Bank7 Corp. Reports 61.62% Increase in Annual Net Income

By Bobby Samwell • Thursday, January 16 10:26 • Permanent Link

Bank7 Corp. (NASDAQ: BSVN) has reported its unaudited results for the fourth quarter and full year ended December 31, 2024, showing significant improvements in various key metrics compared to the previous year.

The company announced a record annual net income of $45.7 million for 2024, representing a substantial increase of 61.62% from the $28.3 million reported in 2023. Earnings per share also saw a noteworthy rise, reaching $4.84 compared to $3.05 in 2023, marking a 58.69% increase.

Total assets decreased slightly by 1.80% from $1.8 billion in 2023 to $1.7 billion in 2024. However, total loans increased by 2.69% to $1.4 billion from the previous year. Property, plant, and equipment (PPE) also saw growth, with a 3.38% increase from $58.4 million in 2023 to $60.4 million in 2024.

Furthermore, total interest income showed a significant rise of 8.22%, reaching $131.5 million compared to $121.5 million in 2023.

Additionally, Bank7 Corp.'s capital levels remained strong, with the bank's and the company's capital ratios exceeding the minimum levels required to be designated as "well-capitalized" for regulatory purposes.

On a consolidated basis, the company's tier 1 leverage ratio, tier 1 risk-based capital ratio, and total risk-based capital ratios were reported at 12.19%, 13.98%, and 15.21%, respectively, as of December 31, 2024.

The non-GAAP financial measure, Pre-Provision Pre-Tax Earnings (PPE), was utilized in the analysis of the company's performance. The PPE for the year ended December 31, 2024, was $60.36 million, compared to $58.38 million in 2023.

The consolidated balance sheets also reflected changes in various assets and liabilities, with cash and due from banks increasing to $234.2 million from $181.0 million in 2023, while interest-bearing time deposits in other banks decreased to $6.7 million from $17.7 million.

As a result of these announcements, the company's shares have moved 2.3% on the market, and are now trading at a price of $47.01. For more information, read the company's full 8-K submission here.

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