BSVN 8-K

Bank7 Corp. (BSVN)

8-K 2020-07-27 For: 2020-07-27

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

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

Item		Description

99.1		Press Release dated July 27, 2020
99.2		Second Quarter 2020 Investor Presentation

	BANK7 CORP.

Date: July 27, 2020	By:	/s/ Kelly J. Harris
		Kelly J. Harris
		Senior Vice President and Chief Financial Officer

	Three months ended June 30,						Six months ended June 30,
(Dollars in thousands, except per share data)	2020			2019			2020			2019
Loan interest income (excluding loan fees)
Total loan interest income, including loan fee income	$	13,385		$	12,101		$	26,491		$	23,723
Loan fee income		(1,632	)		(1,369	)		(2,892	)		(2,658	)
Loan interest income excluding loan fee income	$	11,753		$	10,732		$	23,599		$	21,065

Average total loans	$	826,111		$	613,892		$	786,943		$	600,224
Yield on loans (including loan fee income)		6.52	%		7.91	%		6.77	%		7.97	%
Yield on loans (excluding loan fee income)		5.72	%		7.01	%		6.03	%		7.08	%

Net interest margin (excluding loan fees)
Net interest income	$	11,929		$	10,583		$	23,361		$	20,936
Loan fee income		(1,632	)		(1,369	)		(2,892	)		(2,658	)
Net interest income excluding loan fees	$	10,297		$	9,214		$	20,469		$	18,278

Average earning assets	$	962,186		$	777,190		$	914,118		$	761,607
Net interest margin (including loan fee income)		4.99	%		5.46	%		5.14	%		5.54	%
Net interest margin (excluding loan fee income)		4.30	%		4.76	%		4.50	%		4.84	%

Pre-tax, pre-provision net earnings
Net income before income taxes	$	6,707		$	6,830		$	13,466		$	13,651
Plus: Provision (reversal of) for loan losses		(1,400	)		-			(2,050	)		-
Pre-tax, pre-provision net earnings	$	8,107		$	6,830		$	15,516		$	13,651

Adjusted provision for income tax
Net income before income taxes	$	6,707		$	6,830		$	13,466		$	13,651
Total effective adjusted tax rate		24.9	%		25.0	%		25.1	%		25.0	%
Adjusted provision for income taxes	$	1,671		$	1,704		$	3,379		$	3,409

Tax-adjusted net income
Net income before income taxes	$	6,707		$	6,830		$	13,466		$	13,651
Adjusted provision for income taxes		1,671			1,704			3,379			3,409
Tax-adjusted net income	$	5,036		$	5,126		$	10,087		$	10,242

Tax-adjusted ratios and per share data
Tax-adjusted net income (numerator)	$	5,036		$	5,126		$	10,087		$	10,242

Average assets (denominator)	$	971,373		$	786,773		$	923,087		$	770,621
Tax-adjusted return on average assets		2.09	%		2.61	%		2.20	%		2.68	%

Average shareholders' equity (denominator)	$	99,469		$	96,044		$	100,593		$	93,443
Tax-adjusted return on average shareholders' equity		20.36	%		21.41	%		20.17	%		22.10	%

Average tangible common equity (denominator)	$	97,760		$	94,128		$	98,858		$	91,498
Tax-adjusted return on average tangible common equity		20.72	%		21.84	%		20.52	%		22.57	%

Weighted average common shares outstanding basic (denominator)		9,232,509			10,187,500			9,598,232			10,187,500
Tax-adjusted net income per common share--basic	$	0.54		$	0.50		$	1.05		$	1.00

Weighted average common shares outstanding diluted (denominator)		9,232,509			10,192,649			9,598,232			10,187,500
Tax-adjusted net income per common share--diluted	$	0.54		$	0.50		$	1.05		$	1.00
Tangible assets
Total assets	$	1,004,085		$	798,448
Less: Goodwill and intangibles		(1,686	)		(1,892	)
Tangible assets	$	1,002,399		$	796,556

Tangible shareholders' equity
Total shareholders' equity	$	101,618		$	99,037
Less: Goodwill and intangibles		(1,686	)		(1,892	)
Tangible shareholders' equity	$	99,932		$	97,145

