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)
 
April 26, 2022


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 April 26, 2022, Bank7 Corp. (the “Company”), the holding company for Bank7, issued a press release announcing its results of operation and financial condition for the quarter ended March 31, 2022.  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 April 26, 2022 at 3:00 pm CST to discuss its fourth quarter and fiscal year-end 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 April 26, 2022
   
First Quarter 2022 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: April 26, 2022
By:
/s/ Kelly J. Harris
   
Kelly J. Harris
   
Executive Vice President and Chief Financial Officer


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
 

Exhibit 99.2

 BSVN  Q1 2022  EARNINGS RELEASE  April 26, 2022 
 
 1  BSVN – Corporate Overview  All data as of March 31, 2022, unless indicated otherwise.  (1) Core loans is a non-GAAP financial measure and is defined as total loans less PPP loans of $14.2 and $64.7 million for March 31, 2022 and 2021 respectively  Positioned in dynamic markets, with a commercial banking emphasis that delivers services via a branch-lite model  Experienced and talented bankers focused on high-touch personalized service  Disciplined credit culture that adheres to a robust risk management framework resulting in excellent credit quality and a history of low loan losses  Shareholder alignment due to 59% insider ownership   Continued focus on organic growth in our geographic footprint, while pursuing strategic acquisitions  Consistently ranked by S & P Global Market Intelligence as one of the Top Performing Community Banks in the United States 
 
 2  Q1 2022 Overview  On a YoY Basis (Q1 2022 vs. Q1 2021)  Total loans increased $200.41 million, reaching $1.06 billion, a 23.27% increase. $110.22 million of the growth was due to loans acquired from Cornerstone Bank on December 9, 2021  Total assets increased $375.16 million, ending at $1.42 billion, a 35.86% increase. $312.25 million of the growth was due to assets acquired from Cornerstone Bank  Total deposits increased $354.25 million, reaching $1.28 billion, a 38.13% increase. $283.56 million of the growth was due to deposits acquired from Cornerstone Bank  All data as of March 31 ,2022, unless indicated otherwise.  ROATCE annualized for the three months ended March 31, 2022 and 2021.  EPS for Q1 2022 of $0.68, an increase of $0.12 per share, or 21.50% compared to $0.56 at Q1 2021  Return on average tangible common equity of 20.87%, an increase of 8.16% compared to 19.29% at Q1 2021  Consistent Balance Sheet Growth  Impressive EPS Growth and Strong Shareholder Returns 
 
 2.51%  Pro Forma  Pro Forma  Reliable Top Performer  Return on Average Assets (1)(2)  Return on Average Tangible Common Equity (1) (2)  Dollars are in millions  Financial data is as of or for the three months ended March 31, 2022  Profitability metrics are tax-adjusted as if the Company were a C Corporation at the estimated tax rates for the respective periods.   Pro Forma YTD ROAA, ROATCE and efficiency ratio are non-GAAP financial measures, see Appendix for reconciliation to the most comparable GAAP measures for these metrics.  Efficiency Ratio (2)  On a YoY basis, our 20.9% ROATCE represents an 8.16% increase compared to Q1 2021  As expected, our Q4 acquisition caused a temporary decline in our ROAA and a slight increase in our efficiency ratio. We anticipate a return to our historical ranges in the latter half of 2022  4  6-year average: 2.24%  6-year average: 21.9%  38.3%  20.9%  Pro Forma 
 
 Dollars are in millions.   Financial data is as of or for the twelve months ended December 31 of each respective year and as of and for the three months ended March 31, 2021 and 2022.  Pro Forma noninterest expense to average assets is a non-GAAP financial measure. See appendix for reconciliation to their most comparable GAAP measure.  Pro Forma 2019 is a non-GAAP financial measure which adds back the one-time, extraordinary compensation expense related to the non-cash executive stock transaction that took place during the period. See 2019 Pro Forma Net Income reconciliation table for detailed calculation of this measure.  5.98% increase YoY  Robust and Consistent Organic Growth  PPE(1)  Total Assets  4  $26.8  Pro Forma  PPE grew 5.98% YoY - Our high level of PPE is achieved in part because of our strategy of having fewer, but better, team members who excel at providing services and solutions utilizing our technology and processes, delivered through our branch-lite model  Maximizing Our Employee Base(1)   3.56%  Actual  Pro Forma  CAGR Since 2016: 17.3% 
 
