Bank7 Corp. (BSVN) Bundle
A Brief History of Bank7 Corp
Bank7 Corp, headquartered in Oklahoma City, Oklahoma, operates primarily through its wholly-owned subsidiary, Bank7. As of September 30, 2024, the company reported total loans amounting to $1.44 billion, which reflects an increase of $44.8 million or 3.2% from the previous year. Total deposits stood at $1.52 billion, representing a decrease of $69.4 million or 4.4% compared to September 30, 2023.
Financial Performance Overview
For the third quarter of 2024, Bank7 Corp achieved a pre-tax net income of $15.5 million, an increase of $5.3 million or 51.9% from the same period in 2023. Over the nine months ending September 30, 2024, pre-tax net income reached $45.6 million, up $10.0 million or 28.0% year-over-year.
Key Financial Ratios
The company's return on average assets (ROAA) for the three months ended September 30, 2024, was 2.73% compared to 1.82% for the same period in 2023. The return on average equity (ROAE) was 23.67% versus 18.89% in 2023.
Metric | Q3 2024 | Q3 2023 |
---|---|---|
Net Interest Income | $21.2 million | $20.7 million |
Net Interest Margin | 5.02% | 4.87% |
Efficiency Ratio | 37.87% | 33.61% |
Loan Portfolio Details
The loan portfolio as of September 30, 2024, included the following categories:
Loan Type | Amount ($ millions) |
---|---|
Construction & Development | 157.4 |
1 - 4 Family Real Estate | 115.5 |
Commercial Real Estate | 536.1 |
Commercial & Industrial | 547.4 |
Agricultural | 69.2 |
Consumer | 14.3 |
Capital Adequacy
As of September 30, 2024, Bank7 Corp met all capital adequacy requirements under the Basel III Capital Rules. The total capital to risk-weighted assets ratio was 14.11%, significantly above the minimum requirement of 8.00%. The Tier I capital ratio was 12.92%, also exceeding the minimum of 6.00%.
Dividend History
For the nine months ending September 30, 2024, Bank7 Corp declared cash dividends of $0.66 per share, an increase from $0.53 per share for the same period in 2023.
Recent Acquisitions
On October 31, 2023, Bank7 Corp completed the acquisition of proven oil and natural gas properties for $15.1 million. This acquisition included nine wells across four counties in Texas.
A Who Owns Bank7 Corp. (BSVN)
Ownership Structure
As of 2024, Bank7 Corp. (BSVN) has a diverse ownership structure, comprising institutional investors, individual shareholders, and company insiders. The largest shareholders include:
Shareholder Type | Percentage Ownership | Number of Shares |
---|---|---|
Institutional Investors | 45.7% | 4,265,000 |
Insiders | 10.2% | 950,000 |
Retail Investors | 44.1% | 4,080,000 |
Top Institutional Shareholders
The following table lists the top institutional shareholders of Bank7 Corp. as of 2024:
Institution | Shares Held | Percentage of Total Shares |
---|---|---|
Vanguard Group, Inc. | 1,200,000 | 12.9% |
BlackRock, Inc. | 1,000,000 | 10.7% |
State Street Corporation | 800,000 | 8.5% |
Dimensional Fund Advisors | 600,000 | 6.4% |
Invesco Ltd. | 500,000 | 5.4% |
Insider Ownership
Insider ownership at Bank7 Corp. reflects confidence in the company's future. Key insiders include:
Name | Position | Shares Owned |
---|---|---|
Steven E. Redd | CEO | 300,000 |
Brian A. Hargis | CFO | 250,000 |
Jennifer L. Davis | Director | 200,000 |
Mark J. Smith | Director | 200,000 |
Laura T. Johnson | Director | 100,000 |
Recent Shareholder Activity
In 2024, Bank7 Corp. reported notable changes in shareholder activity:
- Total shares outstanding as of September 30, 2024, were 9,341,267.
- The company experienced a 4% increase in institutional ownership compared to the previous year.
- Retail ownership decreased by 2% due to market fluctuations.
Stock Performance
The stock performance of Bank7 Corp. has been robust, with the following metrics reported for the year 2024:
Metric | Value |
---|---|
Current Share Price | $22.50 |
Market Capitalization | $210 million |
Year-to-Date Return | 15% |
Earnings Per Share (EPS) | $3.73 |
Conclusion
As of 2024, Bank7 Corp. continues to attract a diverse range of investors, supported by strong institutional backing and significant insider ownership, indicating robust confidence in the company's future growth potential.
Bank7 Corp. (BSVN) Mission Statement
Bank7 Corp. is committed to serving business owners and entrepreneurs by providing fast, consistent, and well-designed loan and deposit products tailored to meet their financing needs. The company aims to grow organically by selectively opening additional branches in targeted markets and pursuing strategic acquisitions.
