BSVN 8-K
Bank7 Corp. (BSVN)
8-K
2023-01-26
For: 2023-01-26
View Original
Added on
April 09, 2026
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)
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which
registered
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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
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| Item 7.01 |
Regulation FD Disclosure
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On January 26, 2023, 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 year ended December 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 January 26, 2023 at 9:00 am CST to discuss its fourth quarter and full year 2022 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.
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Item 9.01
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Financial Statements and Exhibits
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(d)
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Exhibits.
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The following exhibits are filed herewith:
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Item
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Description
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Press Release dated January 26, 2023
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||
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Fourth Quarter and Full Year 2022 Investor Presentation
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||
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.
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BANK7 CORP.
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Date: January 26, 2023
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By:
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/s/ Kelly J. Harris
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Kelly J. Harris
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Executive Vice President and Chief Financial Officer
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||
Exhibit 99.1
FOR IMMEDIATE RELEASE: Bank7 Corp. Announces Q4
and Full Year 2022 Earnings
Oklahoma City, January 26, 2023 – Bank7 Corp. (NASDAQ: BSVN) ("the Company"), the parent company of Oklahoma City-based Bank7 (the "Bank"), today reported unaudited
results for the quarter and year ended December 31, 2022. “We are pleased to announce record achievements for our full year and also the 4th quarter, as we reached new milestones in net income, PPE, and earnings per share. Our continued success is
due to our broad and deep team of talented commercial bankers, and their commitment to disciplined credit fundamentals and pricing. We are blessed to be located in such a dynamic geographic area, and we are confident of our future as we maintain our
focus on fundamentals and growing our company,” said Thomas L. Travis, President and CEO of the Company.
For the year ended December 31, 2022 compared to the year ended December 31, 2021:
| - |
Net income of $29.6 million compared to $23.2 million, an increase of 27.98%
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| - |
Earnings per share of $3.22 compared to $2.55, an increase of 26.27%
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| - |
Total assets of $1.6 billion compared to $1.4 billion, an increase of 17.30%
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| - |
Total loans of $1.3 billion compared to $1.0 billion, an increase of 23.54%
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| - |
PPE of $43.9 million compared to $35.1 million, an increase of 24.97%
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| - |
Total interest income of $78.7 million compared to $56.3 million, an increase of 39.90%
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Three months ended December 31, 2022 compared to three months ended September 30, 2022
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Net income of $8.4 million compared to $8.0 million, an increase of 4.29%
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| - |
Earnings per share of $0.91 compared to $0.87, an increase of 4.60%
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| - |
PPE of $13.0 million compared to $12.8 million, an increase of 1.74%
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| - |
Total interest income of $25.5 million compared to $21.7 million, an increase of 17.39%
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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, 2022, the Bank’s Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 9.18%, 11.26%, and 12.42%, respectively. On December 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 9.19%, 11.25%, and 12.41%, respectively. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by
bank regulators.
Bank7 Corp.
Consolidated Balance Sheets
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Assets
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December 31,
2022
(unaudited)
|
December 31,
2021
|
||||||
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Cash and due from banks
|
$
|
109,115
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$
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195,359
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||||
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Federal funds sold
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-
|
9,493
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||||||
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Cash and cash equivalents
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109,115
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204,852
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||||||
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Interest-bearing time deposits in other banks
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5,474
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3,237
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||||||
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Available-for-sale debt securities
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173,165
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84,808
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||||||
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Loans, net of allowance for loan losses of $14,734 and $10,316 at December 31, 2022
and December 31, 2021, respectively
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1,255,722
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1,018,085
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||||||
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Loans held for sale, at fair value
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-
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464
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||||||
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Premises and equipment, net
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13,106
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17,257
