Bank7(BSVN) Prnewswire·2025-01-16 13:00Core Viewpoint - Bank7 Corp. reported record annual results for 2024, achieving new milestones in net income, pre-provision pre-tax earnings (PPE), and earnings per share, attributed to a well-matched balance sheet, disciplined cost controls, and excellent credit quality [1][5]. Financial Performance - Net income for 2024 was $45.7 million, a 61.62% increase from $28.3 million in 2023 [5]. - Earnings per share rose to $4.84, up 58.69% from $3.05 in the previous year [5]. - Total assets decreased by 1.80% to $1.7 billion from $1.8 billion [5]. - Total loans increased by 2.69% to $1.4 billion [5]. - Pre-provision pre-tax earnings (PPE) reached $60.4 million, a 3.38% increase from $58.4 million [5]. - Total interest income grew by 8.22% to $131.5 million compared to $121.5 million in 2023 [5]. Capital Ratios - As of December 31, 2024, the Bank's Tier 1 leverage ratio was 12.18%, Tier 1 risk-based capital ratio was 13.99%, and total risk-based capital ratio was 15.22% [2]. - The Company's consolidated Tier 1 leverage ratio was 12.19%, Tier 1 risk-based capital ratio was 13.98%, and total risk-based capital ratio was 15.21% [2]. Non-GAAP Financial Measures - The Company utilizes pre-provision pre-tax earnings (PPE) as a non-GAAP financial measure to analyze performance, excluding income tax expense, provision for credit losses, and losses on sales of available-for-sale debt securities [3]. Balance Sheet Highlights - Cash and due from banks increased to $234.2 million from $181.0 million [4]. - Loans, net of allowance for credit losses, rose to $1.4 billion from $1.3 billion [4]. - Total deposits decreased to $1.5 billion from $1.6 billion [6]. Noninterest Income and Expenses - Total noninterest income for the year was $11.3 million, compared to $9.2 million in 2023 [7]. - Total noninterest expense decreased to $37.1 million from $33.4 million [7]. Shareholder Equity - Total shareholders' equity increased to $213.2 million from $170.3 million [6].