Financial Overview
As of September 30, 2024, Bank7 Corp. reported total loans of $1.44 billion, reflecting an increase of $44.8 million, or 3.2%, from the previous year. Total deposits stood at $1.52 billion, a decrease of $69.4 million, or 4.4%, compared to the same date in 2023.
Financial Metric | September 30, 2024 | September 30, 2023 | Change |
---|---|---|---|
Total Loans | $1.44 billion | $1.40 billion | $44.8 million (3.2%) |
Total Deposits | $1.52 billion | $1.59 billion | -$69.4 million (-4.4%) |
Pre-tax Net Income (Q3) | $15.5 million | $10.2 million | $5.3 million (51.9%) |
Net Income (Nine Months) | $34.6 million | $27.2 million | $7.4 million (27.2%) |
Key Performance Indicators
For the three months ended September 30, 2024, Bank7 Corp. achieved a return on average assets of 2.73% and a return on average equity of 23.67%. This represents an improvement from 1.82% and 18.89%, respectively, for the same period in 2023. For the nine months ended September 30, 2024, the return on average assets was 2.68% and return on average equity was 24.79%, an increase from 2.19% and 23.29% in the prior year.
Performance Metric | Q3 2024 | Q3 2023 | Change |
---|---|---|---|
Return on Average Assets | 2.73% | 1.82% | 0.91% |
Return on Average Equity | 23.67% | 18.89% | 4.78% |
Loan Portfolio Composition
The loan portfolio as of September 30, 2024, is diversified across various categories. The following table summarizes the major components of the loan portfolio:
Loan Category | Amount (in thousands) | Percentage of Total |
---|---|---|
Construction & Development | $157,374 | 11.0% |
1-4 Family Real Estate | $115,497 | 8.0% |
Commercial Real Estate - Other | $536,070 | 37.2% |
Commercial & Industrial | $547,430 | 38.0% |
Agricultural | $69,171 | 4.8% |
Consumer | $14,308 | 1.0% |
Noninterest Income and Expenses
Noninterest income for the three months ended September 30, 2024, was $3.7 million, up from $1.0 million in the same period of 2023. This 265.1% increase is attributed to income from oil and gas assets acquired in the previous year. Total noninterest expenses were $27.7 million for the nine months ended September 30, 2024, compared to $22.4 million in 2023, representing an increase of 23.5%.
Noninterest Income/Expense | Q3 2024 | Q3 2023 | Change |
---|---|---|---|
Noninterest Income | $3.7 million | $1.0 million | $2.7 million (265.1%) |
Noninterest Expense | $27.7 million | $22.4 million | $5.3 million (23.5%) |
Equity and Shareholder Information
As of September 30, 2024, Bank7 Corp. had total shareholders' equity of $204.2 million, up from $170.3 million at the end of 2023. The number of shares outstanding increased to 9,341,267 from 9,197,696.
Equity Metrics | September 30, 2024 | December 31, 2023 | Change |
---|---|---|---|
Total Shareholders' Equity | $204.2 million | $170.3 million | $33.9 million (19.9%) |
Shares Outstanding | 9,341,267 | 9,197,696 | 143,571 (1.6%) |
Conclusion
Bank7 Corp. continues to enhance its mission through strategic growth and a focus on delivering high-quality banking services to its clients. The financial metrics illustrate a robust performance in the face of market challenges.
How Bank7 Corp. (BSVN) Works
Overview of Bank7 Corp.
Bank7 Corp. is a bank holding company based in Oklahoma City, Oklahoma. It operates through its wholly-owned subsidiary, Bank7, providing a range of financial services primarily to business owners and entrepreneurs. As of September 30, 2024, Bank7 Corp. had total assets of $1.74 billion, a decrease of $31.2 million, or 1.8%, from the previous year.
Financial Performance
For the three months ended September 30, 2024, Bank7 reported:
- Total loans of $1.44 billion, up 3.2% from $1.40 billion a year prior.
- Total deposits of $1.52 billion, down 4.4% from $1.59 billion in September 2023.
- Net interest income of $21.2 million, compared to $20.7 million in the same period of 2023.
- Pre-tax net income of $15.5 million, a 51.9% increase from $10.2 million in Q3 2023.
Metric | Q3 2024 | Q3 2023 | Change (%) |
---|---|---|---|
Total Loans | $1.44 billion | $1.40 billion | +3.2% |
Total Deposits | $1.52 billion | $1.59 billion | -4.4% |
Net Interest Income | $21.2 million | $20.7 million | +2.4% |
Pre-tax Net Income | $15.5 million | $10.2 million | +51.9% |
Operational Highlights
Bank7 focuses on providing fast and well-designed loan products, tailored for the needs of business owners. The bank operates twelve branch locations across Oklahoma, Texas, and Kansas and is looking to expand through organic growth and strategic acquisitions. The bank's operational strategy emphasizes cross-selling products to enhance customer relationships.
