend income
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2,667
|
1,832
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||||||
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||||||||
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Total interest income
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30,438
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33,287
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||||||
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|
||||||||
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Interest Expense
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||||||||
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Deposits
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9,600
|
11,277
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||||||
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|
||||||||
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Total interest expense
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9,600
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11,277
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||||||
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|
||||||||
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Net Interest Income
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20,838
|
22,010
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||||||
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|
||||||||
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Provision for Credit Losses
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-
|
-
|
||||||
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|
||||||||
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Net Interest Income After Provision for Credit Losses
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20,838
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22,010
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||||||
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|
||||||||
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Noninterest Income
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||||||||
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Mortgage lending income
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93
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51
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||||||
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Loss on sales, prepayments, and calls of available-for-sale debt securities
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-
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-
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||||||
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Service charges on deposit accounts
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218
|
249
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||||||
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Other
|
1,446
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1,708
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||||||
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||||||||
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Total noninterest income
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1,757
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2,008
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||||||
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|
||||||||
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Noninterest Expense
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||||||||
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Salaries and employee benefits
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5,280
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5,289
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||||||
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Furniture and equipment
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250
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230
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||||||
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Occupancy
|
592
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661
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||||||
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Data and item processing
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510
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458
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||||||
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Accounting, marketing and legal fees
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105
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99
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||||||
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Regulatory assessments
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83
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386
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||||||
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Advertsing and public relations
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194
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145
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||||||
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Travel, lodging and entertainment
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56
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51
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||||||
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Other
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1,812
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1,816
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||||||
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|
||||||||
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Total noninterest expense
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8,882
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9,135
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||||||
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|
||||||||
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Income Before Taxes
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13,713
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14,883
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||||||
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Income tax expense
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3,377
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3,595
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||||||
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Net Income
|
$
|
10,336
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$
|
11,288
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||||
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|
||||||||
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Earnings per common share - basic
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$
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1.10
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$
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1.22
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||||
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Earnings per common share - diluted
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1.08
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1.21
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||||||
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Weighted average common shares outstanding - basic
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9,421,534
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9,220,154
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||||||
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Weighted average common shares outstanding - diluted
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9,552,273
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9,317,813
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||||||
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|
||||||||
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Other comprehensive income (loss)
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||||||||
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Unrealized gains on securities, net of tax (expense) benefit of ($237) and $0 for the three months ended March 31, 2025 and 2024, respectively
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$
|
642
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$
|
456
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||||
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Reclassification adjustment for realized losses included in net income net of tax of $0 and $0 for the three months March 31, 2025 and 2024, respectively
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-
|
-
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||||||
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Other comprehensive income (loss)
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$
|
642
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$
|
456
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||||
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Comprehensive Income
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$
|
10,978
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$
|
11,744
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||||
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Net Interest Margin
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|||||||||||||||||||||||
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For the Three Months Ended March 31,
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|||||||||||||||||||||||
|
|
2025
(unaudited) |
2024
(unaudited) |
||||||||||||||||||||||
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|
Average
Balance |
Interest
Income/ Expense |
Average
Yield/ Rate |
Average
Balance |
Interest
Income/ Expense |
Average
Yield/ Rate |
||||||||||||||||||
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(Dollars in thousands)
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|||||||||||||||||||||||
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Interest-Earning Assets:
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||||||||||||||||||||||||
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Short-term investments
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$
|
238,048
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$
|
2,768
|
4.72
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%
|
$
|
176,072
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$
|
2,085
|
4.75
|
%
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||||||||||||
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Debt securities, taxable-equivalent
|
48,637
|
283
|
2.36
|
153,468
|
1,012
|
2.64
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||||||||||||||||||
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Debt securities, tax exempt
|
12,514
|
63
|
2.04
|
18,269
|
73
|
1.60
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||||||||||||||||||
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Loans held for sale
|
580
|
-
|
-
|
238
|
-
|
-
|
||||||||||||||||||
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Total loans(1)
|
1,398,350
|
27,324
|
7.92
|
1,369,692
|
30,117
|
8.82
|
||||||||||||||||||
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Total interest-earning assets
|
1,698,129
|
30,438
|
7.27
|
1,717,739
|
33,287
|
7.77
|
||||||||||||||||||
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Noninterest-earning assets
|
39,957
|
39,769
|
||||||||||||||||||||||
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Total assets
|
$
|
1,738,086
|
$
|
1,757,508
|
||||||||||||||||||||
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|
||||||||||||||||||||||||
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Funding sources:
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||||||||||||||||||||||||
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Interest-bearing liabilities:
|
||||||||||||||||||||||||
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Deposits:
|
||||||||||||||||||||||||
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Transaction accounts
|
$
|
956,891
|
7,118
|
3.02
|
%
|
$
|
845,129
|
8,196
|
3.89
|
%
|
||||||||||||||
|
Time deposits
|
236,325
|
2,482
|
4.26
|
264,973
|
3,081
|
4.66
|
||||||||||||||||||
|
Total interest-bearing deposits
|
1,193,216
|
9,600
|
3.26
|
1,110,102
|
11,277
|
4.07
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
$
|
1,193,216
|
9,600
|
3.26
|
$
|
1,110,102
|
11,277
|
4.07
|
||||||||||||||||
|
|
||||||||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
$
|
316,544
|
$
|
460,028
|
||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
9,983
|
11,657
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
326,527
|
471,685
|
||||||||||||||||||||||
|
Shareholders' equity
|
218,343
|
175,721
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
1,738,086
|
$
|
1,757,508
|
||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Net interest income
|
$
|
20,838
|
$
|
22,010
|
||||||||||||||||||||
|
Net interest spread
|
4.01
|
%
|
3.70
|
%
|
||||||||||||||||||||
|
Net interest margin
|
4.98
|
%
|
5.14
|
%
|
||||||||||||||||||||
|
(1)
|
Nonaccrual loans are included in total loans
|