PR Newswire
OKLAHOMA CITY, July 20, 2023
OKLAHOMA CITY, July 20, 2023 /PRNewswire/ -- Bank7 Corp. (NASDAQ: BSVN) ("the Company"), the parent company of Oklahoma City-based Bank7 (the "Bank"), today reported unaudited results for the quarter ended June 30, 2023. "In these uncertain times, it is comforting to report that our long-term and broad based deposit relationships remain as loyal customers while our debt-free and liquid balance sheet continues to be a source of strength and stability. These strengths and our disciplined approach to risk management and cost control once-again propelled us to both record profits and EPS. We achieved these milestones in spite of NIM pressure, which was partially due to our decision to carry more liquidity. We continue to benefit from strong asset quality and remain committed to our established fundamentals as we move through the rest of the year," said Thomas L. Travis, President and CEO of the Company.
For the three months ended June 30, 2023 compared to the three months ended June 30, 2022:
- 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%
Three months ended June 30, 2023 compared to three months ended March 31, 2023
- 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%
Both the Bank's and the Company's capital levels continue to be significantly above the minimum levels required to be designated as "well-capitalized" for regulatory purposes. On June 30, 2023, the Bank's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 9.71%, 11.89%, and 13.10%, respectively. On June 30, 2023, on a consolidated basis, the Company's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 9.71%, 11.88%, and 13.09%, respectively. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.
Bank7 Corp. | ||||
Consolidated Balance Sheets | ||||
Assets | June 30, 2023 | December 31, | ||
(unaudited) | 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 | Six Months Ended | |||||||
June 30, | 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 | 2022 | |||||||||||
Average | Interest | Average | Average | Interest | Average | |||||||
(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 | - | |||||||
