UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported)
 
January 16, 2025

Bank7 Corp.
(Exact name of registrant as specified in its charter)

Oklahoma
 001-38656
 20-0764349
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

1039 N.W. 63rd Street, Oklahoma City, Oklahoma 73116
(Address of principal executive offices) (Zip Code)

(405) 810-8600
 (Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
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))

 Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 
 Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.
Results of Operations and Financial Condition

Item 7.01
Regulation FD Disclosure

On January 16, 2025, Bank7 Corp. (the “Company”), the holding company for Bank7, issued a press release announcing its results of operation and financial condition for the quarter and full year ended December 31, 2024.  A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

The Company is conducting a conference call on January 16, 2025 at 10:00 am CST to discuss its fourth quarter and full year 2024 financial results. A copy of the presentation slides to be used during the earnings call is attached to this Current Report on Form 8-K as Exhibit 99.2 and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such filing.

Item 9.01
Financial Statements and Exhibits

 
(d)
Exhibits.
          
The following exhibits are filed herewith:

Item
Description
 
 

Press Release dated January 16, 2025

Fourth Quarter and Full Year 2024 Investor Presentation

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
BANK7 CORP.
   
Date: January 16, 2025
By:
/s/ Kelly J. Harris
   
Kelly J. Harris
   
Executive Vice President and Chief Financial Officer


Exhibit 99.1


FOR IMMEDIATE RELEASE: Bank7 Corp. Announces Q4 2024 and Full Year Earnings
Oklahoma City, January 16, 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 December 31, 2024.  “We are pleased to announce record annual results for 2024, as we reached new milestones in net income, PPE, and earnings per share.  Our properly matched balance sheet, disciplined cost controls, and excellent credit quality continues to produce outstanding performance,” said Thomas L. Travis, President and CEO of the Company.
For the year ended December 31, 2024 compared to the year ended December 31, 2023:

-
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%

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 December 31, 2024, the Bank’s Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 12.18%, 13.99%, and 15.22%, respectively.  On December 31, 2024, on a consolidated basis, the Company’s Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 12.19%, 13.98%, and 15.21%, 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 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
  

Bank7 Corp.
Consolidated Balance Sheets

   
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

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 third quarter results, which will be broadcast live over the Internet, on Thursday, January 16, 2025 at 10:00 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/Gvl7ABbAdkV. For those not able to participate in the live call, an archive of the webcast will be available at https://app.webinar.net/Gvl7ABbAdkV 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
 

Exhibit 99.2

 Q4 and Full Year 2024   Earnings Release  BSVN  January 16, 2025 
 
 BSVN – Corporate Overview  Consistently ranked by S & P Global Market Intelligence as one of the Top Performing Community Banks in the United States  Consistently produce top tier earnings and ROATCE (3)  Proven ability to maintain a healthy net interest margin through various interest rate cycles  Abundant liquidity and a properly matched balance sheet  Disciplined credit culture that adheres to our comprehensive risk management practices  Experienced and talented bankers focused on high-touch personalized service, targeting entrepreneurs and their commercial banking needs  Positioned in dynamic markets with a commercial banking emphasis delivering services via a branch-lite model  Shareholder alignment due to 56% insider ownership   Dollars in thousands, all data as of December 31, 2024, unless indicated otherwise  Pre-provision, pre-tax earnings (“PPE”) is a non-GAAP financial measure. See appendix for reconciliation to their most comparable GAAP measure  Diluted earnings per share, as presented  See slide 4 for the corresponding comparison between BSVN and peer group   Bank7 Branch  Dallas / Fort Worth  Tulsa  Oklahoma City 
 
