EX-99.1 2 brhc10036706_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


FOR IMMEDIATE RELEASE: Bank7 Corp. Announces Q1 2022 Earnings

Oklahoma City, April 26, 2022 – Bank7 Corp. (NASDAQ: BSVN) ("the Company"), the parent company of Oklahoma City-based Bank7 (the "Bank"), today reported unaudited results for the fiscal quarter ended March 31, 2022.  “We are pleased with the strength of our core earnings, as evidenced by the healthy growth in our pre-tax, pre-provision earnings (PPE).  Our PPE is best in class and consistently exceeds our peers.  We continue to benefit from our dynamic geographic markets, and we are also extremely asset sensitive, which positions us well for the remainder of 2022,” said Thomas L. Travis, President and CEO of the Company.

Three months ended March 31, 2022 compared to three months ended March 31, 2021


-
Net income of $6.2 million compared to $5.1 million, an increase of 21.2%

-
Earnings per share of $0.68 compared to $0.56, an increase of 21.5%

-
Total assets of $1.4 billion compared to $1.0 billion, an increase of 35.9%

-
Total loans of $1.1 billion compared to $861.4 million, an increase of 23.3%

-
Total deposits of $1.3 billion compared to $929 million, an increase of 38.1%

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, 2022, the Bank’s Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 9.28%, 11.56%, and 12.56%, respectively.  On March 31, 2022, on a consolidated basis, the Company’s Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 9.27%, 11.54%, and 12.54%, 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
 
 
March 31, 2022
(unaudited)
   
December 31, 2021
 
             
Cash and due from banks
 
$
126,275
   
$
195,359
 
Federal funds sold
   
8,088
     
9,493
 
Cash and cash equivalents
   
134,363
     
204,852
 
Interest-bearing time deposits in other banks
   
2,241
     
3,237
 
Available-for-sale debt securities
   
198,356
     
84,808
 
Loans, net of allowance for loan losses of $10,599 and $10,316 at March 31, 2022 and December 31, 2021, respectively
   
1,051,222
     
1,018,085
 
Loans held for sale, at fair value
   
597
     
464
 
Premises and equipment, net
   
13,775
     
17,257
 
Nonmarketable equity securities
   
1,195
     
1,202
 
Core deposit intangibles
   
1,565
     
1,643
 
Goodwill
   
8,807
     
8,479
 
Interest receivable and other assets
   
9,111
     
10,522
 
                 
Total assets
 
$
1,421,232
   
$
1,350,549
 
                 
Liabilities and Shareholders’ Equity
               
                 
Deposits
               
Noninterest-bearing
 
$
420,972
   
$
366,705
 
Interest-bearing
   
862,307
     
850,766
 
                 
Total deposits
   
1,283,279
     
1,217,471
 
                 
Income taxes payable
   
2,610
     
-
 
Interest payable and other liabilities
   
6,695
     
5,670
 
                 
Total liabilities
   
1,292,584
     
1,223,141
 
                 
Shareholders’ equity
               
Common stock, $0.01 par value; 50,000,000 shares authorized; shares issued and outstanding: 9,094,468 and 9,071,417 at March 31, 2022 and December 31, 2021 respectively
   
91
     
91
 
Additional paid-in capital
   
94,310
     
94,024
 
Retained earnings
   
38,242
     
33,149
 
Accumulated other comprehensive income
   
(3,995
)
   
144
 
                 
Total shareholders’ equity
   
128,648
     
127,408
 
 
               
Total liabilities and shareholders’ equity
 
$
1,421,232
   
$
1,350,549
 


Bank7 Corp.
Consolidated Statements of Income

   
Unaudited as of
Three Months Ended
March 31,
 
   
2022
   
2021
 
Interest Income
           
Loans, including fees
 
$
14,377
   
$
13,094
 
Interest-bearing time deposits in other banks
   
16
     
68
 
Debt securities, taxable
   
364
     
-
 
Debt securities, tax-exempt
   
98
     
-
 
Other interest and dividend income
   
70
     
26
 
                 
Total interest income
   
14,925
     
13,188
 
                 
Interest Expense
               
Deposits
   
717
     
875
 
                 
Total interest expense
   
717
     
875
 
                 
Net Interest Income
   
14,208
     
12,313
 
                 
Provision for Loan Losses
   
276
     
1,275
 
                 
Net Interest Income After Provision for Loan Losses
   
13,932
     
11,038
 
                 
Noninterest Income
               
Secondary market income
   
166
     
14
 
Loss on sales of available-for-sale debt securities
   
(127
)
   
