BSVN 8-K

Bank7 Corp. (BSVN)

8-K 2021-01-29 For: 2021-01-29

View Original

Added on April 09, 2026

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

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 January 29, 2021
99.2		Fourth Quarter and Full Year 2020 Investor Presentation

	BANK7 CORP.

Date: January 29, 2021	By:	/s/ Kelly J. Harris
		Kelly J. Harris
		Senior Vice President and Chief Financial Officer

	Three months ended December 31,						For the Year ended December 31,
(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	$	13,182		$	12,299		$	52,450		$	48,200
Loan fee income		(1,066	)		(944	)		(5,035	)		(4,443	)
Loan interest income excluding loan fee income	$	12,116		$	11,355		$	47,415		$	43,757

Average total loans	$	871,163		$	692,286		$	823,228		$	636,274
Yield on loans (including loan fee income)		6.02	%		7.05	%		6.37	%		7.58	%
Yield on loans (excluding loan fee income)		5.53	%		6.51	%		5.76	%		6.88	%

Pre-tax, pre-provision net earnings
Net income before income taxes	$	6,317		$	6,358		$	25,884		$	15,069
Plus: Provision for loan losses		2,050			-			5,350			-
Pre-tax, pre-provision net earnings	$	8,367		$	6,358		$	31,234		$	15,069

Adjusted provision for income tax
Net income before income taxes	$	6,317		$	6,358		$	25,884		$	15,069
Total effective adjusted tax rate		25.0	%		29.6	%		25.6	%		45.4	%
Adjusted provision for income taxes	$	1,578		$	1,879		$	6,618		$	6,844

Tax-adjusted net income
Net income before income taxes	$	6,317		$	6,358		$	25,884		$	15,069
Adjusted provision for income taxes		1,578			1,879			6,618			6,844
Tax-adjusted net income	$	4,739		$	4,479		$	19,266		$	8,225

Pro Forma Pre-tax, pre-provision net earnings
Net income before income taxes	$	6,317		$	6,358		$	25,884		$	15,069
Plus: Provision loan losses		2,050			-			5,350			-
Plus: Stock Transfer Compensation Expense		-			-			-			11,797
Pro Forma Pre-tax, pre-provision net earnings	$	8,367		$	6,358		$	31,234		$	26,866

Tax-adjusted ratios and per share data
Tax-adjusted net income (numerator)	$	4,739		$	4,479		$	19,266		$	8,225

Average assets (denominator)	$	982,024		$	845,510		$	948,957		$	798,528
Tax-adjusted return on average assets		1.92	%		2.10	%		2.03	%		1.03	%

Average shareholders' equity (denominator)	$	105,283		$	102,691		$	102,359		$	97,430
Tax-adjusted return on average shareholders' equity		17.91	%		17.31	%		18.82	%		8.44	%

Average tangible common equity (denominator)	$	103,675		$	100,872		$	100,675		$	95,537
Tax-adjusted return on average tangible common equity		18.18	%		17.62	%		19.14	%		8.61	%

Weighted average common shares outstanding basic (denominator)		9,066,737			10,057,506			9,378,769			10,145,032
Tax-adjusted net income per common share--basic	$	0.52		$	0.45		$	2.05		$	0.81

Weighted average common shares outstanding diluted (denominator)		9,068,161			10,059,208			9,379,154			10,147,311
Tax-adjusted net income per common share--diluted	$	0.52		$	0.45		$	2.05		$	0.81
Tangible assets
Total assets	$	1,016,669		$	866,392
Less: Goodwill and intangibles		(1,583	)		(1,789	)
Tangible assets	$	1,015,086		$	864,603

Tangible shareholders' equity
Total shareholders' equity	$	107,319		$	100,126
Less: Goodwill and intangibles		(1,583	)		(1,789	)
Tangible shareholders' equity	$	105,736		$	98,337

Tangible shareholders' equity
Tangible shareholders' equity (numerator)	$	105,736		$	98,337
Tangible assets (denominator)	$	1,015,086		$	864,603
Tangible common equity to tangible assets		10.42	%		11.37	%

End of period common shares outstanding		9,044,765			10,057,506
Book value per share	$	11.87		$	9.96
Tangible book value per share	$	11.69		$	9.78
Total shareholders' equity to total assets		10.56	%		11.56	%