 Q4 and Full Year Overview  Asset Quality & CRE  Dollars in thousands, all data as of December 31, 2024, unless indicated otherwise  See slide 10 for adjusted uninsured deposit calculation  $1.00 billion of gross loans reprice daily  EPS:  Q4 - $1.16; full year - $4.84  Results were achieved through core earnings with no shares repurchased  ROATCE:  Q4 - 22.09%; full year - 25.00%  Low efficiency ratio:   Q4 - 39.14%; full year - 37.90%  Record Full Year EPS & Strong ROATCE  CET1: 13.98%  Tier 1 Leverage: 12.19%  TCE/TA: 11.78%  Capital ratios far exceed “well capitalized” regulatory guidelines  Exceptional earnings and low dividend payout ratio builds capital rapidly  Debt free Balance Sheet, and no HTM securities   Prudent Capital Management  Adjusted uninsured deposits represent 16.02% of total deposits(1)  The sum of cash plus unpledged securities and undrawn lines-of-credit equals $810.88 million, which significantly exceeds adjusted uninsured deposits of $242.79 million(1), a 3.34x coverage  $1.17 billion or 83.84% of loans reprice in 1 year or less, with $1.00 billion(2) or 71.81% repricing daily  AOCI is only $4.97 million; the average investment portfolio duration is ~4.1 years  Consistent Balance Sheet Management & Liquidity  NPLs to Total Loans of 0.55%  Diverse CRE portfolio primarily located in the DFW and Oklahoma City Metros  Office Loan Average Size, excluding construction is $0.91 million:  Owner Occupied — $0.66 million  Non-Owner Occupied — $1.35 million 
 
 Maximizing Our Employee Base  PPE(1)  Strength in Core Earnings  3.38% increase   Dollars are in millions  Financial data is as of or for the twelve months ended December 31 of each respective year  Pre-provision, pre-tax earnings (“PPE”) is a non-GAAP financial measure. See appendix for reconciliation to their most comparable GAAP measure  Record PPE:  Full year PPE of $60.36 million, an increase of 3.38% as compared to 2023  Record PPE was driven by:  Disciplined loan pricing  Asset sensitive balance sheet  Expense controls  We achieve maximum productivity by:  Hiring fewer but better FTEs  Operating an efficient delivery system with a strict adherence to process 
 
 Consistently Outperforming our Peer Group  Income Statement as a Percentage of Average Assets  PPE to Average Assets vs Peers  Dollars are in thousands  Peer group is defined as exchange-traded banks nationwide with assets between $500mm-$5bn (145 banks); Source: S&P Global Market Intelligence.  As of Q3 2024, the latest data available.  
 
 Return on Average Tangible Common Equity  5 year average: 21.4%  Efficiency Ratio  5 year average: 37.2%   Return on Average Assets  5 year average: 2.1%   Consistent Top Performer  Financial data is as of or for the twelve months ended December 31 of each respective year  Industry-leading performance ratios remain top-tier and within our historical ranges  8.60% 
 
 Diluted Earnings Per Share  58.69% Increase   Tangible Book Value Per Share(1)  CAGR since 2018: 17.0%   Full Year Record EPS:  Full year EPS of $4.84, a 58.69% increase from 2023  No share repurchases since 2020  Reliable and Rapid Capital Compounder  Dollars are in thousands, except for per share data  Tangible book value per share is a non-GAAP financial measure, and is calculated by dividing “Total tangible shareholders’ equity” by “Shares outstanding”  TBV per share of $21.71, an increase of $4.22 or 24.16% as compared to YE 2023  Consistently strong earnings increased TBV despite three factors:  $0.85 per share paid for an all-cash acquisition in Q4 2021  $0.53 per share AOCI unrealized loss from investments  $3.57 per share paid in cash dividends, since IPO 
 
 CAGR since 2018: 15.6%   BSVN Compared to All Major Exchange Traded Banks  Source: S&P Global Market Intelligence and FactSet; Market data as of 12/31/2024  Total shareholder return includes the reinvestment of dividends  Public banks include all major exchange-traded banks nationwide (312 banks)  Total Shareholder Return Since BSVN’s IPO (9/2018)  BSVN’s TBVPS Since FYE 2018  (1)  $100 invested in BSVN since IPO would be worth $231.99 now  $100 invested in an index of all public banks since BSVN’s IPO would be worth $113.51 now  BSVN: 132.0%  Median: 13.5%  118.5% Outperformance  Public Banks Median CAGR: 5.6%(1) 
 