-
 
Service charges on deposit accounts
   
249
     
120
 
Other
   
387
     
203
 
                 
Total noninterest income
   
675
     
337
 
                 
Noninterest Expense
               
Salaries and employee benefits
   
4,026
     
2,790
 
Furniture and equipment
   
358
     
202
 
Occupancy
   
551
     
472
 
Data and item processing
   
387
     
279
 
Accounting, marketing and legal fees
   
233
     
148
 
Regulatory assessments
   
196
     
141
 
Advertising and public relations
   
110
     
34
 
Travel, lodging and entertainment
   
48
     
89
 
Other
   
511
     
390
 
                 
Total noninterest expense
   
6,420
     
4,545
 
                 
Income Before Taxes
   
8,187
     
6,830
 
Income tax expense
   
2,003
     
1,726
 
Net Income
 
$
6,184
   
$
5,104
 
                 
Earnings per common share - basic
 
$
0.68
   
$
0.56
 
Earnings per common share - diluted
   
0.68
     
0.56
 
Weighted average common shares outstanding - basic
   
9,088,975
     
9,049,007
 
Weighted average common shares outstanding - diluted
   
9,133,116
     
9,058,685
 
Other Comprehensive Income
               
Unrealized losses on securities, net of tax benefit of $1.5 million
 
$
(3,995
)
 
$
-
 
Reclassification adjustment for realized loss included in net income
   
(127
)
   
-
 
Other comprehensive gain, net of tax benefit of $1.5 million
 
$
(4,122
)
 
$
-
 
Comprehensive Income
 
$
2,062
   
$
5,104
 


   
Net Interest Margin
 
   
For the Three Months Ended March 31,
 
   
2022
   
2021
 
   
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
 
$
187,672
   
$
84
     
0.18
%
 
$
125,739
   
$
92
     
0.30
%
Investment securities, taxable-equivalent
   
87,886
     
366
     
1.69
     
1,172
     
2
     
0.69
 
     
23,969
     
99
     
1.68
     
-
     
-
     
-
 
Loans held for sale
   
487
     
-
     
-
     
378
     
-
     
-
 
Total loans(1)
   
1,003,890
     
14,417
     
5.82
     
847,498
     
13,094
     
6.27
 
Total interest-earning assets
   
1,303,904
     
14,966
     
4.65
     
974,787
     
13,188
     
5.49
 
Noninterest-earning assets
   
24,342
                     
7,103
                 
Total assets
 
$
1,328,246
                   
$
981,890
                 
                                                 
Funding sources:
                                               
Interest-bearing liabilities:
                                               
Deposits:
                                               
Transaction accounts
 
$
636,446
     
455
     
0.29
%
 
$
419,991
     
362
     
0.35
%
Time deposits
   
169,602
     
259
     
0.62
     
205,557
     
513
     
1.01
 
Total interest-bearing deposits
   
806,048
     
714
     
0.36
     
625,548
     
875
     
0.57
 
Total interest-bearing liabilities
   
806,048
     
714
     
0.36
     
625,548
     
875
     
0.57
 
                                                 
Noninterest-bearing liabilities:
                                               
Noninterest-bearing deposits
 
$
385,664
                     
243,290
                 
Other noninterest-bearing liabilities
   
6,301
                     
4,193
                 
Total noninterest-bearing liabilities
   
391,965
                     
247,483
                 
Shareholders' equity
   
130,233
                     
108,859
                 
Total liabilities and shareholders' equity
 
$
1,328,246
                   
$
981,890
                 
                                                 
Net interest income
         
$
14,252
                   
$
12,313
         
Net interest spread
                   
4.30
%
                   
4.92
%
Net interest margin
                   
4.43
%
                   
5.12
%


(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 Tuesday, April 26, 2022 at 3:00 p.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/DLPzBJ2Bd7r. For those not able to participate in the live call, an archive of the webcast will be available at https://app.webinar.net/DLPzBJ2Bd7r 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 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.  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