	Net Interest Margin Excluding Loan Fee Income
	For the Three Months Ended December 31,
	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⁾	$	102,544	$	127		0.49	%	$	143,604	$	674		1.86	%
Investment securities⁽²⁾		1,165		15		5.12			1,073		23		8.50
Loans held for sale		198		—		0.00			289		—		0.00
Total loans⁽³⁾		871,163		12,116		5.53			692,286		11,355		6.51
Total interest-earning assets		975,070		12,258		5.00			837,252		12,052		5.71
Noninterest-earning assets		6,954							8,258
Total assets	$	982,024						$	845,510

Funding sources:
Interest-bearing liabilities:
Deposits:
Transaction accounts	$	409,174		470		0.46	%	$	314,106		1,133		1.43	%
Time deposits		203,842		655		1.28			213,716		1,205		2.24
Total interest-bearing deposits		613,016		1,125		0.73			527,822		2,338		1.76
Other borrowings		—		—		0.00			—		—		0.00
Total interest-bearing liabilities		613,016		1,125		0.73			527,822		2,338		1.76

Noninterest-bearing liabilities:
Noninterest-bearing deposits		258,599							210,986
Other noninterest-bearing liabilities		5,126							4,011
Total noninterest-bearing liabilities		263,725							214,997
Shareholders’ equity		105,283							102,691
Total liabilities and shareholders’ equity	$	982,024						$	845,510

Net interest income excluding loan fee income			$	11,133						$	9,714
Net interest spread excluding loan fee income⁽⁴⁾						4.27	%						3.95	%
Net interest margin excluding loan fee income						4.54	%						4.60	%

	Net Interest Margin With Loan Fee Income
	For the Three Months Ended December 31,
	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⁾	$	102,544		$	127		0.49	%		$	143,604		$	674		1.80	%
Investment securities⁽²⁾		1,165			15		5.12				1,073			23		8.50
Loans held for sale		198			—		0.00				289			—		0.00
Total loans⁽³⁾		871,163			13,182		6.02				692,286			12,299		7.05
Total interest-earning assets		975,070			13,324		5.44				837,252			12,996		6.16
Noninterest-earning assets		6,954									8,258
Total assets	$	982,024								$	845,510

Funding sources:
Interest-bearing liabilities:
Deposits:
Transaction accounts	$	409,174			470		0.46	%		$	314,106			1,133		1.43	%
Time deposits		203,842			655		1.28				213,716			1,205		2.24
Total interest-bearing deposits		613,016			1,125		0.73				527,822			2,338		1.76
Other borrowings		—			—		0.00				—			—		0.00
Total interest-bearing liabilities		613,016			1,125		0.73				527,822			2,338		1.76

Noninterest-bearing liabilities:
Noninterest-bearing deposits		258,599									210,986
Other noninterest-bearing liabilities		5,126									4,011
Total noninterest-bearing liabilities		263,725									214,997
Shareholders’ equity		105,283									102,691
Total liabilities and shareholders’ equity	$	982,024								$	845,510

Net interest income including loan fee income				$	12,199								$	10,658
Net interest spread including loan fee income⁽⁴⁾							4.71	%								4.40	%
Net interest margin including loan fee income							4.98	%								5.05	%

	Net Interest Margin Excluding Loan Fee Income
	For the Year Ended December 31,
	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⁾	$	116,295		$	828		0.71	%		$	151,434	$	3,459		2.28	%
Investment securities⁽²⁾		1,123			36		3.21				1,065		50		4.69
Loans held for sale		244			—		0.00				236		—		0.00
Total loans⁽³⁾		823,228			47,415		5.76				636,274		43,757		6.88
Total interest-earning assets		940,890			48,279		5.13				789,009		47,266		5.99
Noninterest-earning assets		8,067									9,519
Total assets	$	948,957								$	798,528

Funding sources:
Interest-bearing liabilities:
Deposits:
Transaction accounts	$	377,519			2,729		0.72	%		$	295,576		5,057		1.71	%
Time deposits		207,442			3,424		1.65				208,375		4,459		2.14
Total interest-bearing deposits		584,961			6,153		1.05				503,951		9,516		1.89
Other borrowings		—			—		0.00				—		—		0.00
Total interest-bearing liabilities		584,961			6,153		1.05				503,951		9,516		1.89

