EX-99.1 2 ef20047202_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


FOR IMMEDIATE RELEASE: Bank7 Corp. Announces Q1 2025 Earnings

Oklahoma City, April 10, 2025 – Bank7 Corp. (NASDAQ: BSVN) ("the Company"), the parent company of Oklahoma City-based Bank7 (the "Bank"), today reported unaudited results for the quarter ended March 31, 2025.  “2025 is off to a strong start, as evidenced by outstanding earnings, liquidity, credit quality metrics, and a properly matched balance sheet.  We are focused on potential disruptions related to economic policies and market volatility, yet we take comfort that we are located in such a dynamic and resilient part of the United States.  We are prepared to navigate through the volatility and continue to rapidly build capital which is a true source of our strength and stability,” said Thomas L. Travis, President and CEO of the Company.

For the three months ended March 31, 2025 compared to the three months ended March 31, 2024:


-
Net income of $10.3 million compared to $11.3 million, a decrease of 8.43%

-
Earnings per share of $1.08 compared to $1.21, a decrease of 10.74%

-
Total assets of $1.8 billion compared to $1.8 billion, an increase of 0.59%

-
Total loans of $1.4 billion compared to $1.4 billion, an increase of 3.63%

-
PPE of $13.7 million compared to $14.9 million, a decrease of 7.86%

-
Total interest income of $30.4 million compared to $33.3 million, a decrease of 8.56%

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 March 31, 2025, the Bank’s Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 12.39%, 14.03%, and 15.25%, respectively.  On March 31, 2025, on a consolidated basis, the Company’s Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 12.39%, 14.02%, and 15.24%, respectively.  Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.

Non-GAAP Financial Measures:
This earnings release contains the non-GAAP financial measure pre-provision pre-tax earnings (“PPE”).  The Company’s management uses this non-GAAP measure in their analysis of the Company’s performance.  This measure adjusts GAAP performance to exclude from net income, income tax expense, provision for credit losses, and loss on sales and calls of available-for-sale debt securities.

   
For the Three Months Ended
 
   
March 31,
2025
   
March 31,
2024
 
Calculation of Pre-Provision Pre-Tax Earnings ("PPE")
 
(Dollars in thousands)
 
Net Income
 
$
10,336
   
$
11,288
 
Income Tax Expense
   
3,377
      3,595  
Pre-tax net income
   
13,713
     
14,883
 
Add back: Provision for credit losses
   
-
      -  
Add back: (Gain)Loss on sales/calls of AFS debt securities
    -       -  
Pre-provision pre-tax earnings
    13,713      
14,883
 


Assets
 
March 31, 2025
(unaudited)
   
December 31,
2024
 
 
           
Cash and due from banks
 
$
240,570
   
$
234,196
 
Interest-bearing time deposits in other banks
   
12,947
     
6,719
 
Available-for-sale debt securities
   
59,616
     
59,941
 
Loans, net of allowance for credit losses of $18,162 and $17,918 at March 31, 2025 and December 31, 2024, respectively
   
1,405,649
     
1,379,465
 
Loans held for sale, at fair value
   
2,068
     
-
 
Premises and equipment, net
   
20,721
     
18,137
 
Nonmarketable equity securities
   
1,318
     
1,283
 
Core deposit intangibles
   
846
     
878
 
Goodwill
   
11,208
     
8,458
 
Interest receivable and other assets
   
30,531
     
30,731
 
 
               
Total assets
 
$
1,785,474
   
$
1,739,808
 
 
               
Liabilities and Shareholders’ Equity
               
 
               
Deposits
               
Noninterest-bearing
 
$
327,522
   
$
313,258
 
Interest-bearing
   
1,223,768
     
1,202,213
 
 
               
Total deposits
   
1,551,290
     
1,515,471
 
 
               
Income taxes payable
   
3,565
     
77
 
Interest payable and other liabilities
   
8,959
     
11,047
 
 
               
Total liabilities
   
1,563,814
     
1,526,595
 
 
               
Shareholders’ equity
               
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
 
Additional paid-in capital
   
101,546
     
101,809
 
Retained earnings
   
124,349
     
116,281
 
Accumulated other comprehensive loss
   
(4,329
)
   
(4,971
)
 
               
Total shareholders’ equity
   
221,660
     
213,213
 
 
               
Total liabilities and shareholders’ equity
 
$
1,785,474
   
$
1,739,808
 


 
 
Three Months Ended
 
 
 
March 31,
 
 
 
2025
(unaudited)
   
2024
(unaudited)
 
Interest Income
           
Loans, including fees
 
$
27,324
   
$
30,117
 
Interest-bearing time deposits in other banks
   
101
     
253
 
Debt securities, taxable
   
283
     
1,012
 
Debt securities, tax-exempt
   
63
     
73
 
Other interest and dividend income
   
2,667
     
1,832
 
 
               
Total interest income
   
30,438
     
33,287
 
 
               
Interest Expense
               
Deposits
   
9,600
     
11,277
 
 
               
Total interest expense
   
9,600
     
11,277
 
 
               
Net Interest Income
   
20,838
     
22,010
 
 
               
Provision for Credit Losses
   
-
     
-
 
 
               
Net Interest Income After Provision for Credit Losses
   
20,838
     
22,010
 
 
               