Tangible shareholders' equity
Tangible shareholders' equity (numerator)	$	99,932		$	97,145
Tangible assets (denominator)	$	1,002,399		$	796,556
Tangible common equity to tangible assets		9.97	%		12.20	%

End of period common shares outstanding		9,226,252			10,187,500
Book value per share	$	11.01		$	9.72
Tangible book value per share	$	10.83		$	9.54
Total shareholders' equity to total assets		10.12	%		12.40	%

			Net Interest Margin Excluding Loan Fee Income
			For the Three Months Ended June 30,
	2020							2019
	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⁽¹⁾	$	134,764	$	156		0.47	%	$	162,056	$	941		2.33	%
Investment securities⁽²⁾		1,089		15		5.54			1,063		24		9.06
Loans held for sale		222		—		0.00			179		—		0.00
Total loans⁽³⁾		826,111		11,753		5.72			613,892		10,732		7.01
Total interest-earning assets		962,186		11,924		4.98			777,190		11,697		6.04
Noninterest-earning assets		9,187							9,583
Total assets	$	971,373						$	786,773

Funding sources:
Interest-bearing liabilities:
Deposits:
Transaction accounts	$	373,812		704		0.76	%	$	294,926		1,388		1.89	%
Time deposits		219,990		923		1.69			205,978		1,095		2.13
Total interest-bearing deposits		593,802		1,627		1.10			500,904		2,483		1.99
Other borrowings		—		—		0.00			—		—		0.00
Total interest-bearing liabilities		593,802		1,627		1.10			500,904		2,483		1.99

Noninterest-bearing liabilities:
Noninterest-bearing deposits		272,373							185,715
Other noninterest-bearing liabilities		5,729							4,110
Total noninterest-bearing liabilities		278,102							189,825
Shareholders’ equity		99,469							96,044
Total liabilities and shareholders’ equity	$	971,373						$	786,773

Net interest income including loan fee income			$	10,297						$	9,214
Net interest spread including loan fee income⁽⁴⁾						3.88	%						4.05	%
Net interest margin including loan fee income						4.30	%						4.76	%

			Net Interest Margin With Loan Fee Income
			For the Three Months Ended June 30,
	2020							2019
	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⁽¹⁾	$	134,764	$	156		0.47	%	$	162,056	$	941	2.33	%
Investment securities⁽²⁾		1,089		15		5.54			1,063		24	9.06
Loans held for sale		222		—		0.00			179		—	0.00
Total loans⁽³⁾		826,111		13,385		6.52			613,892		12,101	7.91
Total interest-earning assets		962,186		13,556		5.67			777,190		13,066	6.74
Noninterest-earning assets		9,187							9,583
Total assets	$	971,373						$	786,773

Funding sources:
Interest-bearing liabilities:
Deposits:
Transaction accounts	$	373,812		704		0.76	%	$	294,926		1,388	1.89	%
Time deposits		219,990		923		1.69			205,978		1,095	2.13
Total interest-bearing deposits		593,802		1,627		1.10			500,904		2,483	1.99
Other borrowings		—		—		0.00			—		—	0.00
Total interest-bearing liabilities		593,802		1,627		1.10			500,904		2,483	1.99

Noninterest-bearing liabilities:
Noninterest-bearing deposits		272,373							185,715
Other noninterest-bearing liabilities		5,729							4,110
Total noninterest-bearing liabilities		278,102							189,825
Shareholders’ equity		99,469							96,044
Total liabilities and shareholders’ equity	$	971,373						$	786,773

Net interest income excluding loan fee income			$	11,929						$	10,583
Net interest spread excluding loan fee income⁽⁴⁾						4.56	%					4.76	%
Net interest margin excluding loan fee income						4.99	%					5.46	%

			Net Interest Margin Excluding Loan Fee Income
			For the Six Months Ended June 30,
	2020							2019
	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⁽¹⁾	$	125,906	$	554		0.88	%	$	160,129	$	1,896		2.39	%
Investment securities⁽²⁾		1,095		18		3.31			1,059		24		4.57
Loans held for sale		174		—		0.00			195		—		0.00
Total loans⁽³⁾		786,943		23,599		6.03			600,224		21,065		7.08
Total interest-earning assets		914,118		24,171		5.32			761,607		22,985		6.09
Noninterest-earning assets		8,969							9,014
Total assets	$	923,087						$	770,621