 5  Proven Strong Shareholder Returns  Tangible Book Value Per Share  Dollars are in thousands, except for per share data  Pro Forma 2019 is a non-GAAP financial measure which adds back the one-time, extraordinary compensation expense related to the non-cash executive stock transaction that took place during the period. See 2019 Pro Forma Net Income reconciliation table for detailed calculation of this measure.  CAGR since 2018 = 14%  Earnings Per Share  (1)  $ 0.81  Pro Forma  21.5% increase YoY 
 
 Investment Portfolio  Available-for-Sale Securities Portfolio  Dollars are in millions.   (1) All of our mortgage-backed securities and collateralized mortgage obligations are issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored entities.  6  Weighted Average Duration : 3.17 Years  Book Yield: 1.76%  (1) 
 
 Well Positioned for a Rising Rate Environment  Loan Portfolio Repricing Reinforces Benefit of Asset Sensitivity  Dollars are in millions.  Financial data is as of or for the three months ended March 31, 2022  Fixed rate loans are defined as loans that reprice greater than 1 year   7  (1)  ($774.5m are daily floaters) 
 
 Net Interest Margin  Financial data is as of or for the three months ended March 31, 2022 and as of or for the twelve months ended of each respective year.  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.  Net Interest Margin  Net interest margin decline driven by investment portfolio acquired in December 2021   Despite the slightly lower NIM, our shareholder returns remain best in class  PPP loan fee income recognized during the quarter totaled $111,000, with $157,000 remaining to be recognized; PPP loan fees recognized during the first quarter of 2021 totaled $830,000, with $757,000 remaining to be recognized  8 
 
 9  Allowance for Loan Losses to Total Loans  Asset Quality   (1) “Total Loans” excludes $44.9 million, $18.7 million and $14.2 million in PPP loans for YE 2020 , 2021 and Q1 2022, respectively. With PPP loans included, ratio is 1.15%, 1.00% and 1.00%, respectively.   (2) “Total Loans” for 2021 and Q1 2022 includes acquired Cornerstone loans of $115 million $110 million marked to market, respectively. With Cornerstone loans and PPP loans excluded, ratio is 1.15% and 1.13% for YE 2021 and Q1 2022, respectively.  (1)  Energy Portfolio as a % of Total Loans  (1)  Nonperforming Assets to Total Loans  (2)  Continued broadening and deepening of the loan portfolio with less dependency on energy and hospitality lending activity  Although we intentionally reduced our energy loan portfolio as a percentage of total loans, we remain active in the energy space with a robust deal pipeline  Continued improvement in NPA levels after peaking in Q3 2020. Currently at 0.91% and concentrated 70% in a single credit   ALLL level remains acceptable as NPA levels have quickly reduced after peaking in 2020  (2) 
 
 Dollars are in millions  Energy Portfolio Potential Exposure  10 
 
 Hospitality Loan Portfolio Detail  11  Blue collar portfolio that is well-protected by the “cycle-down” effect of a recession   Loans personally guaranteed by experienced owner/operators with decades of history that spans multiple recessions  Geographically concentrated in TX (81%) and other markets with few remaining COVID restrictions  Diversified lending to many reputable brands serving mostly low to moderate price points  Buy, sell, and refinance activity has returned to the hospitality segment with 3 portfolio property sales and 1 refinance which paid off during Q1 2022  Dollars are in millions.  Hotel Portfolio Exposure by Class  Hotel Portfolio Exposure by Flag 
 