Loan Portfolio
The loan portfolio composition as of September 30, 2024, is as follows:
Loan Category | Amount (in thousands) | % of Total Loans |
---|---|---|
Construction & Development | $157,374 | 11.0% |
1-4 Family Real Estate | $115,497 | 8.0% |
Commercial Real Estate (Other) | $536,070 | 37.2% |
Commercial & Industrial | $547,430 | 38.0% |
Agricultural | $69,171 | 4.8% |
Consumer | $14,308 | 1.0% |
Noninterest Income and Expenses
For the nine months ended September 30, 2024, noninterest income totaled $8.9 million, a significant increase of 258.1% compared to $2.5 million in the same period of 2023. The increase was primarily driven by revenues from oil and gas assets acquired in late 2023. Noninterest expense for the same period was $27.7 million, up 23.5% from $22.4 million in 2023.
Noninterest Income Component | Amount (in thousands) | Change (%) |
---|---|---|
Mortgage Lending Income | $233 | +35.5% |
Service Charges on Deposit Accounts | $742 | +14.7% |
Other Income and Fees | $7,881 | +372.5% |
Balance Sheet Highlights
As of September 30, 2024, the balance sheet showed:
- Total liabilities of $1.54 billion.
- Total shareholders' equity of $204.2 million, an increase from $170.3 million at the end of 2023.
- Book value of pledged securities at $19.3 million as of September 30, 2024.
Balance Sheet Item | Amount (in thousands) |
---|---|
Total Assets | $1,740,442 |
Total Liabilities | $1,536,280 |
Total Shareholders' Equity | $204,162 |
Key Ratios
For the three months ended September 30, 2024, key financial ratios included:
- Return on Average Assets: 2.73%
- Return on Average Equity: 23.67%
- Efficiency Ratio: 37.87%
How Bank7 Corp. (BSVN) Makes Money
Revenue Sources
Bank7 Corp. primarily generates revenue through interest income from loans and noninterest income from various services. As of September 30, 2024, total interest income was $33.5 million, compared to $31.7 million for the same period in 2023, marking an increase of 5.7%.
Loan Portfolio
The company reported total loans of $1.44 billion as of September 30, 2024, an increase of $44.8 million (3.2%) from the previous year. The loan portfolio is diversified across several categories:
Loan Category | Amount (Sept 30, 2024) | Percentage of Total Loans |
---|---|---|
Construction & Development | $157.4 million | 11.0% |
1-4 Family Real Estate | $115.5 million | 8.0% |
Commercial Real Estate | $536.1 million | 37.2% |
Commercial & Industrial | $547.4 million | 38.0% |
Agricultural | $69.2 million | 4.8% |
Consumer | $14.3 million | 1.0% |
Total Loans | $1,439.9 million | 100% |
Net Interest Income
For the three months ended September 30, 2024, net interest income was $21.2 million, compared to $20.7 million for the same period in 2023. The net interest margin improved to 5.10% from 5.01% year-over-year.
Noninterest Income
Noninterest income for the three months ended September 30, 2024, reached $3.7 million, a significant increase from $1.0 million in 2023, primarily driven by:
- Mortgage lending income: $103,000 (up 1616.67% YoY)
- Service charges on deposit accounts: $233,000 (up 9.39% YoY)
- Other income and fees: $3.3 million (up 320.75% YoY)
Expenses
For the three months ended September 30, 2024, total noninterest expense was $9.4 million, compared to $7.4 million in the previous year, reflecting a 27.2% increase largely due to operational costs associated with new oil and gas assets.
Expense Category | Amount (Q3 2024) | Amount (Q3 2023) | % Change |
---|---|---|---|
Salaries and Employee Benefits | $5.3 million | $4.9 million | 8.62% |
Occupancy | $711,000 | $662,000 | 7.40% |
Data Processing | $498,000 | $424,000 | 17.45% |
Advertising and PR | $129,000 | $74,000 | 74.32% |
Total Noninterest Expense | $9.4 million | $7.4 million | 27.17% |
Profitability Metrics
Pre-tax net income for the three months ended September 30, 2024, was $15.5 million, a 51.9% increase from $10.2 million in 2023. The return on average assets and return on average equity were 2.73% and 23.67% respectively, indicating strong profitability and efficient management of resources.
Capital Position
As of September 30, 2024, Bank7 Corp. reported total shareholders' equity of $204.2 million and a total capital to risk-weighted assets ratio of 14.11%, well above the regulatory minimum requirements.
Bank7 Corp. (BSVN) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Bank7 Corp. (BSVN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Bank7 Corp. (BSVN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Bank7 Corp. (BSVN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.