 Consistent Net Interest Margin  Financial data is as of or for the twelve months ended December 31 of each respective year and as of or for the three months ended December 31, 2024 and September 30, 2024  Net interest margin (excluding loan fee income) is a non-GAAP financial measure, see Appendix for reconciliation to the most comparable GAAP measure for this metric  ◼︎ Loan Fee Income Contribution  Net interest margin remains within our historical range due to disciplined loan pricing, a healthy amount of non-interest bearing deposits, and our properly matched balance sheet  The 50 basis point (bps) rate cuts during the quarter had a neutral impact on net interest margin; loan yields ended the quarter at 7.55%, a 31 bps reduction from ending Q3 loan yields; this represents a 62% beta relative to the full rate cuts during the quarter; concurrently, the cost of funds (COF) for deposits finished the quarter at 2.70%, down 30 bps from the Q3 COF, reflecting a 60% beta  The full 100 bps rate cuts during the second half of 2024 were neutral to net interest margin, loan yields have declined 63 bps, representing a 63% beta; compared to a deposit COF decrease of 62 bps, representing a 62% beta  There are currently $52.60 million of floating rate loans at their floors, which would increase to $285.52 million of floating rate loans at their floors with another 100 bps in rate cuts 
 
 We Achieve a Steady Spread thru Various Rate Cycles  Financial data calculated using annual averages  Excluding loan fee income 
 
 Asset Sensitivity Repricing and Liquidity  Dollars in thousands, all data as of December 31,2024, unless indicated otherwise  $1.00 billion of gross loans reprice daily  Asset Sensitivity Repricing Schedule  (1)  71.81% of all earning assets reprice within one year or less and combined with a properly matched balance sheet, are key drivers of our consistent net interest margin  Uninsured deposits total $354.17 million or 23.37% of total deposits; however, after deductions for insider owned, and also collateralized deposits, adjusted uninsured deposits are $242.79 million, which is 16.02% of total deposits  Cash, securities, and undrawn lines of credit totaled $810.88 million, providing a 3.34x coverage of adjusted uninsured deposits  Uninsured Deposits | Cash/Liquidity  Liquidity 
 
 Deposit Composition  Deposit Composition  CAGR since 2020: 13.0%  Dollars in millions  Decrease in non-interest bearing deposits, as compared to 2023, relates to a $100.00 million deposit that was directed to BSVN by a bankruptcy court which has now been dispersed  1 
 
 Loan Portfolio Trends  Loan Portfolio Trends – Selected Categories  Dollars are in millions  CAGR Since 2020: 8.9%  9.5%  26.7%  18.5%  45.3% 
 
 Loan Portfolio Distribution  Dollars are in millions. Data as of December 31, 2024  Loan Portfolio  Selected Categories 
 
 Diverse CRE Portfolio with Very Low Historical Losses  Dollars are in millions. Data as of December 31, 2024  Diverse commercial real estate lending activity in Texas and Oklahoma with an emphasis in the DFW, Oklahoma City, and Tulsa metros  Minimal office loans  No office exposure to downtown metropolitan locations  Office Loan Average Size, excluding construction is $0.91 million:  Owner Occupied — $0.66 million  Non-Owner Occupied — $1.35 million  Construction lending activity primarily in Oklahoma City and the Dallas metroplex with an emphasis on entry level homes with established homebuilders  Limited lot and development lending activity  Hospitality niche managed by seasoned professionals with proven track record through various economic cycles   CONSTRUCTION  OWNER OCCUPIED 
 
 Hotel Portfolio by Class  Hotel Portfolio by Location  Hospitality Loan Portfolio – A Source of Strength  Dollars are in millions. Data as of December 31, 2024  No historical NCOs in the hospitality segment  Blue collar portfolio that is well-protected by the “cycle-down” effect of a recession   Geographically concentrated in TX (85%) and other markets with favorable economic conditions  Loans personally guaranteed by experienced owner/operators with operating history spanning decades of economic cycles  Diversified lending to many reputable brands  Consistent underwriting fundamentals with disciplined equity requirements, debt coverage ratio requirements, personal recourse, and rapid amortization  Average loan size of $5.50 million  3.56%  Actual  Hotel Portfolio by Location 
 
 Total Assets  Strategic Growth in Dynamic Markets  Dollars are in millions  2014   2015  2016  2017  2018  2019  2020  2021  2022  2023  2024  LPO opened in Tulsa, OK, full-service branch opened in Frisco, TX  Oklahoma acquisition  Full-service branch opened in Tulsa, OK   Completed IPO  Full-service branch opened in Irving, TX  LPO opened in  Irving, TX  Kansas acquisition  CAGR Since 2014: 13.8%  
 
