Bank7 Corp

Previous wording

We reported total loans of $1.37 billion as of March 31, 2024, an increase of $94.5 million, or 7.4%, from March 31, 2023. Total deposits were $1.58 billion as of March 31, 2024, an increase of $88.6 million, or 5.9%, as compared to March 31, 2023.

Current wording

We reported total loans of $1.35 billion as of June 30, 2024, an increase of $75.8 million, or 5.9%, from June 30, 2023. Total deposits were $1.48 billion as of June 30, 2024, a decrease of $26.9 million, or 1.8%, as compared to June 30, 2023.

Previous wording

Pre-tax net income was $14.9 million, an increase of $2.3 million, or 18.6%, for the three months ended March 31, 2024 as compared to pre-tax net income of $12.6 million for the same period in 2023.

Current wording

Pre-tax net income was $15.3 million, an increase of $2.4 million, or 18.2%, for the three months ended June 30, 2024 as compared to pre-tax net income of $12.9 million for the same period in 2023. Pre-tax net income was $30.1 million, an increase of $4.7 million, or 18.4%, for the six months ended June 30, 2024 as compared to pre-tax net income of $25.5 million for the same period in 2023

Previous wording

Pre-tax return on average assets and return on average equity was 3.40% and 33.97%, respectively for the three months ended March 31, 2024, as compared to 3.18% and 34.17%, respectively, for the same period in 2023. Tax-adjusted return on average assets and return on average equity was 2.58% and 25.77%, respectively for the three months ended March 31, 2024, as compared to 2.43% and 26.15%, respectively, for the same period in 2023. Our efficiency ratio for the three months ended March 31, 2024 was 38.29% as compared to 36.62% for the same period in 2023.

Current wording

Return on average assets and return on average equity was 2.74% and 25.02%, respectively for the three months ended June 30, 2024, as compared to 2.36% and 24.75%, respectively, for the same period in 2023. Return on average assets and return on average equity was 2.66% and 25.41%, respectively for the six months ended June 30, 2024, as compared to 2.39% and 25.42%, respectively, for the same period in 2023. Our efficiency ratio for the three months ended June 30, 2024 was 37.72% as compared to 34.28% for the same period in 2023. Our efficiency ratio for the six months ended June 30, 2024 was 37.63% as compared to 35.62% for the same period in 2023.

Previous wording

The provision for credit losses for the three months ended March 31, 2024 decreased $475,000, or 100.0%, as compared to the same period in 2023.

Current wording

The provision for credit losses for the three months ended June 30, 2024 decreased $1.0 million, or 100.0%, as compared to the same period in 2023. The provision for credit losses for the six months ended June 30, 2024 decreased $1.5 million or 100.0%, as compared to the same period in 2023. The provision expense for the six months ended June 30, 2023 was related to loans and reflected loan growth in the first quarter of 2023, as well as the impact of updated economic assumptions.

Previous wording

Noninterest income for the three months ended March 31, 2024 was $2.0 million compared to $672,000 for the same period in 2023, an increase of $1.3 million, or 198.81%. The increase was primarily attributable to income related to the operation of oil and gas assets acquired during the fourth quarter of 2023, see Note 2 of the financial statements.

Current wording

Noninterest income for the three months ended June 30, 2024 was $3.2 million compared to $794,000 for the same period in 2023, an increase of $2.4 million, or 298.61%. The increase was primarily attributable to income related to the operation of oil and gas assets acquired during the fourth quarter of 2023, see Note 2 of the financial statements.

Previous wording

Noninterest expense for the three months ended March 31, 2024 was $9.1 million compared to $7.6 million for the same period in 2023, an increase of $1.5 million, or 19.4%. The increase was primarily attributable to expense related to the operation of oil and gas assets acquired during the fourth quarter of 2023, see Note 2 of the financial statements.

Current wording

Noninterest expense for the three months ended June 30, 2024 was $9.1 million compared to $7.4 million for the same period in 2023, an increase of $1.8 million, or 23.9%. The increase was primarily attributable to expense related to the operation of oil and gas assets acquired during the fourth quarter of 2023, see Note 2 of the financial statements.

Previous wording

Total assets increased $3.3 million, or 0.2%, to $1.77 billion as of March 31, 2024, compared to $1.77 billion as of December 31, 2023.

Current wording

Total assets decreased $88.8 million, or 5.0%, to $1.68 billion as of June 30, 2024, compared to $1.77 billion as of December 31, 2023.

