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Bank7 Corp. Announces Q4 2024 and Full Year Earnings
BSVNBank7(BSVN) Prnewswire·2025-01-16 13:00

Core 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 45.7million,a61.6245.7 million, a 61.62% increase from 28.3 million in 2023 [5]. - Earnings per share rose to 4.84,up58.694.84, up 58.69% from 3.05 in the previous year [5]. - Total assets decreased by 1.80% to 1.7billionfrom1.7 billion from 1.8 billion [5]. - Total loans increased by 2.69% to 1.4billion[5].−Pre−provisionpre−taxearnings(PPE)reached1.4 billion [5]. - Pre-provision pre-tax earnings (PPE) reached 60.4 million, a 3.38% increase from 58.4million[5].−Totalinterestincomegrewby8.2258.4 million [5]. - Total interest income grew by 8.22% to 131.5 million compared to 121.5millionin2023[5].CapitalRatios−AsofDecember31,2024,theBank′sTier1leverageratiowas12.18121.5 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 181.0million[4].−Loans,netofallowanceforcreditlosses,roseto181.0 million [4]. - Loans, net of allowance for credit losses, rose to 1.4 billion from 1.3billion[4].−Totaldepositsdecreasedto1.3 billion [4]. - Total deposits decreased to 1.5 billion from 1.6billion[6].NoninterestIncomeandExpenses−Totalnoninterestincomefortheyearwas1.6 billion [6]. Noninterest Income and Expenses - Total noninterest income for the year was 11.3 million, compared to 9.2millionin2023[7].−Totalnoninterestexpensedecreasedto9.2 million in 2023 [7]. - Total noninterest expense decreased to 37.1 million from 33.4million[7].ShareholderEquity−Totalshareholders′equityincreasedto33.4 million [7]. Shareholder Equity - Total shareholders' equity increased to 213.2 million from $170.3 million [6].