 Earnings-driven Capital Shock-absorption  Earnings-driven cushion far exceeds regulatory capital minimums as illustrated over a two-year period, consistent with DFAST parameters(1)  Dollars are in thousands  above assumes no cash dividends and is simply an illustration and should not be considered a projection or forward-looking guidance of any kind  DFAST = Dodd-Frank Act Stress Test  Excess capital to target ratio expressed in % is the difference between the actual ratio and regulatory minimum divided by the regulatory minimum  Excess capital to target ratio expressed in $ is the excess capital % multiplied by either average assets or risk-weighted assets, assuming a static balance sheet over the next 24 months   Trailing twelve months PPE of $60.4 million extrapolated over two years 
 
 Appendix 
 
 Bank7 Corp. Financials  BSVN adopted the CECL model (ASC326) on 1/1/2023 using the modified retrospective method. The presented allowance for periods prior to 1/1/2023 is under the incurred loss model (pre-ASC326).  Represents a non-GAAP financial measure. See non-GAAP reconciliations table for reconciliation to most comparable GAAP measure for this metric 
 
 Bank7 Corp. Performance Ratios  Annualized  Efficiency ratio is calculated by dividing noninterest expense by the sum of net interest income on a tax equivalent basis and noninterest income     Represents a non-GAAP financial measure, see non-GAAP reconciliations table for reconciliation to the most comparable GAAP measure for this metric  Ratios are based on Bank level financial information rather than consolidated information. At December 31, 2024, Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 12.19%, 13.98%, and 15.21% respectively for the Company 
 
 Non-GAAP Reconciliations 
 
 Non-GAAP Reconciliations -- Continued 
 
 Oil & Gas Asset Recap  Cash Flow Recap  GAAP Results 
 
 Available-for-Sale Securities Portfolio  Investment Portfolio  Dollars are in millions.  All mortgage-backed securities and collateralized mortgage obligations are issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored entities.  Total investment securities of $59.9 million as of December 31, 2024  Weighted Average Duration: 4.1 Years  Book Yield: 2.22% 
 
 Legal Information and Distribution  This presentation and oral statements made regarding the subject of this presentation contain forward-looking statements. 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 of COVID-19 on the United States economy and our operations, the direct and indirect effect of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators. 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. 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.     Within this presentation, we reference certain market, industry and demographic data, forecasts and other statistical information. We have obtained this data, forecasts and information from various independent, third party industry sources and publications. Nothing in the data, forecasts or information used or derived from third party sources should be construed as advice. Some data and other information are also based on our good faith estimates, which are derived from our review of industry publications and surveys and independent sources. We believe that these sources and estimates are reliable, but have not independently verified them. Statements as to our market position are based on market data currently available to us. Although we are not aware of any misstatements regarding the economic, employment, industry and other market data presented herein, these estimates involve inherent risks and uncertainties and are based on assumptions that are subject to change.     This presentation includes certain non-GAAP financial measures, including pro forma net income, tax-adjusted net income, tax-adjusted earnings per share, tax-adjusted return on average assets and tax-adjusted return on average shareholders’ equity. These non-GAAP financial measures and any other non-GAAP financial measures that we discuss in this presentation should not be considered in isolation, and should be considered as additions to, and not substitutes for or superior to, measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Bank7 Corp.’s non-GAAP financial measures as tools for comparison. See the table in the appendix of this presentation for a reconciliation of the non-GAAP financial measures used in (or conveyed orally during) this presentation to their most directly comparable GAAP financial measures. 
 
 

v3.24.4
Document and Entity Information
Jan. 16, 2025
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 16, 2025
Entity File Number 001-38656
Entity Registrant Name Bank7 Corp.
Entity Central Index Key 0001746129
Entity Incorporation, State or Country Code OK
Entity Tax Identification Number 20-0764349
Entity Address, Address Line One 1039 N.W. 63rd Street
Entity Address, City or Town Oklahoma City
Entity Address, State or Province OK
Entity Address, Postal Zip Code 73116
City Area Code 405
Local Phone Number 810-8600
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol BSVN
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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