Funding sources:
Interest-bearing liabilities:
Deposits:
Transaction accounts	$	358,167		1,714		0.96	%	$	290,204		2,687		1.87	%
Time deposits		212,537		1,988		1.88			199,276		2,020		2.04
Total interest-bearing deposits		570,704		3,702		1.30			489,480		4,707		1.94
Other borrowings		—		—		0.00			—		—		0.00
Total interest-bearing liabilities		570,704		3,702		1.30			489,480		4,707		1.94

Noninterest-bearing liabilities:
Noninterest-bearing deposits		246,630							182,760
Other noninterest-bearing liabilities		5,160							4,938
Total noninterest-bearing liabilities		251,790							187,698
Shareholders’ equity		100,593							93,443
Total liabilities and shareholders’ equity	$	923,087						$	770,621

Net interest income including loan fee income			$	20,469						$	18,278
Net interest spread including loan fee income⁽⁴⁾						4.01	%						4.15	%
Net interest margin including loan fee income						4.50	%						4.84	%

Dollars in thousands, exceper per share data	Unaudited as of
Assets	June 30,				December 31,
	2020		2019		2019

Cash and due from banks	$	127,780	$	123,763	$	117,128
Interest-bearing time deposits in other banks		27,865		32,632		30,147
Loans, net		828,065		623,614		699,458
Loans held for sale		500		8		1,031
Premises and equipment, net		9,519		8,757		9,624
Nonmarketable equity securities		1,095		1,069		1,100
Foreclosed assets held for sale		-		188		0
Goodwill and intangibles		1,686		1,892		1,789
Interest receivable and other assets		7,575		6,525		6,115

Total assets	$	1,004,085	$	798,448	$	866,392

Liabilities and Shareholders’ Equity

Deposits
Noninterest-bearing	$	254,735	$	190,092	$	219,221
Interest-bearing		639,496		505,963		538,262

Total deposits		894,231		696,055		757,483

Income taxes payable		4,022		20		357
Interest payable and other liabilities		4,214		3,336		8,426

Total liabilities		902,467		699,411		766,266

Common stock		92		102		101
Additional paid-in capital		92,761		80,604		92,391
Retained earnings		8,765		18,331		7,634

Total shareholders’ equity		101,618		99,037		100,126

Total liabilities and shareholders’ equity	$	1,004,085	$	798,448	$	866,392

	Unaudited as of
	Three Months Ended				Six Months Ended
	June 30,				June 30,
Dollars in thousands, exceper per share data	2020		2019		2020		2019
Interest Income
Loans, including fees	$	13,385	$	12,101	$	26,491	$	23,723
Interest-bearing time deposits in other banks		133		497		295		914
Interest-bearing deposits in other banks		38		468		277		1,006

Total interest income		13,556		13,066		27,063		25,643

Interest Expense
Deposits		1,627		2,483		3,702		4,707

Total interest expense		1,627		2,483		3,702		4,707

Net Interest Income		11,929		10,583		23,361		20,936

Provision for Loan Losses		1,400		-		2,050		-

Net Interest Income After Provision for Loan Losses		10,529		10,583		21,311		20,936

Noninterest Income
Secondary market income		39		40		77		77
Service charges on deposit accounts		95		109		214		169
Other		167		146		340		272

Total noninterest income		301		295		631		518

Noninterest Expense
Salaries and employee benefits		2,597		2,365		5,071		4,536
Furniture and equipment		218		218		434		377
Occupancy		413		378		874		721
Data and item processing		269		276		545		538
Accounting, marketing and legal fees		77		142		203		289
Regulatory assessments		94		31		117		63
Advertising and public relations		29		92		298		278
Travel, lodging and entertainment		43		92		96		134
Other		383		454		838		867

Total noninterest expense		4,123		4,048		8,476		7,803

Income Before Taxes		6,707		6,830		13,466		13,651
Income tax expense		1,671		1,704		3,379		3,409
Net Income	$	5,036	$	5,126	$	10,087	$	10,242

Earnings per common share - basic	$	0.54	$	0.50	$	1.05	$	1.00
Diluted earnings per common share		0.54		0.50		1.05		1.00
Weighted average common shares outstanding - basic		9,232,509		10,187,500		9,598,232		10,187,500
Weighted average common shares outstanding - diluted		9,232,509		10,192,649		9,598,232		10,187,500