Wed, May 15, 1:27 PM (72 days ago)
Bank7 Corp. reported a solid performance for Q1 2024. Total loans increased by 7.4% YoY to $1.37 billion, and deposits grew by 5.9% YoY to $1.58 billion. Pre-tax net income rose by 18.6% to $14.9 million. The net interest margin remained stable at 5.14%, while the provision for credit losses was reduced to zero from $475,000 in Q1 2023. Noninterest income surged by 198.8% to $2.0 million, driven by new oil and gas operations. Noninterest expenses increased by 19.4% to $9.1 million, also due to oil and gas operations. The allowance for credit losses remained at $19.7 million. The bank maintained strong capital ratios, with a CET1 ratio of 12.11%. Total assets were stable at $1.77 billion. The liquidity position remains robust, supported by $166.2 million in FHLB borrowing availability. The bank is well-capitalized under regulatory standards.