Noninterest Income
               
Mortgage lending income
   
93
     
51
 
Loss on sales, prepayments, and calls of available-for-sale debt securities
   
-
     
-
 
Service charges on deposit accounts
   
218
     
249
 
Other
   
1,446
     
1,708
 
 
               
Total noninterest income
   
1,757
     
2,008
 
 
               
Noninterest Expense
               
Salaries and employee benefits
   
5,280
     
5,289
 
Furniture and equipment
   
250
     
230
 
Occupancy
   
592
     
661
 
Data and item processing
   
510
     
458
 
Accounting, marketing and legal fees
   
105
     
99
 
Regulatory assessments
   
83
     
386
 
Advertsing and public relations
   
194
     
145
 
Travel, lodging and entertainment
   
56
     
51
 
Other
   
1,812
     
1,816
 
 
               
Total noninterest expense
   
8,882
     
9,135
 
 
               
Income Before Taxes
   
13,713
     
14,883
 
Income tax expense
   
3,377
     
3,595
 
Net Income
 
$
10,336
   
$
11,288
 
 
               
Earnings per common share - basic
 
$
1.10
   
$
1.22
 
Earnings per common share - diluted
   
1.08
     
1.21
 
Weighted average common shares outstanding - basic
   
9,421,534
     
9,220,154
 
Weighted average common shares outstanding - diluted
   
9,552,273
     
9,317,813
 
 
               
Other comprehensive income (loss)
               
Unrealized gains on securities, net of tax (expense) benefit of ($237) and $0 for the three months ended March 31, 2025 and 2024, respectively
 
$
642
   
$
456
 
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
   
-
     
-
 
Other comprehensive income (loss)
 
$
642
   
$
456
 
Comprehensive Income
 
$
10,978
   
$
11,744
 


 
 
Net Interest Margin
 
 
 
For the Three Months Ended March 31,
 
 
 
2025
(unaudited)
   
2024
(unaudited)
 
 
 
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
 
$
238,048
   
$
2,768
     
4.72
%
 
$
176,072
   
$
2,085
     
4.75
%
Debt securities, taxable-equivalent
   
48,637
     
283
     
2.36
     
153,468
     
1,012
     
2.64
 
Debt securities, tax exempt
   
12,514
     
63
     
2.04
     
18,269
     
73
     
1.60
 
Loans held for sale
   
580
     
-
     
-
     
238
     
-
     
-
 
Total loans(1)
   
1,398,350
     
27,324
     
7.92
     
1,369,692
     
30,117
     
8.82
 
Total interest-earning assets
   
1,698,129
     
30,438
     
7.27
     
1,717,739
     
33,287
     
7.77
 
Noninterest-earning assets
   
39,957
                     
39,769
                 
Total assets
 
$
1,738,086
                   
$
1,757,508
                 
 
                                               
Funding sources:
                                               
Interest-bearing liabilities:
                                               
Deposits:
                                               
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


About Bank7 Corp.

We are Bank7 Corp., a bank holding company headquartered in Oklahoma City, Oklahoma. Through our wholly-owned subsidiary, Bank7, we operate twelve locations in Oklahoma, the Dallas/Fort Worth, Texas metropolitan area and Kansas. We are focused on serving business owners and entrepreneurs by delivering fast, consistent and well-designed loan and deposit products to meet their financing needs. We intend to grow organically by selectively opening additional branches in our target markets as well as pursue strategic acquisitions.

Conference Call

Bank7 Corp. has scheduled a conference call to discuss its first quarter results, which will be broadcast live over the Internet, on Thursday, April 10, 2025 at 9:00 a.m. central standard time. To participate in the call, dial 1-888-348-6421, or access it live over the Internet at https://app.webinar.net/7y80d7DmL4j. For those not able to participate in the live call, an archive of the webcast will be available at https://app.webinar.net/7y80d7DmL4j shortly after the call for 1 year.

Cautionary Statements Regarding Forward-Looking Information

This communication contains a number of forward-looking statements. These forward-looking statements reflect Bank7 Corp.’s current views with respect to, among other things, future events and Bank7 Corp.’s financial performance. Any statements about Bank7 Corp.’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in (or conveyed orally regarding) this presentation may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this presentation should not be regarded as a representation by Bank7 Corp. or any other person that the future plans, estimates or expectations contemplated by Bank7 Corp. will be achieved.

These forward-looking statements are subject to significant uncertainties because they are based upon:  the amount and timing of future changes in interest rates, market behavior, and other economic conditions; future laws, regulations, and accounting principles; changes in regulatory standards and examination policies, and a variety of other matters.  These other matters include, among other things, the impact the direct and indirect effect of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators.  Bank7 Corp. has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that Bank7 Corp. believes may affect its financial condition, results of operations, business strategy and financial needs. Bank7 Corp.’s actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. If one or more events related to these or other risks or uncertainties materialize, or if Bank7 Corp.’s underlying assumptions prove to be incorrect, actual results may differ materially from what Bank7 Corp. anticipates. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made and Bank7 Corp. undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as may be required by law. All forward-looking statements herein are qualified by these cautionary statements.

Contact:
 
Thomas Travis
President & CEO
(405) 810-8600