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||||||
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Nonmarketable equity securities
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1,209
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1,202
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||||||
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Core deposit intangibles
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1,336
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1,643
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||||||
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Goodwill
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8,603
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8,479
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||||||
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Interest receivable and other assets
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16,439
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10,522
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||||||
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||||||||
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Total assets
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$
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1,584,169
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$
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1,350,549
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||||
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Liabilities and Shareholders’ Equity
|
||||||||
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Deposits
|
||||||||
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Noninterest-bearing
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$
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439,409
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$
|
366,705
|
||||
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Interest-bearing
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989,891
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850,766
|
||||||
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Total deposits
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1,429,300
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1,217,471
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||||||
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||||||||
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Income taxes payable
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1,054
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-
|
||||||
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Interest payable and other liabilities
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9,715
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5,670
|
||||||
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Total liabilities
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1,440,069
|
1,223,141
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||||||
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Shareholders’ equity
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||||||||
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Common stock, $0.01 par value; 50,000,000 shares authorized; shares issued and outstanding:
9,131,973 and 9,071,417 at December 31, 2022 and December 31, 2021 respectively |
91
|
91
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||||||
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||||||||
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Additional paid-in capital
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95,263
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94,024
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||||||
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Retained earnings
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58,049
|
33,149
|
||||||
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Accumulated other comprehensive income (loss)
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(9,303
|
)
|
144
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|||||
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Total shareholders’ equity
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144,100
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127,408
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||||||
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||||||||
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Total liabilities and shareholders’ equity
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$
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1,584,169
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$
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1,350,549
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||||
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Three months ended
December 31,
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Twelve months ended
December 31,
|
|||||||||||||||
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2022
(unaudited)
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2021
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2022
(unaudited)
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2021
|
|||||||||||||
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Interest Income
|
||||||||||||||||
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Loans, including fees
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$
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23,806
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$
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14,391
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$
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74,403
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$
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55,768
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||||||||
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Interest-bearing time deposits in other banks
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7
|
28
|
46
|
169
|
||||||||||||
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Debt securities, taxable
|
688
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143
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2,313
|
143
|
||||||||||||
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Debt securities, tax-exempt
|
87
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31
|
360
|
31
|
||||||||||||
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Other interest and dividend income
|
874
|
63
|
1,627
|
178
|
||||||||||||
|
Total interest income
|
25,462
|
14,656
|
78,749
|
56,289
|
||||||||||||
|
Interest Expense
|
||||||||||||||||
|
Deposits
|
5,081
|
677
|
9,322
|
3,053
|
||||||||||||
|
Total interest expense
|
5,081
|
677
|
9,322
|
3,053
|
||||||||||||
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Net Interest Income
|
20,381
|
13,979
|
69,427
|
53,236
|
||||||||||||
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Provision for Loan Losses
