Bank7 Corp (BSVN) Announces Q3 2023 Earnings
Bank7 Corp (NASDAQ:BSVN) reports record PPE and interest income for Q3 2023.
The company's capital levels remain significantly above the minimum levels required for regulatory purposes.
Net income for the quarter was $7.85 million, with earnings per common share at $0.86 (basic) and $0.85 (diluted).
The company's balance sheet shows total assets of $1.77 billion as of September 30, 2023.
Bank7 Corp (NASDAQ:BSVN), the parent company of Oklahoma City-based Bank7, announced its unaudited results for the quarter ended September 30, 2023, on October 26, 2023. The company reported record PPE and interest income, attributing its success to long-term deposit relationships, a debt-free and liquid balance sheet, and a disciplined approach to cost controls.
Financial Performance
For the three months ended September 30, 2023, Bank7 Corp (NASDAQ:BSVN) reported net income of $7.85 million. The earnings per common share were $0.86 (basic) and $0.85 (diluted). The company's net interest income after provision for credit losses was $16.59 million. Noninterest income for the period was $1.01 million, while noninterest expense was $7.39 million.
Balance Sheet Highlights
As of September 30, 2023, Bank7 Corp (NASDAQ:BSVN) reported total assets of $1.77 billion, an increase from $1.58 billion as of December 31, 2022. The company's total liabilities stood at $1.60 billion, while shareholders' equity was $167.91 million. The company's capital levels continue to be significantly above the minimum levels required for regulatory purposes, with Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios at 9.76%, 11.39%, and 12.64%, respectively.
Net Interest Margin
For the nine months ended September 30, 2023, the company reported a net interest margin of 5.01%, with total interest-earning assets of $1.63 billion. The net interest spread was 3.81%. For the three months ended September 30, 2023, the net interest margin was 4.87%, with a net interest spread of 3.54%.
About Bank7 Corp
Bank7 Corp is a bank holding company headquartered in Oklahoma City, Oklahoma. The company operates twelve locations in Oklahoma, the Dallas/Fort Worth, Texas metropolitan area, and Kansas. It focuses on serving business owners and entrepreneurs by delivering fast, consistent, and well-designed loan and deposit products to meet their financing needs.
Conference Call
Bank7 Corp has scheduled a conference call to discuss its third quarter results on Thursday, October 26, 2023, at 9:00 a.m. central standard time. The call will be broadcast live over the Internet and can be accessed at https://app.webinar.net/o0Oqylxyz5k.
Explore the complete 8-K earnings release (here) from Bank7 Corp for further details.
This article first appeared on GuruFocus.