Previous wording

Our loans represent the largest portion of our earning assets. The quality and diversification of the loan portfolio is an important consideration when reviewing our financial condition. As of March 31, 2024 and December 31, 2023, our gross loans were $1.38 billion and $1.36 billion, respectively. Included in the commercial & industrial loan balances at March 31, 2024 and December 31, 2023, respectively, are $2.0 million and $2.0 million of loans that were originated under the SBA PPP program.

Current wording

Our loans represent the largest portion of our earning assets. The quality and diversification of the loan portfolio is an important consideration when reviewing our financial condition. As of June 30, 2024 and December 31, 2023, our gross loans were $1.35 billion and $1.36 billion, respectively.

Previous wording

The allowance was $19.7 million at March 31, 2024 and December 31, 2023.

Current wording

The allowance was $17.8 million at June 30, 2024, compared to $19.7 million at December 31, 2023.

Previous wording

(1) Includes $10.11 million of loans modified to borrowers experiencing financial difficulty, see Note 6 of the financial statements.

Current wording

(1) Includes $1.12 million of loans modified to borrowers experiencing financial difficulty, see Note 6 of the financial statements.

Previous wording

Total deposits as of March 30, 2024 and December 31, 2023 were $1.58 billion and $1.59 billion, respectively. The following table sets forth deposit balances by certain categories as of the dates indicated and the percentage of each deposit category to total deposits.

Current wording

Total deposits as of June 30, 2024 and December 31, 2023 were $1.48 billion and $1.59 billion, respectively. The following table sets forth deposit balances by certain categories as of the dates indicated and the percentage of each deposit category to total deposits.

Previous wording

As of March 31, 2024, we had no unsecured fed funds lines with correspondent depository institutions, with no corresponding amounts advanced. In addition, based on the values of loans pledged as collateral, we had borrowing availability with the FHLB of $166.2 million as of March 31, 2024 and $159.2 million as of December 31, 2023.

Current wording

As of June 30, 2024, we had no unsecured fed funds lines with correspondent depository institutions, with no corresponding amounts advanced. In addition, based on the values of loans pledged as collateral, we had borrowing availability with the FHLB of $187.0 million as of June 30, 2024 and $159.2 million as of December 31, 2023.

Previous wording

Shareholders’ equity provides a source of permanent funding, allows for future growth and provides a cushion to withstand unforeseen adverse developments. Total shareholders’ equity increased $10.1 million as of March 31, 2024 to $180.4 million, compared to $170.3 million as of December 31, 2023.

Current wording

Shareholders’ equity provides a source of permanent funding, allows for future growth and provides a cushion to withstand unforeseen adverse developments. Total shareholders’ equity increased $20.5 million as of June 30, 2024 to $190.8 million, compared to $170.3 million as of December 31, 2023.

Previous wording

Intangible assets totaled $1.0 million and goodwill, net of accumulated amortization, totaled $8.5 million for the three months ended March 31, 2024, compared to intangible assets of $1.0 million and goodwill of $8.5 million for the year ended December 31, 2023.

Current wording

Intangible assets totaled $938,000 and goodwill, net of accumulated amortization, totaled $8.5 million as of June 30, 2024, compared to intangible assets of $1.0 million and goodwill of $8.5 million as of December 31, 2023.

Previous wording

ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received to sell a financial asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. The degree of management judgment involved in determining the fair value of assets and liabilities is dependent upon the availability of quoted market prices or observable market parameters. For financial instruments that trade actively and have quoted market prices or observable market parameters, there is minimal subjectivity involved in measuring fair value. When observable market prices and parameters are not available, management judgment is necessary to estimate fair value. In addition, changes in market conditions may reduce the availability of quoted prices or the observable date. Debt securities that are being held for indefinite periods of time and are not intended to sell, are classified as available for sale and are stated at estimated fair value. Unrealized gains or losses on debt securities available for sale are reported as a component of stockholders’ equity and comprehensive income, net of income tax.

Current wording

ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received to sell a financial asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. The degree of management judgment involved in determining the fair value of assets and liabilities is dependent upon the availability of quoted market prices or observable market parameters. For financial instruments that trade actively and have quoted market prices or observable market parameters, there is minimal subjectivity involved in measuring fair value. When observable market prices and parameters are not available, management judgment is necessary to estimate fair value. In addition, changes in market conditions may reduce the availability of quoted prices or the observable date.