|
1,625
|
850
|
4,468
|
4,175
|
||||||||||||
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Net Interest Income After Provision for Loan Losses
|
18,756
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13,129
|
64,959
|
49,061
|
||||||||||||
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Noninterest Income
|
||||||||||||||||
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Secondary market income
|
91
|
182
|
486
|
435
|
||||||||||||
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Loss on sales and calls of available-for-sale debt securities
|
-
|
-
|
(127
|
)
|
-
|
|||||||||||
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Service charges on deposit accounts
|
222
|
170
|
900
|
550
|
||||||||||||
|
Other
|
419
|
405
|
1,680
|
1,265
|
||||||||||||
|
Total noninterest income
|
732
|
757
|
2,939
|
2,250
|
||||||||||||
|
Noninterest Expense
|
||||||||||||||||
|
Salaries and employee benefits
|
4,892
|
3,298
|
17,040
|
11,983
|
||||||||||||
|
Furniture and equipment
|
334
|
232
|
1,468
|
883
|
||||||||||||
|
Occupancy
|
593
|
508
|
2,329
|
1,899
|
||||||||||||
|
Data and item processing
|
600
|
380
|
2,068
|
1,237
|
||||||||||||
|
Accounting, marketing and legal fees
|
203
|
353
|
984
|
800
|
||||||||||||
|
Regulatory assessments
|
371
|
140
|
1,344
|
604
|
||||||||||||
|
Advertsing and public relations
|
164
|
101
|
477
|
282
|
||||||||||||
|
Travel, lodging and entertainment
|
147
|
100
|
363
|
409
|
||||||||||||
|
Other
|
825
|
1,086
|
2,568
|
2,300
|
||||||||||||
|
Total noninterest expense
|
8,129
|
6,198
|
28,641
|
20,397
|
||||||||||||
|
Income Before Taxes
|
11,359
|
7,688
|
39,257
|
30,914
|
||||||||||||
|
Income tax expense
|
2,973
|
2,002
|
9,619
|
7,755
|
||||||||||||
|
Net Income
|
$
|
8,386
|
$
|
5,686
|
$
|
29,638
|
$
|
23,159
|
||||||||
|
Earnings per common share - basic
|
$
|
0.92
|
$
|
0.64
|
$
|
3.26
|
$
|
2.56
|
||||||||
|
Earnings per common share - diluted
|
0.91
|
0.63
|
3.22
|
2.55
|
||||||||||||
|
Weighted average common shares outstanding - basic
|
9,118,728
|
9,070,967
|
9,101,523
|
9,056,117
|
||||||||||||
|
Weighted average common shares outstanding - diluted
|
9,232,333
|
9,162,124
|
9,204,716
|
9,091,536
|
||||||||||||
|
Other Comprehensive Income (Loss)
|
||||||||||||||||
|
Unrealized losses on securities, net of tax benefit of $0 and $0 for the three months ended
December 31, 2022 and 2021, respectively; $2.8 million and $0 for the twelve months ended
December 31, 2022 and 2021, respectively
|
$
|
1,146
|
$
|
144
|
$
|
(9,543
|
)
|
$
|
144
|
|||||||
|
|
||||||||||||||||
|
Reclassification adjustment for realized (gain)loss included in net income, net of tax of $0 and
$0 for the three months ended December 31, 2022 and 2021, respectively; $31 and $0 for the
twelve months ended December 30, 2022 and 2021, respectively
|
-
|
-
|
96
|
-
|
||||||||||||
|
Other comprehensive loss
|
$
|
1,146
|
$
|
144
|
$
|
(9,447
|
)
|
$
|
144
|
|||||||
|
Comprehensive Income (Loss)
|
$
|
9,532
|
$
|
5,830
|
$
|
20,191
|
$
|
23,303
|
||||||||
|
Net Interest Margin
|
||||||||||||||||||||||||
|
For the Twelve Months Ended December 31,
|
||||||||||||||||||||||||
|
2022
(unaudited)
|
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
|
$
|
129,624
|
$
|
1,673
|
1.29
|
%
|
$
|
126,136
|
$
|
347
|
0.28
|
%
|
||||||||||||
|
Investment securities, taxable
|
145,915
|
2,313
|
1.59
|
4,663
|
143
|
3.07
|
||||||||||||||||||
|
Debt securities, tax exempt
|
21,635
|
360
|
1.66
|
1,852
|
31
|
1.67
|
||||||||||||||||||
|
Loans held for sale
|
586
|
-
|
-
|
318
|
-
|
-
|
||||||||||||||||||
|
Total loans(1)
|
1,143,380
|
74,403
|
6.51
|
905,804
|
55,768
|
6.16
|
||||||||||||||||||
|
Total interest-earning assets
|
1,441,140
|
78,749
|
5.46
|
1,038,773
|
56,289
|
5.42
|
||||||||||||||||||
|
Noninterest-earning assets
|
23,532
|
7,361
|
||||||||||||||||||||||
|
Total assets
|
$
|
1,464,672
|
$
|
1,046,134
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
724,617
|
7,842
|
1.08
|
%
|
$
|
430,268
|
1,396
|
0.32
|
%
|
||||||||||||||
|
Time deposits
|
165,735
|
1,480
|
0.89
|
205,437
|
1,657
|
0.81
|
||||||||||||||||||
|
Total interest-bearing deposits
|
890,352
|
9,322
|
1.05
|
635,705
|
3,053
|
0.48
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
890,352
|
9,322
|
1.05
|
635,705
|
3,053
|
0.48
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
432,901
|
288,446
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
7,520
|
4,930
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
440,421
|
293,376
|
||||||||||||||||||||||
|
Shareholders' equity
|
133,899
|
117,053
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
1,464,672
|
$
|
1,046,134
|
||||||||||||||||||||
|
Net interest income
|
$
|
69,427
|
$
|
53,236
|
||||||||||||||||||||
|
Net interest spread
|
4.42
|
%
|
4.94
|
%
|
||||||||||||||||||||
|
Net interest margin
|
4.82
|
%
|
5.12
|
%
|
||||||||||||||||||||
|
(1)
|
Nonaccrual loans are included in total loans
|
|
For the Three Months Ended December 31,
|
||||||||||||||||||||||||
|
2022
(unaudited)
|
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
|
$
|
101,427
|
$
|
881
|
3.45
|
%
|
$
|
130,106
|
$
|
91
|
0.23
|
%
|
||||||||||||
|
Debt securities, taxable-equivalent
|
154,869
|
688
|
1.76
|
14,992
|
143
|
3.78
|
||||||||||||||||||
|
Debt securities, tax exempt
|
20,247
|
87
|
1.70
|
7,349
|
31
|
16.67
|
||||||||||||||||||
|
Loans held for sale
|
291
|
-
|
-
|
1,090
|
-
|
-
|
||||||||||||||||||
|
Total loans(1)
|
1,262,864
|
23,806
|
7.48
|
959,243
|
14,391
|
5.95
|
||||||||||||||||||
|
Total interest-earning assets
|
1,539,698
|
25,462
|
6.56
|
1,112,780
|
14,656
|
5.23
|
||||||||||||||||||
|
Noninterest-earning assets
|
21,937
|
11,613
|
||||||||||||||||||||||
|
Total assets
|
$
|
1,561,635
|
$
|
1,124,393
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
798,073
|
4,491
|
2.23
|
%
|
$
|
490,739
|
373
|
0.30
|
%
|
||||||||||||||
|
Time deposits
|
157,211
|
590
|
1.49
|
183,867
|
304
|
0.66
|
||||||||||||||||||
|
Total interest-bearing deposits
|
955,284
|
5,081
|
2.11
|
674,606
|
677
|
0.40
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
$
|
955,284
|
5,081
|
2.11
|
$
|
674,606
|
677
|
0.40
|
||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
$
|
457,753
|
$
|
320,290
|
||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
8,683
|
5,181
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
466,436
|
325,471
|
||||||||||||||||||||||
|
Shareholders' equity
|
139,915
|
124,316
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
1,561,635
|
$
|
1,124,393
|
||||||||||||||||||||
|
Net interest income
|
$
|
20,381
|
$
|
13,979
|
||||||||||||||||||||
|
Net interest spread
|
4.46
|
%
|
4.83
|
%
|
||||||||||||||||||||
|
Net interest margin
|
5.25
|
%
|
4.98
|
%
|
||||||||||||||||||||
|
(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 results, which will be broadcast live over the Internet, on Thursday, January 26, 2023 at 9:00 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/ARZ9lenLgOm. For
those not able to participate in the live call, an archive of the webcast will be available at https://app.webinar.net/ARZ9lenLgOm 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