 12  Hospitality Loan Portfolio Detail  Portfolio Metrics – 35 Operating Properties  Dollars are in millions except per room data. Data as of March 31, 2022.  (1) per Source Strategies Inc. 2nd , 3rd , and 4th Quarter Factbook  Significant rebound in revenue throughout Texas with Q2, Q3, and Q4 2021 hospitality revenue exceeding Q2, Q3, and Q4 2019(1)   Concentrated primarily in “Drive-To” markets in the Dallas/Fort Worth metropolitan area   No exposure to towns or cities that are heavily dependent on the energy space, or that are “gateway” cities that depend on airline traffic  Consistent underwriting fundamentals with disciplined equity requirements, debt coverage ratio requirements, personal recourse, and rapid amortization 
 
 13  Income Statement as a Percentage of Average Assets  Dollars are in thousands  Peer group is defined as exchange-traded banks nationwide with assets between $500mm-$5bn (162 banks); Source: S&P Global Market Intelligence.  Excludes one-time, non-cash executive stock transfer compensation expense of $11.8 million.  As of Q1 2022, the latest data available.   (3)  Peer Analysis : PPE to Average Assets 
 
 14  Earnings-driven cushion far exceeds regulatory capital minimums as illustrated over a two-year period, consistent with DFAST parameters(1)  Dollars are in thousands  The 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 $35.6 million extrapolated over two years.   Earnings-driven Capital Shock-absorption 
 
 Deposit Composition  Historical Deposit Growth  Compound Annual Growth Rate = 18.4%  Deposit Composition as of March 31, 2022  Deposits totaled $1.3 billion as of March 31, 2022, of which $282.6 million were acquired from Cornerstone   Core deposits represented $1.24 billion of total deposits as of March 31, 2022 compared to $857 million as of March 31, 2021  Total core deposit growth YoY was $384.2 million, or 44.85%  Dollars are in millions.  Financial data is as of or for the three months ended March 31 2021 and 2022 and as of or for the twelve months ended of each respective year.  (1) We define core deposits as deposits obtained directly from the depositor and exclude deposits obtained from listing services and brokered deposits that are obtained through an intermediary.  Core Deposits(1)  15 
 
 Appendix  16 
 
 17  Bank7 Corp. Financials  Net income and earnings per share are tax-adjusted as if the Company were a C Corporation at the estimated tax rates for the respective periods. EPS calculation is based on diluted shares. Combined federal and state effective tax rates for the three months ended March 31, 2022 and 2021 of 24.5% and 25.3%, respectively.  Represents a non-GAAP financial measure. See non-GAAP reconciliations table for reconciliation to most comparable GAAP measure for this metric.   All pro forma amounts relate to the one-time, non-cash executive stock transfer which occurred in September 2019. These amounts remove the compensation and related tax impact from net income. See detail and reconciliation on slide 21 of this presentation. 
 
 18  Bank7 Corp. Performance Ratios  Return on average assets and shareholders’ equity are tax-adjusted as if the Company were a C Corporation at the estimated tax rates for the respective periods.  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 March 31, 2022, 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 for the Company.  All pro forma amounts relate to the one-time, non-cash executive stock transfer which occurred in September 2019. These amounts remove the compensation expense and related tax impact from net income. See detail and reconciliation on slide 21 of this presentation. 
 
 19  Non-GAAP Reconciliations 
 
 Loan Portfolio Distribution  Dollars are in millions. Data as of March 31, 2022.  Gross Loan Portfolio Composition by Purpose Type  20 
 
 21  2019 Pro Forma Net Income Reconciliation   On September 5, 2019, our largest shareholders, the Haines Family Trusts, contributed approximately 6.5% of their shares (656,925 shares) to the Company.  Subsequently, the Company immediately issued those shares to certain executive officers, which was charged as compensation expense of $11.8 million, including payroll taxes, through the income statement of the Company. Additionally, at the discretion of the employees receiving shares to assist in paying tax withholdings, 149,425 shares were withheld and subsequently canceled, resulting in a charge to retained earnings of $2.6 million. 
 
Legal Information and Disclaimer 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.