Noninterest-bearing liabilities:
Noninterest-bearing deposits		256,431									192,562
Other noninterest-bearing liabilities		5,206									4,585
Total noninterest-bearing liabilities		261,637									197,147
Shareholders’ equity		102,359									97,430
Total liabilities and shareholders’ equity	$	948,957								$	798,528

Net interest income excluding loan fee income				$	42,126							$	37,750
Net interest spread excluding loan fee income⁽⁴⁾							4.08	%							4.10	%
Net interest margin excluding loan fee income							4.48	%							4.78	%

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

Cash and due from banks	$	153,901	$	60,718	$	117,128
Interest-bearing time deposits in other banks		16,412		23,384		30,147
Loans, net		826,974		869,448		699,458
Loans held for sale		324		315		1,031
Premises and equipment, net		9,151		9,387		9,624
Nonmarketable equity securities		1,172		1,165		1,100
Goodwill and intangibles		1,583		1,634		1,789
Interest receivable and other assets		7,152		7,303		6,115

Total assets	$	1,016,669	$	973,354	$	866,392

Liabilities and Shareholders’ Equity

Deposits
Noninterest-bearing	$	246,569	$	272,008	$	219,221
Interest-bearing		658,945		591,661		538,262

Total deposits		905,514		863,669		757,483

Income taxes payable		9		565		357
Interest payable and other liabilities		3,827		3,890		8,426

Total liabilities		909,350		868,124		766,266

Common stock		90		92		101
Additional paid-in capital		93,162		92,960		92,391
Retained earnings		14,067		12,178		7,634

Total shareholders’ equity		107,319		105,230		100,126

Total liabilities and shareholders’ equity	$	1,016,669	$	973,354	$	866,392

	Unaudited as of
	Quarter Ended						Year Ended
	2020				2019		2020		2019
Dollars in thousands, except per share data	December 31		September 30		December 31		December 31		December 31
Interest Income
Loans, including fees	$	13,182	$	12,777	$	12,299	$	52,450	$	48,200
Interest-bearing time deposits in other banks		107		123		295		526		1,709
Interest-bearing deposits in other banks		35		26		402		338		1,800

Total interest income		13,324		12,926		12,996		53,314		51,709

Interest Expense
Deposits		1,125		1,325		2,338		6,153		9,516

Total interest expense		1,125		1,325		2,338		6,153		9,516

Net Interest Income		12,199		11,601		10,658		47,161		42,193

Provision for Loan Losses		2,050		1,250		-		5,350		-

Net Interest Income After Provision for Loan Losses		10,149		10,351		10,658		41,811		42,193

Noninterest Income
Secondary market income		41		57		18		175		164
Service charges on deposit accounts		124		104		113		442		392
Other		535		173		126		1,048		752

Total noninterest income		700		334		257		1,665		1,308

Noninterest Expense
Salaries and employee benefits		2,554		2,505		2,473		10,130		21,265
Furniture and equipment		210		224		223		868		829
Occupancy		540		543		520		1,957		1,677
Data and item processing		270		276		264		1,091		1,078
Accounting, marketing and legal fees		198		135		250		536		757
Regulatory assessments		225		164		32		506		126
Advertising and public relations		40		62		239		400		588
Travel, lodging and entertainment		95		50		81		241		368
Other		400		625		475		1,863		1,744

Total noninterest expense		4,532		4,584		4,557		17,592		28,432

Income Before Taxes		6,317		6,101		6,358		25,884		15,069
Income tax expense		1,578		1,661		1,879		6,618		6,844
Net Income	$	4,739	$	4,440	$	4,479	$	19,266	$	8,225

Earnings per common share - basic	$	0.52	$	0.48	$	0.45	$	2.05	$	0.81
Diluted earnings per common share		0.52		0.48		0.45		2.05		0.81
Weighted average common shares outstanding - basic		9,066,737		9,228,128		10,057,506		9,378,769		10,145,032
Weighted average common shares outstanding - diluted		9,068,161		9,228,128		10,059,208		9,379,154		10,147,311