Bank7 Corp (NASDAQ:BSVN), a bank holding company headquartered in Oklahoma City, Oklahoma, stock rose 4.78% (As on July 12, 11:16:08 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 24. Bank7 Corp’s balance sheet remains robust with total assets of $1.68 billion as of June 30, 2024, compared to $1.77 billion at the end of 2023. The company’s total deposits were $1.48 billion, down from $1.59 billion at the end of 2023. Shareholders’ equity increased to $190.81 million from $170.33 million at the end of 2023, reflecting strong retained earnings and additional paid-in capital. The company’s Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 11.12%, 13.04%, and 14.28%, respectively, as of June 30, 2024. Net income of $11.5 million compared to $9.7 million, an increase of 18.24%. PPE of $15.3 million compared to $13.9 million, an increase of 9.57% Total interest income of $32.4 million compared to $30.0 million, an increase of 7.74%
BSVN in the second quarter of FY 24 has reported the adjusted earnings per share of $1.25, beating the analysts’ estimates for the adjusted earnings per share of $1.04. The company had reported the adjusted revenue of $32.44 million in the second quarter of FY 24, beating the analysts’ estimates for revenue of $22.86 million. For the three months ended June 30, 2024, Bank7 Corp reported net income of $11.52 million, a significant increase from $9.75 million in the same period last year.
Additionally, the company had announced the declaration of a quarterly cash dividend of $0.21 per share on its outstanding common stock. The dividend will be paid on July 9, 2024, to shareholders of record as of the close of business on June 20, 2024.
Meanwhile, the company has diverse commercial real estate lending activity in Texas and Oklahoma with an emphasis in the DFW, Oklahoma City, and Tulsa metros. Minimal office and retail loans with overweighting in each segment to owner occupied properties. No office exposure to downtown metropolitan locations. Construction lending activity primarily in Oklahoma City and the Dallas metroplex with an emphasis on entry level homes with established homebuilders. Limited lot and development lending activity. Hospitality niche managed by seasoned professionals with proven track record through various economic cycles.